OfficeMax HQ, Naperville, IL

February 14, 2017 Comments Off on Former OfficeMax Headquarters Handed to Lender Views: 580 Illinois, Midwest, National News

Former OfficeMax Headquarters Handed to Lender

Columbia Property Trust, owner of the former OfficeMax headquarters in Naperville, IL, decided to hand the property back to the lender, rather than pay off a $49 million mortgage coming due in July. The Atlanta-based REIT has been unable to find a tenant for the empty 354,000-square-foot building at 263 Shuman Blvd., which is now worth $24.4 million, less than the amount due on its loan.

The non-recourse loan, part of a CMBS offering, was moved to special servicer C-III Asset Management in January when CPT was unable to find a tenant to take down the space. According to a statement from CPT, the tenant vacated the property in Q2 2015.

Read More at Crain’s Chicago Business

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