February 14, 2017
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.
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