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Minnesota-based investor is close to acquiring Presidents Plaza, a discounted office complex near O'Hare International Airport. The deal, led by Wayzata Investment Partners' Patrick Halloran, will see the property purchased at a price significantly lower than its $147.5 million loan with Bank of America. The 831,400-square-foot complex has struggled with high vacancies and weak leasing activity.

    The sale highlights the challenges facing Chicago's suburban office market, where One O'Hare Centre was recently sold for $70 million, down from $83 million in 2015. Presidents Plaza, purchased by TPG Angelo Gordon in 2018 for $147 million, has only maintained 63% occupancy levels as of this summer.

    Its location near O'Hare offers accessibility benefits but also places it within the suburban market, which has been hard hit by vacancies and declining property values. Office vacancy in the Chicago suburbs reached 31.2% in the second quarter, with Medline Industries recently signing a large lease at 2375 Waterview Drive in Northbrook.