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R2 Acquires Michigan Ave Office Tower for $60M

R2 Companies, a Chicago-based real estate investment and development firm, has acquired the downtown office tower at 150 North Michigan. A venture led by R2 paid nearly $60 million for the 41-story, 655,000-square-foot building, Crain’s reported.

Eastdil Secured’s brokers Bryan Rosenberg and David Caprile represented the seller in the transaction. R2 was first reported to be in negotiations to buy the building last June. The $60 million price is a huge discount from the $121 million that a venture of New York-based CBRE Investment Management paid for the tower in 2017, as well as the $87 million mortgage that CBRE IM took out to finance that purchase.

Sources familiar with the deal indicated that R2 received financing from a fund managed by MetLife Investment Management, which provided the $87 million mortgage that CBRE IM borrowed in 2017. 150 North Michigan is one of several downtown properties that have sold at steep discounts recently.

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Inside The Story

R2Eastdil SecuredCBRE IMMetLife Investment Management

About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.