CHICAGO—Equus Capital Partners, Ltd., a private equity real estate fund manager, has just completed the sale of 200 S. Michigan Ave., a 357,777-square-foot office tower, for $69,000,000 or nearly $193-per-square-foot. At the time of the sale, the building, once known as the Borg-Warner Building, was 89% occupied.
"We were very pleased with the level of investor interest for 200 S. Michigan Ave.," says Joseph Neverauskas, senior vice president and head of Equus' Chicago regional office. "The building's high quality renovated condition, prime location on Michigan Ave. across from the Art Institute and Millennium Park and high caliber tenancy resulted in strong investor demand that exceeded our expectations."
Bruce Miller and Nooshin Felsenthal of Jones Lang LaSalle represented Equus in the transaction.
Built in 1955, the 22-story tower is one of the few modern-looking buildings along that stretch of Michigan. An affiliate of Philadelphia-based Equus acquired it in 2000. The firm then completed a multimillion dollar renovation that included new elevators, lobbies, restrooms, new windows on the west side and two new restaurants. In 2002, BOMA/Chicago chose the building as its Office Building of the Year in the Renovated Building Category.
The historic Cliff Dwellers Club recently re-signed a long-term lease for the refurbished penthouse and its outdoor patio. Other current tenants include RTKL Associates, Howard & Howard Attorneys and Johnson Publishing Company. Starbucks, Potbelly Sandwich Works and Panda Express occupy the building's retail space.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
