JLL has been appointed to market a 22-story, 1.4 million-square-foot office building located at 175 West Jackson Boulevard in Chicago for sale in an effort to avoid a lengthy foreclosure process. The venture of Toronto-based Brookfield was hit with the lawsuit after allegedly defaulting on its $280 million loan on the property, which they purchased for $306 million back in 2018 and have since spent an additional $24 million renovating.
The building is currently 59 percent leased and was appraised at $210 million as of March 2022; however, KBRA Analytics recently valued it at only $170Million. Originally facing a November 2023 loan maturity date that would lead to surrendering the property to special servicer LNR Partners, this arrangement fell through resulting in foreclosure proceedings being initiated instead.
