INVESTORS FACE BIG LOSS
The building is now valued at just $11.7 million, meaning CMBS investors would face a steep loss if Texas-based C-III Asset Management—which has taken over as servicer of the loan—decides to sell it, said Sean Barrie, a Trepp research analyst. The loan's remaining balance is nearly $23.2 million.
“It looks like it's going to sell at a sizeable loss,” Barrie said. “You've been able to see the writing on the wall for a while now.”
GCG, a financial services firm, moved its headquarters to 36,810 square feet at 3 Parkway North Blvd., the Deerfield building owned by Buck, according to Savills Studley, which represented the company in the lease.
Savills Studley also represented residential real estate brokerage Coldwell Banker in a 25,446-square-foot lease in the building. Coldwell Banker moved from about 31,000 square feet at 2215 Sanders Road in Northbrook, said John Goodman, executive vice president at Savills Studley, who represented both tenants in the Deerfield leases.John Buck's gain is Bannockburn building's pain
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