A court-appointed receiver will manage the 28-story Chicago property after landlords failed to repay a $50.6 million loan maturing in March.
A Cook County judge appointed a receiver for a 28-story office building at 625 North Michigan Avenue after landlords Golub & Company and BlueFive Capital defaulted on a $50.6 million loan. The loan, originated in 2019 with a 4.63 percent interest rate, matured on March 6 without repayment, triggering foreclosure proceedings by Citibank and special servicer LNR Partners.
The property, spanning nearly 290,000 square feet, has faced cash flow issues and occupancy struggles. The loan transferred to special servicing in November 2025 due to imminent default, with landlords unable to cover operating expenses. A formal default notice was issued in April 2026.
Scott Shefman of Friedman Real Estate Management will oversee rent collection, lease negotiations, and potential property sales as court-appointed receiver. The building’s occupancy rate was not fully disclosed but has been under pressure.