Court appoints receiver for Golub, BlueFive’s Mag Mile office

Distress at 625 North Michigan Avenue is entering its next phase: receivership.

On June 16, a Cook County judge appointed Scott Shefman of Friedman Real Estate Management as the receiver for the Magnificent Mile office building, court records show.

Shefman's takeover of the 28-story property's operations stems from a foreclosure lawsuit filed by Citibank, acting as trustee for commercial mortgage-backed securities bondholders, alongside special servicer LNR Partners. The lenders allege landlords Golub & Company and BlueFive Capital defaulted on a $50.6 million loan. The debt, originated by Cantor Commercial Real Estate in 2019 with a 4.63 percent interest rate, reached its maturity date on March 6 without repayment.

The loan transferred to special servicing in November 2025 due to an imminent default driven by cash flow issues. Golub previously indicated to the lender that it couldn't continue funding the property's operating expenses out of pocket. In April 2026, the borrowers received a formal notice of default.

As receiver, Shefman takes control of the nearly 290,000-square-foot building's management. His court-mandated duties include collecting rents from tenants and mainta

Fuente original: Yahoo Finance (https://finance.yahoo.com/real-estate/articles/court-appoints-receiver-golub-bluefive-130000780.html)