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

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This Office property located in IL was sold for $70,000,000 8 months ago.

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.

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  • Location
    150 N Michigan Ave, Chicago, IL 60601, USA150 N Michigan Ave, Chicago, IL 60601, USA
  • Sale Price
    $70,000,000$70,000,000
    $105 PPSF$105 PPSF
  • Area
    661,000 SF661,000 SF
  • Asset Type
    OfficeOffice

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Deal Summary

UNDER CONTRACT IMAGE: Andrew Glanzman & Matt Garrison DATE: 06/23/2023 ADDRESS: 150 North Michigan Avenue MARKET: Chicago ASSET TYPE: Office BUYER: R2 Companies (@R2Companies)- Matt Garrison SELLER: CBRE Investment Management (@CBRE) - Andrew Glanzman SALE PRICE: $70,000,000 (Approx.) SF: 661,000 ~ PPSF: $106 NOTE: R2 Companies, led by Matt Garrison, is under contract to acquire the 41-story tower at 150 North Michigan Avenue in downtown Chicago for around $70 million. The purchase would result in a significant loss for CBRE Investment Management, the current owner, as the building's occupancy has declined and it faces upcoming lease expirations and loan maturities.

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