JPMorgan Chase Affiliate Lists Office Property in Chicago for Sale After $28.9M Default

An affiliate of JPMorgan Chase is selling Highland Landmark V, a 251,229-square-foot office property located in Downers Grove, Illinois. The property, previously owned by Adventus Realty Trust, was acquired in 2015 for $71.6 million. JPMorgan Chase took control of the property in the previous year due to the previous owner's failure to settle the remaining mortgage balance of $28.9 million. Currently, the property is about 32 percent leased.

Background

Adventus Realty Trust purchased Highland Landmark V in 2015 for $71.6 million, but it later defaulted on its mortgage payments. JPMorgan Chase intervened, providing a $35.7 million loan against the property in 2020. Subsequently, the bank assumed control of the property when Adventus Realty Trust failed to clear the outstanding mortgage balance.

Sale Listing

Highland Landmark V is being offered for sale without a specified asking price. However, market expectations suggest that the property will sell for less than the remaining debt owed on it. With its current leasing status at around 32 percent, potential buyers may find opportunities for repositioning and value enhancement.

The sale of Highland Landmark V presents an opportunity for investors to acquire a substantial office property in Downers Grove, Illinois. With a significant portion of the space available for lease, buyers may strategize on repositioning and improving the property's performance.