FTK Capital Buys 111 W Jackson Office for $25M

FTK Capital has acquired the Loop office high-rise at 111 West Jackson Boulevard in Chicago out of foreclosure for $25 million. The purchase followed FTK’s acquisition of the property’s troubled $105 million loan, after which the building was seized through foreclosure.

The 24-story asset totals 567,000 square feet, implying about $44 per square foot. The deal resets pricing sharply versus the building’s 2013 sale, and it comes as the property was reported at 48% leased as of February, down from 93% in 2019.

FTK tapped Stream Realty Partners to oversee leasing and management, with plans for lobby/common-area upgrades and about 50,000 square feet of move-in-ready suites aimed at smaller or more flexible tenants.