Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
CBRE Global Investors Fund Acquires Iconic Downtown Chicago Office Building
A fund sponsored by CBRE Global Investors acquired 150 N. Michigan Avenue, an iconic office building in Downtown Chicago for an undisclosed amount. The 41-story, 661,477-square-foot Class A multi-tenant office building is located in the East Loop submarket, and was expected to fetch a price in the neighborhood of $132 million when Toronto-based Manulife put the asset up for sale earlier this year.
CBRE Global Investors’ Robert Perry says, “This iconic building is well-positioned to capitalize on growing demand in the East Loop, as tenants become less dependent upon proximity to the West Loop train stations transporting commuters from suburban locations and focus on attracting and retaining millennial employees who live in the CBD and value a walkable urban environment and local amenities.”
The 80%-leased property, which was built in 1984 and features an angled, diamond-shaped roof, was marketed for sale by HFF.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
