Broadway Partners purchased the 46-story building from San Francisco-based Shorenstein Properties LLC in July 2007. At the time of purchase, the property was 92% occupied.

"Broadway Partners is currently working hard with its lenders and partners to resolve its debt obligations," a company spokesperson tells GlobeSt.com. "In the meantime, the company continues to operate its properties according to its highest standards." The spokesperson declined to elaborate further on the company's financial situation or the fate of the building.

The property previously traded hands in January 2002 for $250 million to Shorenstein from Tishman Speyer Properties LP, which developed the building in 1991. When Broadway purchased the building in 2007, asking lease rates were around $32 per square foot, net. It has been reported that Transwestern Investment Company may be interested in acting on the foreclosure, but representatives from the Chicago-based firm declined to comment.

The property offers granite finishes, views of the city and Chicago River, a 1,330 car parking garage, proximity to public transportation and an in-building concierge, restaurant and sundry store. Designed by Skidmore, Owings & Merrill, it's the tallest building west of the Chicago River. Greg Green, head of leasing for the building with Broadway, declined to comment on the impending foreclosure, or the occupancy rate at the property.

Instant Insights /

500 W. Monroe Days Away from Foreclosure

Related Stories

Recommended For You