Colorado-based real estate investment firm Real Capital Solutions (RCS) has acquired 401 N. Michigan Ave., a 35-story office tower and subterranean parking garage, for $132.5M.
JLL’s Bruce Miller, Jaime Fink and John Mason brokered the transaction. The deal is the firm’s first investment in the downtown Chicago market this cycle, and the transaction represented a 77.8% discount to replacement cost.
401 N. Michigan totals approximately 747,522 square feet and is about 87% leased. Major tenants include the Accreditation Council for Graduate Medical Education, and private equity firms BDT&MSD and Scion. The building is also home to the American Dental Association’s recently relocated headquarters.
The property has undergone $17 million in renovations, and RCS will address near-term building capital needs. Since 2023, the building has executed more than 275,000 square feet of leasing activity.
“The acquisition of 401 N. Michigan represents a rare opportunity to secure a top-performing, institutional office tower in an irreplaceable riverfront location,” said Adam Abeln, chief acquisitions officer for RCS.
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