Attributes
Description
Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis by the Seller, a global financial services firm, to arrange the sale of a $270 million non-performing first mortgage loan (the “Loan”). The Loan is secured by a fee simple interest in a Class-A office building located in Chicago, Illinois (the “Property”). The Loan was originated in January 2020 to facilitate the acquisition of the Property. In January 2025, the Loan became non-performing via a maturity default. As of November 2025, the Loan is non-performing with an unpaid balance of $270,000,000 ($279 / RSF).
The Property is a 966,924 square foot, 46-story class-A office building located in Chicago’s West Loop. At 75.4% leased with 4.7 years of WALT, the Property boasts a newly renovated lobby and superb connectivity to Metra Trains, CTA, and Expressways - all within the walkable area of the Central Business District.
The offering presents investors the opportunity to buy a non-performing Loan at a favorable basis, significantly below replacement cost, with a path to ownership through an anticipated deed-in-lieu.
Investment Highlights
State-Of-The-Art Trophy Design With Transformative Lobby Renovations
Since acquiring the Property, Ownership has invested $21.8 million in strategic base building and cosmetic capital. The newly renovated lobby offers a contemporary setting and embodies the form & function desired by today’s most discerning tenants.
Chicago’s West Loop: Highly Accessible, Transit Oriented Location
The Property benefits from superior connectivity and accessibility given its prime West Loop location that puts it one block away from the major commuter train stations and steps away from the CTA light-rail & public bus systems, and the Kennedy / Eisenhower Expressways.
Attractive Basis
At $270,000,000 in total unpaid principal balance, the Loan basis is well below the Borrower’s acquisition basis in 2019 of $412,000,000 ($426 / SF) and the replacement cost of approximately $850 / SF.
Path to Ownership
Investors will have a direct path to title through an anticipated deed-in-lieu, allowing investors to step into the ownership position expeditiously upon acquisition of the Loan.
Parking Income – Diversified Income Stream
With 1,330 parking spaces, the Property’s parking garage is the largest in Chicago’s West Loop and offers the next owner a diversified income stream.
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