Iconic Naperville building in foreclosure proceeding
June 17, 2011 9:16PM
The 10-story building at 55 Shuman Blvd., known for its unique sloping facade that resembles the letter N, was designed by Chicago architect Helmut Jahn in 1986. The N-shaped building is regarded by many passing motorists as an unofficial insignia for the city of Naperville. | Marianne Mather~Sun-Times Media
Updated: September 24, 2011 12:22AM
An iconic Naperville building along the high-tech East-West Tollway corridor has found itself in a financial crisis as a result of a foreclosure suit that was filed against it last month.
According to Crain’s Chicago Business, owners of the Metro
West building — also known as the “N” building for its 1980s Helmut Jahn design — have defaulted on a $23.5 million loan that was due May 1.
CFO Brian O’Herlihy of GID Investment Advisors, the building’s owners, confirmed the reports but declined further comment “because of where the issue is now.”
A former tenant in the building near Washington Street said there was no hint the building or its owners were in trouble.
“You would see less cars in the parking lot as time went on last year, but the maintenance of the building and the services that were provided remained excellent,” said Tim Hennelly, president of the Great Lakes Region for Ryan Companies. “I can’t say that we saw anything like this coming.”
Hennelly said the uniquely designed office building might have been yet another casualty in the struggling economy and that “other buildings along the I-88 corridor have suffered.”
“I really feel like this building will be easily retenanted and that there will be plenty of bidders lining up to buy it,” he said. “It is an icon here in Naperville.”