CHICAGO-Mesirow Financial has entered into an agreement with Tishman Speyer Properties to sell its 45-story, 1.2-million-square-foot office tower located at 353 North Clark Street in Chicago for $380 million.
The sale agreement has avoided a possible foreclosure lawsuit that would have been filed by Hypo Real Estate Holding for its construction loan on the project. An associate of Mesirow failed to repay the construction loan. The owner also avoided the expenses associated with the surrendering of the letter of credit. For the full story, go to Crain's New York Business.
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