Updated

Updated · Bloomberg · Jun 24

601W Companies Defaults on $343 Million Blackstone Loan for 40-Story Chicago Tower

Updated

Updated · Bloomberg · Jun 24

601W Companies Defaults on $343 Million Blackstone Loan for 40-Story Chicago Tower

1 articles · Updated · Bloomberg · Jun 24

June 9 marked 601W Companies’ default on a $343 million Blackstone loan tied to One South Wacker Drive in Chicago’s financial district, according to a mortgage filing.
The default centers on a 40-story office tower that the New York-based landlord bought in 2018 for about $310 million.
Chicago office values have tumbled since the pandemic, and the missed loan payment underscores the persistent weakness still weighing on landlords across the city’s commercial real estate market.

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A landlord defaults on a loan from a finance giant. Who is really paying the price for empty offices?

With office values plummeting and taxes soaring, is Chicago's downtown caught in an irreversible 'doom loop'?

Defaulting in Chicago while buying in LA: is this a savvy pivot or a firm's desperate last gamble?

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