Equus Capital Partners Ltd., a private equity real estate fund manager, has completed the sale of 200 S. Michigan Ave., a 357,777-square-foot office building, for $69 million. At the time of the sale, the building was 89 percent occupied.
“We were very pleased with the level of investor interest for 200 S. Michigan Ave.,” said Joseph Neverauskas, senior vice president and head of Equus’ Chicago regional office. “The building’s high quality renovated condition, prime location on Michigan Avenue across from the Art Institute and Millennium Park and high caliber tenancy resulted in strong investor demand that exceeded our expectations.”
Bruce Miller and Nooshin Felsenthal of Jones Lang LaSalle represented the seller in the disposition.
An affiliate of Equus acquired 200 S. Michigan Ave. on behalf of BPG Investment Partnership V, L.P., a $225 million private equity fund, in 2001. Since the acquisition, Equus completed an extensive multimillion dollar renovation of the building including new elevators, lobbies and restrooms as well as new windows on the west elevation and two new restaurants. The 22-story building’s current tenants include RTKL Associates, Howard & Howard Attorneys and Johnson Publishing Company, Starbucks, Potbelly Sandwich Works and Panda Express.
In 2002, the building was awarded the Office Building of the Year award in the Renovated Building Category by the Chicago chapter of the Building Owners and Management Association.