LOS ANGELES – September 28, 2017 – A fund advised by CBRE Global Investors has acquired 150 North Michigan Avenue, a 41-story, 661,477 square foot Class A multi-tenant office building in the East Loop submarket of Downtown Chicago.
The property, which is 80 percent leased, is well-located at the intersection of Michigan Avenue and Randolph Street with accessibility to the Central and East Loop, as well as River North and Michigan Avenue retail destinations. In addition, 150 North Michigan Avenue is highly recognizable with unique architecture; features unobstructed views of Millennium Park and Lake Michigan; is easily accessible by automobile, rail, bus, or water taxi; and provides direct access to the underground pedway system.
The property features a recently completed conference center, fitness center, and tenant lounge. In addition to making further capital improvements, the team plans to differentiate the property’s amenities by offering an enhanced “platinum-level” of its 5-Star Worldwide service and amenity program that will be unique in the market to help attract and retain tenants. With floor plates ranging from 9,400 to 18,800 square feet, 150 North Michigan Avenue offers a particularly compelling proposition for small to midsize tenants in the submarket looking to lease full floors.
Chicago is a top U.S. office market and a focus market for CBRE Global Investors. With its close proximity to Chicago’s famous Magnificent Mile, the East Loop submarket is undergoing a significant transformation as it attracts noteworthy residential, hotel and retail development projects that are appealing to tenants. As a result, the East Loop has seen some of the strongest positive absorption of any of Chicago’s CBD submarkets, and this momentum has pushed East Loop vacancy rates down.
“The young, mobile, and highly educated millennial worker is looking for a different office setting than what has previously been in demand,” said Robert Perry, Principal and Portfolio Manager, CBRE Global Investors. “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.”
About CBRE Global Investors
CBRE Global Investors is a global real asset investment management firm with $98.9 billion in assets under management* on a combined pro forma basis, as of June 30, 2017, to reflect the completion of the acquisition of a majority stake in Caledon Capital Management Inc.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has more than 75,000 employees in approximately 450 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real asset-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.