Attributes

Current Principal Balance

$69,001,284

Year Built / Renovated

1960 / 2002

NRA SF

1,912,651

Occupancy

49.3% (As of June 2026)

Site Size

2.51 Acres

No. of Stories

44 / 25

Call for offers

10/28/2026

Description

Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis by the Seller to arrange the sale of a $69 Million Non-Performing Office Loan (the “Loan”). The Loan is secured by a first mortgage lien on the fee-simple interest in two neighboring office buildings in Chicago, IL (the “Properties” or “Collateral”).

Michigan Plaza comprises two connected Class A office towers that were constructed in 1960 and renovated in 2002. Positioned within the Chicago Loop, the city’s central business district, the buildings feature flexible floor plans totaling 1,912,651 rentable square feet, 24/7 security, a three-level heated parking garage, and an established retail corridor on the concourse level.

The offering presents investors the opportunity to buy a non-performing Loan at a favorable basis, significantly below replacement cost, with a potential path to ownership.

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Investment highlights

Premier Central Business District Location

The Property benefits from Chicago’s densest concentration of business, cultural, and hospitality amenities, placing tenants blocks from Millennium Park as well as numerous other premier venues that create an unmatched live-work-play environment.

Best-in-Class Amenities

The Property features exceptional tenant amenities including a second-floor lounge, outdoor bocce ball court and putting green, state-of-the-art fitness center, and the concourse-level retail corridor providing convenient daily services and activities.

Adjacent Transit and Accessibility

Michigan Plaza offers exceptional multi-modal connectivity with direct access to CTA Red and Blue Line rapid transit, Metra commuter rail serving all regional corridors, and major expressways including I-90/94 and Lake Shore Drive.

Partial Conversion Optionality

Michigan Plaza offers investors a rare opportunity for a partial conversion to a potential hotel or residential property, leveraging superior floor plates, abundant natural light, and anexceptional window-to-wall ratio.

Path to Ownership

The offering presents an investor with the unique opportunity with a potential path to ownership on the two-building office complex secured by the Loan.