Chicago & Midwest + Downtown + Office | May 24, 2022

Colliers is marketing 500 N. Michigan., a Chicago office tower built in 1968, for sale

Colliers Chicago Markets 500 N. Michigan for Sale

A foreign investment group has retained Colliers Chicago’s Office Capital Markets team of Alissa Adler and John Homsher, CCIM, to market 500 North Michigan, a 23-story office building on Chicago’s Magnificent Mile, for sale. The 341,000 –square-foot tower was built in 1968 as the headquarters for Standard Oil of Indiana.

Along with 321,000 square feet of office space, 500 North Michigan offers 20,000 square feet of high street retail. Tenants include Chick-Fil-A, Vans and Bank of America. It’s in a prime location directly across from the Intercontinental Hotel and adjacent to The Shops at North Bridge.

Currently 500 North Michigan is 30% leased and primed for a significant re-positioning. The Colliers team expects interest from multifamily, senior living, hospitality, medical and/or traditional office investors.

“The building’s design with small floorplates lends itself to adaptive re-use,” said Adler. “A strategic, multi-faceted renovation program could attract a diverse group of investors.”

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Colliers' AdlerColliers' Homsher

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).