KTC Pays Cheap for $101M Tower Loans

CHICAGO-Locally based KTC Properties has reportedly paid about $60 million at auction to acquire about $101 million in outstanding loans on the 484,000-square-foot office tower at 225 W. Washington St. The company now owns the deed to the West Loop building, and minority partner Golub & Co. will continue to manage the 28-story tower.

A joint venture of Golub and Dublin, Ireland-based Quinlan Private Capital Ltd. purchased the building in 2005, when it was valued at $86 million. However, Anglo Irish Bank Corp. foreclosed on the loans and sold them at the auction, represented by Stephen Livaditis with Eastdil Secured. Avestus Capital Partners, also based in Ireland, took over Quinlan’s business.