Canadian Investor Takes Debt-Free Control of Chicago Towers

Canadian investor George Armoyan just pulled off a major Chicago real estate play, snagging three office towers in a $1.1 billion deal — including turning 120 South LaSalle and 20 South Clark into debt-free assets via a savvy “loan-to-own” strategy. His move follows his exit from troubled REIT Ravelin Properties and signals a growing trend: landlords ditching debt to gain flexibility in a shrinking office market. With interest rates high and tenants scarce, being lender-free lets owners negotiate smarter leases and attract new tenants — and Armoyan’s not alone; other big players are doing the same. The leasing team at 20 South Clark is already changing hands as the building gears up for a fresh tenant hunt. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/d66dd8e16b3aad59