Receiver Named for Block 37

Judge rules in Bank of America's favor

By BJ Lutz
|  Friday, Nov 20, 2009  |  Updated 3:15 PM CDT
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Receiver Named for Block 37

WMAQ

Block 37

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A court-appointed receiver will take over control of the beleagured Block 37 project in downtown Chicago.

Cook County Judge Margaret Brennan on Friday ruled that a CB Richard Ellis executive will take over, stripping control from Joseph Freed & Associates.

Bank of America last month filed a foreclosure suit against Freed, saying it had lost confidence in the developer and had doubts the project would be completed.

"Appointing a receiver is the only way this job will be finished and that we’re not going to have a big empty hulk out on State Street," Bank of America attorney John Anderson argued in court, according to Crain's Chicago Business.

Freed had said plans to open a portion of the by Thanksgiving were continuing, the project was on track to be completed by the end of next year.

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