Chicago Developer Expands Portfolio with Michigan Avenue Tower Acquisition
TL;DR
Chicago real estate firm R2 is in talks to buy a 41-story office building at 150 N. Michigan Ave. for around $70 million, which is 42% less than it sold for six years ago. The potential sale would show the impact of remote work and high interest rates on downtown office landlords. The purchase would be a major bet on the comeback of the downtown office market, but with the protection of having paid a historically low amount for the property.
Topics:businessreal-estate#chicago#downtown-office-market#office-tower#property-value#real-estate#remote-work
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