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Distressed DT Chicago Office Building Headed to Auction

A ten-story vintage office building in Chicago’s West Loop is going to auction. Farbman Group’s Bill Bubniak and Todd Szymczak are marketing the 216 West Jackson Blvd. property, with Ten-X managing the auction, reported Crain’s. A starting bid of $1 million has been set.

The move comes nearly a year after former owner Marc Realty was hit with a foreclosure lawsuit, after allegedly defaulting on a $16.5 million loan tied to the property. Marc eventually surrendered the property via deed-in-lieu of foreclosure, at which point special servicer LNR Partners took control of the property. Marc bought the 185,000-square-foot building in 2013 for more than $22 million.

Located in the heart of Chicago’s financial district near the Willis Tower, 216 West Jackson is mostly vacant. The 125-year-old building is the latest in a string of distressed office buildings to hit the market. The 20-story building at 300 West Adams Street, recently sold for just $4 million, or $17 per square foot.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.