Two Loop Office Towers Reach a Sales Market Looking for Bargains

A pair of office towers in Chicago’s Loop is coming to market, offering more options for investors looking to acquire properties off the discount rack, reported Crain’s Chicago Business. 

In the larger of the two, the lender holding a $230-million mortgage backed by the 49-story office tower at 161 N. Clark St. plans to hire a broker to sell the loan. A buyer for the mortgage could be in a position to take control of the property if the building is worth less than the balance of the loan when it matures in late 2025, Crain’s reported. 

Separately, the 29-story office building at 230 W. Monroe St. recently went up for sale and is being marketed to investors by Eastdil Secured. The building is owned by a venture of Accesso Partners, which bought it for $122 million in 2014 and refinanced it with an $87.7-million loan from Morgan Stanley in 2019. Although no asking price is listed, people with knowledge of the property’s financials estimate it is worth close to the balance of the loan. 

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