CHICAGO-A subsidiary of New York City-based Piedmont Office Realty Trust Inc. has taken over the one-million-square-foot 500 W. Monroe St. tower here in an ownership restructuring. The company was a lender for former owner Broadway Partners, also based in New York City, which will still retain an interest in the property.
Broadway purchased the tower in 2007 by borrowing $340.5 million. Morgan Stanley Mortgage Capital Holdings was the main originating lender, but was succeeded by Piedmont and Transwestern Commercial Services.
In 2009, Broadway tried to extend the loan in agreement with the lenders, but Piedmont tried to force the foreclosure of the property in 2010. Broadway sued to halt the sale, and the management by Transwestern.
Piedmont confirmed in a statement Friday that it is now the owner of the 46-story building, located in downtown’s West Loop. The tenant roster includes General Electric Capital and Marsh USA. Piedmont and Broadway spokespersons did not return calls for comment.
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