Bixby Bridge Capital And Franklin Partners Acquire Distressed Loan For Office Tower In Chicago For $16M

The property asset involved in the transaction is a distressed loan secured by a 536,000-square-foot office tower located at 200 West Monroe Street in Chicago. The sale price for this asset was $16,000,000, which represents a price per square foot of $30. The loan was originally tied to the owner Accesso Partners, with a face value of $75,000,000.

Summary of transaction details:

• Property Type: Note / Loan
• Transaction Amount: $16,000,000
• Address: 200 West Monroe Street, Chicago
• Total Square Footage: 536,000
• Price per Square Foot: $30
• Buyer: Donald Shoemaker, Ray Warner & Gary Tamminga - Franklin Partners; David Williams - Bixby Bridge Capital
• Seller: Deutsche Bank
• Brokers: John Daniels, Derek Fohl, Peter Harwood & Jim Postweiler - Newmark

A joint venture, comprised of Bixby Bridge Capital and Franklin Partners, executed the purchase, marking their third acquisition in the distressed Chicago office sector within two years. This strategic move aims to capitalize on the current challenges within the city's office market by acquiring discounted debt and repositioning these assets at a more favorable cost basis.