Real Capital Solutions has acquired the office tower located at 401 North Michigan Avenue in Chicago. The property consists of a 35-story building with a total area of 747,522 square feet, purchased for $132.5 million. It features a riverfront location and is currently 87% leased to credit tenants including the American Dental Association and BDT&MSD. The acquisition represents a 77.8% discount to the replacement cost, and comes after $17 million in recent renovations to the asset.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $132,500,000
• Address: 401 North Michigan Avenue
• Market: Chicago
• Square Footage: 747,522
• Price Per Square Foot: $177
• Buyer: Marcel Arsenault - Real Capital Solutions
• Brokers: Bruce Miller, Jaime Fink & John Mason - JLL

The acquisition marks Real Capital Solutions' initial investment in downtown Chicago during this market cycle. The transaction was facilitated by brokers Bruce Miller, Jaime Fink, and John Mason from JLL, who represented the buyer in this notable deal.