CIM Group and Golub & Company announced today that they have acquired 444 N. Michigan, a 36-story, approximately 517,000-square-foot office building with ground floor retail located on Chicago’s Magnificent Mile, directly across the street from another joint venture, the Tribune Tower redevelopment.
The building, built in 1976, is occupied by tenants representing a diverse set of industries including technology, media, healthcare, law, real estate, and professional services.
The property is well-located on the Magnificent Mile shopping corridor, surrounded by numerous retail, restaurant, hotel, and entertainment options and one block from the river. The building is easily accessed by the city’s many transportation options with multiple adjacent bus stops, a 3-½ block walk to the “L” Red Line train at Grand Avenue Station, and near Lake Shore Drive.
CIM has qualified many of Chicago’s neighborhoods as communities in which it will invest and utilizes its broad expertise to develop, reposition, or operate properties to serve the real estate needs as well as enhance the value of the neighborhood. The acquisition of 444 N. Michigan is another addition to CIM’s growing Chicago portfolio.
CIM Group and Golub & Company have partnered on other properties in Chicago including 1001 South State Street – a 40-story multifamily residential tower, Fifteen Fifty on the Park condominiums, 625 North Michigan office building, Tribune Tower West redevelopment and Tribune Tower East development.
CIM’s other Chicago area investments include Block 37, the 275,000-square-foot, 5-level retail center in Chicago’s Loop; Marquee at Block 37, the 38-story, 690-unit residential apartment tower on top of Block 37; 425 Financial Place office complex; 1326 S. State apartment tower currently under construction; 1241 and 1647 N. Milwaukee Avenue; Midway Technology Centre; and 725 S. Wells Data Center.