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Highlights
FTK Capital, a New York investor, paid $25 million for the 24-story office building at 111 West Jackson Boulevard after acquiring its troubled $105 million loan and seizing the property through foreclosure.
The purchase price equates to roughly $44 per square foot and is about 81 percent below the building's 2013 sale price. The property had deteriorated sharply, with net cash flow before debt service falling from $8.3 million in 2019 to just under $2 million in 2024.
FTK is betting on a rebound by investing fresh capital to stabilize the property, which was only 48 percent leased as of February. Plans include upgrading the lobby and common areas, adding new amenity spaces, and creating roughly 50,000 square feet of move-in ready suites.