A Florida-based investor has purchased the distressed Schaumburg Towers office complex after an auction for the property failed to attract offers.
A venture led by Sigma Plastics Group founder Alfred Teo acquired the two 20-story office towers at 1400 and 1450 American Lane in Schaumburg, reported Crain’s. The entity purchased the towers from Prime Finance, the Chicago-based lender that took control of the site after filing an $83 million foreclosure suit last year.
The 890,516-square-foot complex was previously owned by Skokie-based American Landmark Properties, which failed to repay a $95.5 million loan on the property when it matured last summer, leading to foreclosure proceedings. The terms of the deal haven’t been disclosed, but the transaction is another example of investors swooping in on distressed assets in the Chicago area.
The complex is currently 75 percent leased, with Paylocity as its largest tenant. Colliers has been retained to oversee leasing for the property.
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