CHICAGO-Locally based KTC Properties has reportedly paid about$60 million at auction to acquire about $101 million in outstandingloans on the 484,000-square-foot office tower at 225 W. WashingtonSt. The company now owns the deed to the West Loop building, andminority partner Golub & Co. will continue to manage the28-story tower.

A joint venture of Golub and Dublin, Ireland-based QuinlanPrivate Capital Ltd. purchased the building in 2005, when it wasvalued at $86 million. However, Anglo Irish Bank Corp. foreclosedon the loans and sold them at the auction, represented by StephenLivaditis with Eastdil Secured. Avestus Capital Partners, alsobased in Ireland, took over Quinlan’s business.

The buyer is a secretive company, and doesn’t disclose itscurrent real estate holdings, says KTC vice president Nick Thomson.The Chicago-based firm is a subsidiary of Kinship Trust Co., whichrepresents the holdings of the family of the late Chicago drugmaker Gideon D. Searle.