March 29, 2016 Civic Opera Building – 20 N Wacker Dr Chicago, IL – South Chicago
Originator: JP Morgan Chase Bank
Loan Amount: $164M
Origination Date: 7/8/2015
Property Type: Office
Year Built: 1929
Did you know? The Civic Opera Building houses the second-largest opera auditorium in North America. While the auditorium itself holds 3,563 seats, the entire building is shaped like an enormous chair.
While the property may look like a throne, former owner Steve Fifield said managing the property “was like operating a hotel, describing the intensive property management associated with the several low square footage tenants that have high turnover. The building, with a long history of flipping owners, experienced its most recent transaction in 2012 when Tishman Speyer sold the building to NY based Berkley Properties for $125.8M.