Newmark has joined a listing of corporations claiming Chicagoland workplace landlord Accesso Companions hasn’t paid its payments on time.
The brokerage and advisory agency sued the Hallandale Seashore, Florida-based business actual property agency in Cook dinner County late final week, looking for to get well $876,000 in charges it says it’s owed for work it did to save lots of the owner virtually $6 million over the previous few years, court docket information present.
The lawsuit comes as lenders put together to work out or foreclose on $126 million in delinquent debt tied to Accesso-owned places of work within the Loop, Naperville and Downers Grove.
Newmark claims it spared the owner from hefty property tax payments for the 23-story 200 West Monroe Avenue and the 36-story 20 North Clark Avenue within the Loop, which Accesso purchased in 2013 and 2014 for a mixed $164 million.
Newmark was purported to get a 15 % minimize out of the tax financial savings at every property for every year a profitable enchantment of the property’s tax evaluation was gained, the lawsuit alleges.
Newmark and out of doors counsel the agency employed to assist work on Accesso’s tax reduction guided the owner by way of a lawsuit and appeals with the Cook dinner County Assessor’s Workplace and the Cook dinner County Board of Overview to win greater than $3.9 million in property tax financial savings for 20 North Clark, based mostly on contesting assessments made for the tax years 2018 and 2021, it alleges.
Accesso saved greater than $2 million by way of a Newmark-led Board of Overview enchantment of the 2021 evaluation for 200 West Monroe, it alleges.
The owner hasn’t paid Newmark any of the charges it says are owed, and the brokerage has made quite a few makes an attempt to gather, the swimsuit stated. An lawyer for Newmark declined to remark, and Accesso didn’t return requests for remark.
The lawsuit provides to Accesso’s already daunting monetary positions on its Chicagoland portfolio.
Accesso paid off a mortgage for 20 North Clark in 2020, however its mortgages for 200 West Monroe, in addition to the 211,000-square-foot Park Plaza in Naperville and the two-building, 320,000-square-foot Highland Oaks complicated in Downers Grove all seem like underwater.
LNR Companions, consultant of the bondholders within the $33 million CMBS mortgage for the Downers Grove property, sued the Accesso enterprise that owns it for foreclosures in September, DuPage County property information present. The following listening to within the court docket case is scheduled for Might 20.
The owner final 12 months additionally bought the 623,000-square-foot workplace constructing at 230 West Monroe — subsequent door to 200 West Monroe — for $45 million to Menashe Properties, a large low cost from Accesso’s $122 million buy in 2014, throughout its Chicago-area acquisition spree.
