OfficeMax HQ Loan Sent to Special Servicer

A $49 million loan on the former OfficeMax headquarters in Naperville, IL, was moved to special servicer C-III Asset Management. Though owner Columbia Property Trust (CPT) maintained its payments on the 354,000-square-foot building at 263 Shuman Blvd., the CMBS loan is set to mature July 1, 2017, and there is no tenant, as yet, taking down the space.

The building was vacated after the 2013 merger between OfficeMax and the Boca Raton, FL-headquartered Office Depot. Since that time, CPT has been seeking out a new tenant. The problem, however, is that Chicago’s western suburbs have been flooded with large blocks of office space.

Though CPT has not missed loan payments, OfficeMax’s lease expires on May 31, 2017. The owner acquired the building in 2006 for $55.3 million, and took out the $49 million, interest-only loan in 2007.

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