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Highlights
Alvarez & Marsal's real estate arm cut its losses on three Chicago office buildings this month, most recently surrendering 205 West Wacker Drive to lender A10 Capital via a deed in lieu of foreclosure.
The firm also sold two other office properties (542 South Dearborn Street and 459 West Erie Street) for $8.5 million, significantly less than the $24.5 million Alvarez paid in 2018, to a joint venture planning to convert them into apartments.
Before seizing the property, A10 listed the distressed loan note in an attempt to recoup the unpaid principal Alvarez had left toward its $35 million mortgage.