A three-story office complex just north of O’Hare is up for grabs as its owner scrambles to get ahead of an approaching loan deadline. Touhy Plaza, at 1350 E. Touhy Ave. in Des Plaines, sits less than a mile from the airport and spans roughly 244,000 square feet across a low-rise corporate campus.
According to Crain's Chicago Business, the property was quietly listed this week in advance of the loan maturity date identified by the outlet, a tactic owners sometimes use to either line up a buyer or secure new financing. Crain's reported that brokers are actively pitching the building to investors who could step in with refinancing or purchase the asset outright.
Commercial listings name Avison Young broker Fred Ishler as the contact for the offering. LoopNet pegs the building at about 244,049 square feet and shows multiple vacant suites, while the brochure from Marc Realty touts an atrium, a fitness center, and hundreds of covered and surface parking spaces meant to appeal to airport-adjacent tenants.
O'Hare submarket context
The O’Hare corridor still attracts corporate and logistics users, yet brokers say suburban office landlords are navigating tighter lending standards and slower leasing activity than before the pandemic. JLL has cited an uptick in investor interest nationally even as lenders remain selective, a combination that can complicate fast refinancing for older suburban office properties.
What could happen next
If a buyer surfaces quickly, the owner could use the proceeds to retire the existing loan. If that does not happen, typical paths include bridge financing, a short-term workout, or a discounted sale targeting yield-focused investors. Industry observers note that occupancy levels, the strength of tenant credit and the exact timing of the loan maturity usually drive whether a sale, refinance or workout is the most likely route; Janover Pro outlines how lenders and brokers weigh those options in the Chicago market.
Legal and financing outlook
Missing a refinancing deadline can trigger loan acceleration and potentially foreclosure, although many suburban office situations are resolved through negotiated workouts or short-term financing that buys additional time. We will keep an eye on broker listings and public records for any sale details or recorded notices tied to this property in Cook County.
