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ccesso Partners is facing another potential loss of a Chicago office property. Deutsche Bank has filed a foreclosure lawsuit against the company for failing to pay off a $75 million debt package on 200 West Monroe Street, which matured in June. The loan was previously in special servicing with KeyBank due to delinquent payments dating back to late 2023.

    Accesso's representative described the filing as a "protective action" and stated that the company is engaged in good faith discussions with the special servicer and lender. However, the firm has struggled to pay off its debts since the pandemic disrupted the office market. The building's occupancy dropped from 84% in 2014 to 60% by 2023.

    This foreclosure action comes amid a wave of similar lawsuits against other Chicago-area office owners, including AmTrust RE and 601W Companies. Many office landlords have struggled to pay off their loans due to low demand from tenants and higher interest rates. Accesso has also defaulted on debts for several other properties, including the Park Plaza office building in Naperville and a two-building complex in Downers Grove.

    In an attempt to mitigate its losses, Accesso sold 230 West Monroe Street at a significant discount last year. The company is also facing a lawsuit from Newmark over unpaid fees related to property tax services. A hearing on this matter is scheduled for January 24.