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Two Office Towers Near Millennium Park Go Up for Sale
Two office towers on the same block of Michigan Avenue near Millennium Park have gone up for sale, a pair of offerings that will help measure investor appetite for properties on the high-profile corridor, reported Crain’s Chicago Business.
In the larger of the two, a venture of New York-based CBRE Investment Management has hired Eastdil Secured to sell the 41-story office building at 150 N. Michigan Ave. A few steps north, a venture of Chicago-based Marc Realty intends to sell the 24-story vintage office building at 180 N. Michigan Ave., which brokerage CBRE is framing as a prime candidate for apartment conversion.
Crain’s reported the listings reflect a pair of trends in the CBD as the public health crisis wanes: prominent office buildings seeing their values challenged by weak demand and older office properties being teed up as residential conversions as demand for rental units in the city remains strong.
- ◦Sale/Acquisition
