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Distressed 1.4M-SF Loop Office Building Up for Sale
One of Chicago’s biggest distressed office buildings is being marketed for sale in an effort to try to avoid a lengthy foreclosure process, reported Crain’s Chicago Business.
A court-appointed receiver chose JLL to market the massive 22-story, 1.4 million-square-foot property at 175 West Jackson Boulevard. The listing comes after the venture of Toronto-based Brookfield was hit with a foreclosure lawsuit roughly 10 months ago after allegedly defaulting on its $280 million loan on the property. Brookfield paid $306 million for the site back in 2018, and since then the firm has spent $24 million on renovations.
The building is 59 percent leased and was appraised at $210 million in March 2022. More recently, the building was valued at $170 million by KBRA Analytics, said Crain’s. Brookfield was facing a November 2023 loan maturity and planned to surrender the property to special servicer LNR Partners, but the arrangement fell through, leading to foreclosure.
