Jones Lang LaSalle has been hired to market for sale 150 N. Michigan Ave. in Chicago on behalf of SEB Investment GmbH. The property contains 661,477 square feet of office space. The property is currently 77 percent leased and offers an outstanding income stream backed by an impressive institutional tenant roster. In 2011, Crain Communications selected 150 N. Michigan as the new home of its Chicago offices. Crain’s has leased 65,487 square feet and the tower will be renamed the Crain Communications Building when the publisher takes occupancy this April.
Jones Lang LaSalle Managing Directors Bruce Miller and James Postweiler, along with Associate Nooshin Felsenthal, are leading the team on this transaction.
The Crain Communication building is located in the East Loop submarket of Chicago’s central business district. The 41-story tower is located on the corner of Michigan Avenue and Randolph Street. The property is kitty-corner to Millennium Park and just minutes from Lake Shore Drive, offering visibility and access. The property has undergone more than $12.6 million in renovations since 2005 and was awarded Energy Star recognition in 2009, 2010 and 2011.
