$69 Million Office Loan | Michigan Plaza | Chicago, IL — Sale in Chicago, IL

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Office
  • Location: Chicago, IL
  • Size: 632,400 SF

Photos

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Description

Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis by the Seller to arrange the sale of a $69 Million Non-Performing Office Loan (the “Loan”). The Loan is secured by a first mortgage lien on the fee-simple interest in two neighboring office buildings in Chicago, IL (the “Properties” or “Collateral”). Michigan Plaza comprises two connected Class A office towers that were constructed in 1984 and renovated in 2002. Positioned within the Chicago Loop, the city’s central business district, the buildings feature flexible floor plans totaling 1,934,606 rentable square feet, 24/7 security, a three-level heated parking garage, and an established retail corridor on the concourse level. The offering presents investors the opportunity to buy a non-performing Loan at a favorable basis, significantly below replacement cost, with a potential path to ownership.

Market Context

This office in Chicago, IL is listed for sale across 632,400 SF. Compare it against other office listings for sale in Chicago, IL — view the full market.

As of Q1 2026, the Chicago office market showed a 27.2% vacancy rate, and average asking rents near $45.41/SF/yr. Source: multiple brokerage reports, Q1 2026.

Above-average vacancy gives buyers leverage and a wide set of comparables.

Office market FAQ

Is the Chicago office market tightening or softening?
Vacancy is around 27.2% (Q1 2026).

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