Illinois Center Foreclosure: Cook County Judge Clears $260M CMBS Sheriff's Sale of AmTrust's Chicago Towers

A Cook County judge ruled against an AmTrust RE affiliate on a $260 million CMBS loan on Chicago's Illinois Center towers, clearing the way for a Nov. 12, 2026 sheriff's sale.

Cook County Associate Judge Edward Robles ruled in September 2026 against an AmTrust RE affiliate on its $260 million CMBS loan covering Illinois Center, the twin-tower, roughly 2.1-million-square-foot office complex at 111 E. Wacker Drive and 233 N. Michigan Avenue in Chicago's East Loop, as reported by The Real Deal and Bisnow on October 19 and 20, 2026. The ruling clears the way for a Cook County sheriff's sale of the property on November 12, 2026, with special servicer LNR Partners, LLC expected to credit-bid on behalf of the CMBS trust's bondholders and take title. The towers were most recently appraised at $66 million, an 83% drop from the $390 million valuation when the loan originated in 2015.

Why it matters

The case shows how far Chicago's office distress has advanced for aging towers financed at pre-pandemic valuations: a once-signature East Loop complex now appraised at roughly a sixth of its loan-era value, with the borrower no longer contesting foreclosure. It is a template for how CMBS special servicers are handling deeply underwater assets with falling occupancy -- taking title through a sheriff's sale rather than extending further workout negotiations -- that other Chicago-area office owners facing legacy CMBS maturities should watch.

Part of the Office Foreclosure & Receivership Tracker: every related matter in one table.

Part of the CMBS Foreclosure & Special Servicing Tracker: every related matter in one table.

Case timeline · 5 entries Latest: September 2026 — Cook County Associate Judge Edward Robles rules against the AmTrust RE affiliate, entering judgment of foreclosure

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