Loop Building Owner Faces $237M Foreclosure Lawsuit

The owner of a Loop office tower located at 161 North Clark Street is facing a $237 million foreclosure lawsuit filed by European lender Societe Generale. The French financial service company filed a complaint tied to the 49-story building, reported Crain’s. The property is owned by a group of investors led by Korea Post. CBRE Investment Management bought the building on behalf of the Korea Post fund from Tishman Speyer for $331 million in 2013.

At the time of the sale, the property was nearly fully leased, but the landlord refinanced in 2018 with a $230 million mortgage from Societe Generale. Earlier this year, Eastdil Secured was hired to sell the loan, framing it as an opportunity for a potential buyer to eventually control the property. The lender is asking the court to appoint a receiver to operate the asset while the company works to find a resolution to the outstanding debt.

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