Los Angeles-based investment management firm Stanton Road Capital, LLC (SRC) and Third Lake Partners, LLC, a Tampa-based family investment firm, have acquired 200 S. Michigan Avenue, a 371,566-square-foot, Class A office building located in the heart of Chicago’s East Loop. The sale transaction was facilitated by Cushman & Wakefield.
Overlooking The Art Institute of Chicago and Millennium Park, the 22-story structure widely known by its previous name—the Borg-Warner Building—was completed in 1958. SRC is poised to invest significant post-acquisition capital into the historic mid-century tower to maintain its heritage, while modernizing the property’s amenities and improving the overall quality of the building. Planned investments include an upgraded lobby experience, implementation of a “spec suite” program, improvements to existing amenities (such as the tenant lounge) and several cosmetic upgrades.
“We have been successful in repositioning a number of office assets in the Chicago market and are very pleased to add 200 S. Michigan to our portfolio. We are excited to acquire a unique piece of the city’s history and look forward to establishing it as a prime asset downtown,” said Tim Ronan, Jr., founder and managing partner of SRC.
SRC currently has several holdings in the Chicago area, including ArborLake Centre in Deerfield, Illinois and Woodland Corporate Tower in Downers Grove, Illinois. The acquisition of 200 S. Michigan represents the firm’s first investment in downtown Chicago.