May 26, 2017
Chicago-based Walton Street Capital agreed to buy the 35-story 401 North Michigan office building for reportedly $370 million from Chicago-based Zeller Realty Group. The former Equitable Building was acquired in 2001 by Zeller for $120 million, which will maintain a small stake, as well as manage and lease the property.
The 760,000-square-foot office property includes a 22,000-square-foot Apple store under construction on the tower’s plaza alongside the Chicago River. The glassy new structure is slated to open later this fall.
Zeller completed capital improvements to 401 N. Michigan, including to Pioneer Court, a public space in front of the building that houses public art installations. Among the building’s tenants are the Accreditation Council for Graduate Medical Education, which leases more than 100,000 square feet.
CBRE’s Blake Johnson represented Zeller in the sale.
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