GLL Real Estate Partners has scheduled a multi-million dollar capital improvement program to enhance its 444 N. Michigan Ave. office tower on Chicago’s Magnificent Mile.
Since the Munich-based global real estate investment firm purchased the office building in 2006, occupancy has hovered around 75 percent. But recent efforts by the firm have already begun to increase occupancy, and by year-end, the building is expected to have finalized 16 new leases, totaling more than 92,000 square feet. GLL expects that its significant commitment to refurbish amenities and public spaces in 444 N. Michigan will push occupancy even higher.
The improvement program, currently estimated to invest more than $13 million of new capital into the building, will center on modernizing appearance, street presence, infrastructure and elevators. A contract of more than $3 million has already been awarded to Schindler Elevator Corp. to modernize the elevator cabs. Key public spaces including corridors, restrooms, lobbies and entrances are scheduled for refurbishment as well.
The improvement program will also see a remodeling of the main lobby, elevator lobby and lower lobby areas.
In addition to several available spaces that take advantage of the building’s panoramic views, 444 N. Michigan will also offer several “spec suites” designed to meet the immediate needs of firms ready to move up to a more sophisticated location. The suites will be ready to occupy complete with modern furniture. 444 N. Michigan’s conference facility and amenities such as fitness equipment and bike lockers will also be installed.
To support its modernization and subsequent leasing push, the owner has appointed Chicago-based The Telos Group LLC to handle the leasing and marketing campaign for the property. The leasing team of Brian Whiting, Jack O’ Brien, Matt Pistorio and Joy Jordan already represent more than 6.5 million square feet of Class A office space in downtown Chicago.
