401 North Michigan _Property for Sale
401 North Michigan _Property for Sale
401 N Michigan Ave, Chicago, IL, 60611-4255, US

401 North Michigan

Asset Description

Jones Lang LaSalle (Illinois), L.P. (“JLL”) as the exclusive advisor, presents the opportunity to acquire the 100% fee simple interest in 401 North Michigan (the "Property” or “Opportunity”), a 747,522 square foot, 35-story office building located along Michigan Avenue on the north bank of the Chicago River. Originally constructed in 1965, 401 North Michigan represents opportunity to acquire a Class A office asset with worldrenowned Chicago River views on Michigan Avenue. At 89% leased with 7.6 years of remaining average lease term ("WALT"), the Property offers durable in-place cash flow while providing an investor the opportunity to further increase NOI through the lease up of nearly 83,000 square feet.

 

With over $17.2 million of capital invested since 2017, ownership has meticulously maintained and transformed the Property, modernizing building systems and implementing state-ofthe- art amenities. Paired with its riverfront location on Michigan Avenue and high-quality amenity offerings, 401 North Michigan offers investors the exceptionally rare opportunity to acquire an asset that has a proven track record of catering to the active tenancy in the market.

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Attributes

Building area net
69,447 m²
WALT
7.6 years
Occupancy
89%

Media

Investment Highlights


  • Accretive Financing Available
  • Class A Riverfront Asset With Unobstructed Panoramic Views
  • Connectivity to Surrounding, Vibrant MIxed-Use District
  • Durable In-Place Cash Flow With Upside
  • State-Of-The-Art Trophy Design With Transformative Lobby & Amenity Renovations
  • Incredible Basis at a Substantial Discount to Replacement Cost
401 North Michigan  4_Property for Sale
401 North Michigan  4_Property for Sale

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401 North Michigan (0 Properties)

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Last updated
18 Sep 2024