R2 Companies To Acquire 41-Story Tower At 150 North Michigan Avenue In Chicago For $70M

R2 Companies, led by Matt Garrison, is under contract to acquire the 41-story office tower located at 150 North Michigan Avenue in downtown Chicago. The sale price for the property is approximately $70 million, resulting in a loss for the current owner, CBRE Investment Management. The building spans a total area of 661,000 square feet, equating to a price per square foot of $106.

Summary of transaction details

• Property Type: Office
• Transaction Amount: $70,000,000 (Approx.)
• Address: 150 North Michigan Avenue, Chicago
• Market: Chicago
• Buyer: R2 Companies - Matt Garrison
• Seller: CBRE Investment Management - Andrew Glanzman

This transaction involves R2 Companies, with Matt Garrison representing the buyer, and CBRE Investment Management, with Andrew Glanzman as their representative, representing the seller. The purchase of the office tower presents a significant opportunity for R2 Companies, as the building's occupancy has declined and it faces lease expirations and loan maturities in the near future.