Government Agency Expansion in Distressed Loop Tower Reveals a $105 Million Foreclosure Crisis

The Housing Authority of Cook County is expanding its footprint at 10 South LaSalle Street, moving from under 23,000 square feet to nearly 47,000 square feet across the 30th and 31st floors. This expansion comes as the tower is in receivership following a $105 million foreclosure lawsuit filed by Rialto Capital against the landlord, the Feil Organization. The property, which the Feil Organization purchased in 2002 for $139 million, was appraised at just over $30 million in July. Bondholders in its commercial mortgage-backed securities package could face losses.