July 13, 2016
Debt totaling approximately $56.7 million on the AT&T 1.6-million-square-foot corporate campus in Hoffman Estates, IL, has been placed with special servicer C-III Asset Management. The property’s total debt is $115.8 million, however, a piece of the mortgage, was not yet placed with a servicer.
AT&T announced in 2013 it would vacate the 150-acre campus at 2000 AT&T Center Dr. and relocate its employees to other properties throughout the Chicago metro. The telecom company continues paying rent on the campus, with an August lease expiration.
Asset owner Highlands REIT said, in a recent filing, that weak demand, along with a preference for downtown Chicago, is making it difficult to find tenants for the corporate campus. “Additionally, the design and physical characteristics of this property will make it difficult to multi-tenant,” the REIT said.