Savas Er Of North American Real Estate Acquires 605 North Michigan Avenue For $47M

The property asset involved in this transaction is a four-story office building located at 605 North Michigan Avenue in Chicago. It has a total square footage of 85,000 and was sold for a transaction amount of $47,000,000, translating to a price per square foot of $553. This asset is situated in the market of Chicago.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $47,000,000
• Address: 605 North Michigan Avenue
• Market: Chicago
• Square Footage: 85,000
• Price Per Square Foot: $553
• Buyer: Savas Er - North American Real Estate (NARE)
• Seller: Brian Kingston - Brookfield Properties

North American Real Estate (NARE) acquired the building from Brookfield Properties, which was represented by Brian Kingston in the deal. Following this transaction, there are plans to repurpose the asset, which is currently 50% leased. The sale reflects a shift in property values along Chicago's Magnificent Mile, as the former owner, GGP, had purchased the property for $140 million in 2016 and secured an $80 million loan from MetLife in 2018.