S
ociete Generale, a French financial service company, is taking a long-term approach with its recently foreclosed 49-story office tower at 161 North Clark Street in Chicago's Central Loop. The lender, led by CEO Slawomir Krupa, seized control of the property in March after its previous owner defaulted on a $230 million loan. Instead of selling the building at a discount, Societe Generale is betting that Google's upcoming arrival will boost the area and increase the property's value.
The 1.1 million-square-foot tower has shown signs of a turnaround, with an 86% occupancy rate, higher than the average for downtown Chicago office spaces. New leases with law firms and Cook County's short-term lease have contributed to this success. To enhance the building's appeal, Societe Generale has updated the lobby and signed Veteran Roasters coffee shop as a retail tenant.
The bank remains open to potential buyers, with real estate services firm Eastdil Secured continuing to market the property. However, Societe Generale is optimistic about the future of 161 North Clark Street, stating that it's "open for business and ready to welcome Google into the neighborhood."
