August 17, 2016
A little more than a month following the announcement that special servicer C-III Asset Management took over the AT&T corporate campus in Hoffman Estates, a suburb of Chicago, owner Highlands REIT is facing foreclosure on the 1.6-million-square-foot asset.
C-III Asset Management has hired lawyers to prepare a foreclosure suit on the property at 2000 AT&T Center Dr., which has been on a watch list since 2013. At that time, AT&T announced it would move out. The telecom giant paid through the rest of its lease, which expired Aug. 15.
Highland REIT has been unable to re-lease the complex, which was renamed Lakewood Center Chicago. Without rental income, the REIT can’t cover the mortgage payments.
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