By Blau Journal
July 22, 2019— Stanton Road Capital, LLC (“SRC”), a Los Angeles-based investment management firm focused on direct commercial property investments, together with Third Lake Partners, LLC, a Tampa-based family investment firm, is pleased to announce the acquisition of 200 S. Michigan Avenue, a 371,566 SF, 22-story, Class “A” office building located in the heart of Chicago’s East Loop, overlooking The Art Institute of Chicago and Millennium Park.
Completed in 1958 and widely known by its previous name, the Borg-Warner Building, SRC is poised to invest significant post-acquisition capital into the historic mid-century tower to maintain its heritage, while modernizing the property’s amenities and improving the overall quality of the building. Planned investments include, an upgraded lobby experience, implementation of a “spec suite” program, improvements to existing amenities (such as the tenant lounge), and several cosmetic upgrades.
SRC currently has several holdings in the Chicagoland area, including ArborLake Centre in Deerfield and Woodland Corporate Tower in Downers Grove. The acquisition of 200 S. Michigan represents the firm’s first investment in Downtown Chicago.
“WE HAVE BEEN SUCCESSFUL IN REPOSITIONING A NUMBER OF OFFICE ASSETS IN THE CHICAGO MARKET AND ARE VERY PLEASED TO ADD 200 S. MICHIGAN TO OUR PORTFOLIO. WE ARE EXCITED TO ACQUIRE A UNIQUE PIECE OF THE CITY’S HISTORY AND LOOK FORWARD TO ESTABLISHING IT AS A PRIME ASSET DOWNTOWN,” SAID TIM RONAN, JR., FOUNDER AND MANAGING PARTNER OF SRC.
The sale transaction was facilitated by Cushman & Wakefield.