150 N. Michigan Up for Sale; Legacy at Millennium Park Wins ‘Best in Living’ Award

By Gabriel Circiog, Associate Editor The 150 N. Michigan office tower could soon get a new owner on top of the new name it is set to receive in March, Chicagorealestatedaily.com reports. Germany-based SEB Asset Management A.G. bought the 41-story office building in 1999 for around $113.2 million. Recently, the fund manager hired Chicago-based Jones Lang [...]

The 150 N. Michigan office tower could soon get a new owner on top of the new name it is set to receive in March, Chicagorealestatedaily.com reports. Germany-based SEB Asset Management A.G. bought the 41-story office building in 1999 for around $113.2 million. Recently, the fund manager hired Chicago-based Jones Lang LaSalle Inc. to sell the 661,477-square-foot high-rise structure.

Bruce Miller, a managing director at Jones Lang LaSalle, explained that the owner believes capital markets are strong and that lot of buyers are looking for good investment opportunities. Although he declined to estimate the expected sales price, the tower is expected to go for close to its 1999 price.

The publisher of Crain’s Chicago Business, Crain Communications Inc., has already signed a 10-year lease for 65,587 square feet in the building, a deal which includes naming rights. The publisher will move from its current headquarters at 360 N. Michigan Ave., where it has resided since 2011.

The largest tenant in the building is SmithAmundsen LLC, a law firm that leases around 66,000 square feet. The tower, situated at the northwest corner of Millenium Park, is currently about 77 percent leased, according to Jones Lang LaSalle.

In other news, The Legacy at Millennium Park, a 72-story luxury condominium building overlooking Millenium Park, has won the 2011 Best in American Living Gold Award for High-Rise Multifamily Housing. The distinction was announced at the 2012 International Builders Show that took place in Orlando.

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Photo Credits: Zol87 via Flickr.com