According to the purchase agreement, Younan Properties was required to complete the transaction by February 18, 2009. But the firm failed to do so. The following day Prime Group Realty sent a letter stating the purchaser was under default. Prime Group Realty will be able to keep the $6 million of earnest money paid by Younan Properties.

At the time the transaction was first made public, Zaya Younan, CEO and chairman of Younan Properties said, "This property offers attractive upside potential because of its superior central loop location and below market rents." The company currently owns the adjacent 200 N. LaSalle. The purchase of 180 N. LaSalle would have made Younan Properties the largest landlord on LaSalle, with more than 1.4 million square feet of space.

"Because of our strong financial position, reputation in the market and ability to close deals quickly, we are active in asset acquisition where others are not. We will continue to look for new opportunities to acquire premium assets with fair market values and weanticipate more announcements in the next few weeks in selected markets," Younan said in a release when the firms entered into the contract. He said the time was right to invest in Chicago.

Prime Group Realty, which focuses mostly on office and industrial properties in the Chicago-land area, owns nine office properties with more than 3.4 million rentable square feet.