Michael Klein And Patrick Halloran Acquire $151M Loan For Distressed Office Tower In Chicago

The asset involved in this transaction is a loan for a 40-story office tower located at 200 South Wacker Drive in Chicago. The transaction amount is $151,000,000 for a loan of a property spanning 761,775 square feet, resulting in a price per square foot of $198.

Summary of transaction details:

• Property Type: Note
• Transaction Amount: $151,000,000
• Address: 200 South Wacker Drive
• Market: Chicago
• Square Footage: 761,775
• Price per Square Foot: $198
• Buyer: Michael Klein - Glenstar; Patrick Halloran - Wayzata Investment Partners
• Seller: Bank of China
• Brokers: Bruce Miller, Jaime Fink & Sean Ryan - JLL

The joint venture between Glenstar and Patrick Halloran's Wayzata Investment Partners is under contract to purchase the $151M loan associated with the distressed office tower. The acquisition aims to potentially enable the buyers to control the property through a deed in lieu of foreclosure, allowing for future investments to revitalize the building during the ongoing office vacancy crisis in the city.