Loop office landlord hit with $105 million foreclosure lawsuit – Crain’s*

"The owner of the building at 111 W. Jackson Blvd. defaulted on its $105 million mortgage tied to the property by failing to make loan payments since May.... It's another addition to the long list of downtown office buildings poised to be seized by lenders as weak demand for offices and a surge in borrowing costs have pummeled property values."
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Ataraxis
5 months ago

It is not a coincidence that many of these foreclosures are in the LaSalle Street area. As the trading firms employ less people due to electronic trading, or their employees can work remotely, or the firms have moved out of the city, less office space is needed. The trading firm vendors such as tech support and law firms have also reduced their footprint or left as the trading firms have done. The 111 W. Jackson building is next to the Chicago Board of Trade building which was given back to its lender, and the CBOT building is next to the… Read more »

Last edited 5 months ago by Ataraxis
The Railroader
5 months ago
Reply to  Ataraxis

Shoulda just left old LaSalle Street Station right where it was. Roaches and all.

debtsor
5 months ago

The loop survived the Great Chicago Fire, the Long Depression, WWI, the Great Depression, WWII, the 60’s white flight, the 70’s blight, the 90’s crack wars, but looking into the crystal ball today, it’s not entirely clear that the Chicago loop will survive Lori Lightfoot’s handling of the pandemic. That stupid carpetbagger shut it all down for ‘equity’ or something and years later the effects are still being felt.

mqyl
5 months ago
Reply to  debtsor

You’re saying that The Loop (I’d expand to downtown Chicago) has been so resilient and strong over the years to survive a number of major, negative events thrown at it. I agree. But downtown Chicago may not be able to survive the continuing mismanagement of the city by the so-called progressives (they’re anything but). That shows the magnitude of the effects of the mismanagement. Many of us hope this all turns around, but we don’t see that happening in the near future. Will it be too late if or when rational people in charge attempt the turnaround?

Old Joe
5 months ago
Reply to  mqyl

Just take it from an ex-Detroiter. There’s no coming back from progressive mismanagement. Like herpes, it lasts forever.

debtsor
5 months ago
Reply to  mqyl

There’s no rational people anywhere in the political pipeline to make the necessary changes to turnaround downtown. Downtown was thriving pre-covid but now post-covid it’s on life support. I know that commercial real estate is in real trouble everywhere, not just Chicago, but Lori’s decisions to keep downtown closed for so long was the death kneel. People simply readjusted their lives and it didn’t include downtown Chicago, unlike many other large cities that have had more meaningful recoveries, because they reopened sooner. As a result, criminality filled the void, and resulted in two rounds of rioting and looting (june and… Read more »

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