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Two West Suburban Office Campuses Hit With Foreclosure Lawsuits
The former OfficeMax HQ at 263 Shuman Blvd. in Naperville
The suburban Chicago office market has steadily rebounded from the 2008 real estate collapse and now offers irresistible opportunities for patient, savvy investors. But signs of the struggles from the previous cycle still exist, particularly in the west suburbs where two office campuses were hit with foreclosure lawsuits, according to Crain's Chicago Business. The total owed on the loans in the lawsuits total $89.9M.
One of the assets was already expected to face foreclosure. OfficeMax's former Naperville HQ received a $49M complaint, which was a formality since the building's owner, Columbia Property Trust, walked away from the building's non-recourse loan in February after it was unable to find a tenant for the vacant 354K SF building.
