CBRE fund acquires iconic office building in Chicago
A fund advised by CBRE Global Investors has acquired an iconic office building in the East Loop submarket of Downtown Chicago.
The 41-story, 661,477-square-foot, class A multi-tenant office building is located at 150 N. Michigan Ave. It features a recently completed conference center, fitness center and tenant lounge. In addition to making further capital improvements, the team plans to differentiate the property’s amenities by offering an enhanced “platinum-level” of its 5-Star Worldwide service and amenity program that will be unique in the market to help attract and retain tenants.
The property is currently 80 percent leased.
CBRE Global Investors likes the Chicago market because they believe it is one of the top markets in the United States for millennial workers who want to live in the CBD and value a walkable urban environment and local amenities.
“The young, mobile, and highly educated millennial worker is looking for a different office se