The owner of a prominent office tower in the Loop, located at 161 North Clark Street, is currently facing a $237 million foreclosure lawsuit from European lender Societe Generale. According to reports from Crain’s, the French financial service company has filed a complaint against the property’s ownership group led by Korea Post. The building was purchased for $331 million in 2013 by CBRE Investment Management on behalf of Korea Post.
At the time of purchase, the building boasted high occupancy rates; however, in 2018 it underwent refinancing with Societe Generale providing a mortgage loan worth $230 million. Recently appointed Eastdil Secured has been tasked with selling this loan as an opportunity for potential buyers to eventually take control over this prime asset. In light of these developments and outstanding debt concerns, Societe Generale is seeking court intervention through appointment of an independent receiver to oversee operations until resolution can be reached.
This news comes as Connect CRE continues its coverage on commercial real estate happenings across various markets nationwide.
