September 9, 2016
U.S. Bank filed a $131.8 million foreclosure complaint against the former AT&T corporate campus in Hoffman Estates, IL. AT&T’s lease on the 1.6-million-square-foot property in suburban Chicago (now called Lakewood Center Chicago) has left owner Highlands REIT unable to cover its mortgage payment.
The mortgage was in two pieces, sold off in separate CMBS offerings during 2006. Highlands owes $67.2 million on one, and $64.6 million on the other. The bank, acting as a trustee for investors who own the mortgage bonds that are backed by the property’s debt, also filed a motion to appoint NAI Hiffman as the property’s receiver.
Special servicer C-III Asset Management took over the campus at 2000 AT&T Center Dr. in mid-July.
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