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In May 2012, JLL sold 150 North Michigan, Chicago on behalf of Nordic bank SEB to Canada’s Manulife for $102 million. Due to JLL’s strong international relations, specifically their connection with their German cross-border fund managers, they were mandated to sell this prime asset on behalf of SEB.
The International Capital Group (ICG) carried out a targeted international marketing campaign articulating the asset’s attributes to a diverse overseas investor audience, ensuring the SEB received the highest price.
JLL’s ICG were responsible for securing the introduction of the deal to the eventual buyer, the United States-based unit of Canada-based Manulife Real Estate, John Hancock Real Estate and helped manage the buyer relationship through to successful completion. The property went from offering to close in less than three months, indicating both the quality of the property and the resurgence of the Chicago market.
The property is currently 77 percent leased and offers an outstanding income stream backed by an impressive institutional tenant roster. In 2011, Crain Communications selected 150 North Michigan as the new home of its Chicago offices. Crain’s has leased 65,487 square feet and the tower has now been renamed the Crain Communications Building when the publisher took occupancy in April.