Chicago Business is reporting that an LLC related to the firm founded by recently deceased architect Helmut Jahn is filing for Chapter 7 bankruptcy in an unfurling landlord-tenant dispute that began taking shape during the pandemic.
Jahn LLC reported gross revenues under $13,000 last year and has reported liabilities totaling $11 million compared to a little over $600,000 in available assets. The firm reported a total of $1 million in revenue between 2019 and 2020 comparatively.
Jahn was the sole proprietor of the LLC (which is separate from Jahn Architecture, Inc.), which has seen its prospects decimated by the architect’s loss this spring. The firm stands to bring in significant fees from its forthcoming 1,000m supertall development (to which the LLC is registered as the copyright holder), which will now fall subject to potential judgment creditors, particularly its landlord at 353 Clark St. DUS, depending on the court’s decision.
Crain’s has also reported that DUS was being sued by another tenant (ironically a corporate law firm) over a similar pandemic-related back rent issue. The newspaper Jahn LLC was able to secure two PPP loans as well. Archinect will have more on the story as it unfolds.
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