360 North Michigan Avenue | Chicago, IL
252,000 sq. ft. office building planned for a 457-room hotel and 22,900 sq. ft. of retail
Investment Opportunity at Acquisition
- Acquisition of an iconic, but obsolete, office building and vacant parking lot located in prime location in the Central Business District.
- Convert existing office into hotel, construct additional rooms and meeting space on the adjoining parking lot to the west of the existing building, and lease-up the first two floors of the existing building as retail.
- All-in basis of $300,000 per room, a 25-35% discount to replacement cost.
Strategy
- Major Repositioning, Change of Use
