A vintage ten-story office building in Chicago’s West Loop is set to go up for auction. The property, located at 216 West Jackson Blvd., is being marketed by Bill Bubniak and Todd Szymczak of Farbman Group, with the auction being managed by Ten-X as reported by Crain’s. The starting bid for this 125-year-old building has been set at $1 million.
This development comes after former owner Marc Realty faced a foreclosure lawsuit last year due to defaulting on a $16.5 million loan connected to the property. Eventually, Marc surrendered ownership through a deed-in-lieu of foreclosure and special servicer LNR Partners took over management of the building. In 2013, Marc had purchased the 185,000-square-foot property for over $22 million.
Located in Chicago’s financial district near Willis Tower (formerly known as Sears Tower), most of 216 West Jackson remains unoccupied at this time. This distressed office building joins several others that have recently hit the market including one located at300 West Adams Street which sold for just $4 million or approximately $17 per square foot.
The article “Distressed DT Chicago Office Building Headed to Auction” was originally published on Connect CRE.
