Kylie Ning Of Titan Power Overseas Investment Acquires Note At 205 West Wacker Drive For $15M

The asset involved in this transaction is a 23-story office tower located at 205 West Wacker Drive in Chicago, IL. The building, which was constructed in 1928, is currently 43% occupied. The sale was completed for a total price of $15,000,000, following a deed-in-lieu arrangement. The asset was previously associated with a $27.5 million default related to Alvarez & Marsal’s distressed portfolio.

Summary of transaction details:

• Property Type: Note / Loan
• Transaction Amount: $15,000,000
• Buyer: Kylie Ning - Titan Power Overseas Investment
• Seller: A10 Capital
• Address: 205 West Wacker Drive, Chicago, IL
• Occupancy Rate: 43%
• Previous Default Amount: $27.5 million

Kylie Ning, representing Titan Power Overseas Investment, is the buyer in this transaction, acquiring the property from A10 Capital. The buyer plans to convert the office tower into boutique apartments, aligning with ongoing trends of repurposing office spaces into residential units in downtown Chicago, driven by limited multifamily supply.