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CHICAGO-M & J Wilkow has sold the 235,400-sf office building at 180 N. Michigan Ave., according to a released statement from the locally based company. The building was purchased by Marc Realty, based here, with a $17.6-million loan from Winthrop Realty Trust, based in Boston, according to an SEC filing. Representatives from M & J Wilkow and Marc Realty did not return telephone calls seeking comment.

The term of the first mortgage bridge loan is for one year through June 20, 2008 and has an interest rate of 7.32%, according to Winthrop's statement and the SEC filing. Marc will pay monthly interest-only payments on the loan. If the property is sold during the term of the loan, Marc receives the first $4.7 million in proceeds and 8.5%, after which each Marc Realty and Winthrop receive 50% of the proceeds, according to the SEC filing.

Marc Realty will manage the property, according to the statement. M & J Wilkow renovated the building beginning in 2005, according to information on their website. During the renovations, the elevators were modernized and thee exterior was renovated with the monumental entry being replaced and travertine pieces being replaced with granite. The lobby, which was constructed in 1927, was also renovated, according to the company.