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Loeb Partners Buys Michigan Plaza

CHICAGO-Paying a reported $280 million, about 5% less than the 1998 sales prices, New York-based Loeb Partners Realty promises to return the 1.9-million-sf asset at 205 and 225 N. Michigan Ave. to class A status.

By Mark Ruda | Updated on January 03, 2005

CHICAGO-Two East Loop office buildings have been acquired by New York-based Loeb Partners Realty, which promises to take a hands-on approach to upgrading the 1.9-million-sf Michigan Plaza to class A status. With the buildings at 205 and 225 N. Michigan Ave. 70% occupied, Loeb Partners Realty reportedly paid $280 million, or $145 per sf, and $15 million less than their 1998 sales price.

“We think that Chicago is an interesting market right now and the timing on this purchase is very advantageous,” says Loeb Partners Realty president and chairman Joseph S. Lesser. “Michigan Plaza has a solid tenant base, is well maintained yet it still offers a significant number of opportunities to update and improve. Our goal is to build Michigan Plaza into an ‘A’ building again and make it once again competitive with every other class A building in Chicago.”

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