Prime Group Acquires Block of Offices on LaSalle Street
A venture led by developer Mike Reschke’s Prime Group real estate firm has purchased a five-story block of offices above the JW Marriott Chicago hotel at 208 S. LaSalle St. out of receivership, Crain’s Chicago Business reported. The deal reportedly resolves a $50-million foreclosure lawsuit filed in 2021 by lender Midland National Life Insurance against a separate Reschke-led venture that previously owned the office condo on floors 13-17 in the landmark building.
Although the purchase price was not immediately available, a source told Crain’s the Reschke venture that acquired the property paid less than the balance of the $47.5 million mortgage at issue in the foreclosure complaint.
The deal clears the way for Reschke to pursue a $130-million plan to turn the nearly 222,000-square-foot block of space into 280 apartments, including 84 affordable units. Reschke is vying for $33 million in tax-increment financing money to help with the project.