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Thor Equities buys back Palmer House retail space for $5.1M
The retail portion is about 35% occupied, and Thor plans to focus on leasing and repositioning the space after LNR Partners took control via a 2023 sheriff’s sale.
Thor Equities has reacquired the 68,000-square-foot retail portion of the Palmer House Hilton property at 17 E. Monroe St. in Chicago’s Loop for $5.1 million, the company said in a release.
The retail asset had been taken over in 2023 by special servicer LNR Partners through a sheriff’s sale following Thor’s 2020 retail mortgage default, after the lender pursued a $62 million foreclosure suit. LNR’s auction ended with a high bid of $29.5 million.
Thor said it will concentrate on leasing and repositioning to improve the tenant mix and strengthen the overall retail offering, noting the retail portion is about 35% occupied. The Loop’s broader vacancy rate was about 28.5% in 2025, according to Stone Real Estate.
The Palmer House ownership structure is tied to ongoing litigation involving bondholders, Thor, and JPMorgan Chase, after bondholders alleged in 2024 that the bank failed to disclose key information related to parcel splits when packaging the property into a CMBS loan in 2018.