In addition to a representative from Lend Lease, the auction drew Chicago investor David Azrin, whose interest in the Harmswood Office Center was heightened by the lender's bid of $8.9 million, nearly $3 million less than the original amount of the December 1997 debt. However, GMAC would have become a bidder if necessary, says attorney John R. Weiss of Katten Muchin Zavis Rosenman, who represents GMAC.

Weiss tells GlobeSt.com GMAC used a short sale to get title to the property quickly, and may well recoup more than its bid, which was less than $100 per sf. If GMAC recoups the full $11.66 million owed by Harms Road Associates, LP, they would be selling the building at $130 per sf.

Nonetheless, the property is attractive to Azrin, who tells GlobeSt.com, "It's a very good location, it's in a steady market, there's predictable income. It's a good investment."