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Mag Mile Office Building in Receivership
The iconic North Michigan Avenue office tower is now under receivership after its owners defaulted on a $51 million loan, triggering foreclosure. Judge-appointed receiver Scott Shefman now controls all operations — collecting rent, managing finances, and seeking new tenants — while the building’s upper floors face a turbulent future. The retail levels, owned separately, were already handed over to lenders. This marks another blow for Golub & Company, already reeling from losses on other Magnificent Mile properties, highlighting the mounting struggles of Chicago’s commercial real estate…
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