JLL launches marketing of $69M loan for Chicago's Michigan Plaza

• JLL Capital Markets announces the offering of a $69 million office loan secured by Michigan Plaza, a 1.9 million-square-foot, two-tower office complex in Chicago's Loop

• The loan sale presents investors with a potential path to ownership of the Class A property at a significant discount to replacement cost

• The property features exceptional transit connectivity with direct access to CTA Red and Blue Line rapid transit and Metra commuter rail, plus best-in-class amenities including fitness center, outdoor recreation areas and retail corridor

CHICAGO, Sept. 24, 2026 – JLL Capital Markets announced today that it is marketing the sale of a $69 million office loan secured by Michigan Plaza, a two-tower, 1,912,651-square-foot Class A office complex located at 205-225 N. Michigan Ave. in Chicago, Ill.

JLL has been retained on an exclusive basis by the seller to arrange the sale of the loan.

Michigan Plaza comprises two connected Class A office towers constructed in 1960 and renovated in 2002. The buildings feature flexible floor plans across 44 and 25 stories, 24/7 security, a three-level heated parking garage with 378 spaces and an established retail corridor on the concourse level. The property sits on 2.51 acres within Chicago's central business district.

The property is located in the Chicago Loop, the city's central business district, offering a dense concentration of business, cultural and hospitality amenities. Situated just blocks from Millennium Park, the complex benefits from exceptional multi-modal connectivity with direct access to Chicago Transit Authority (CTA) Red and Blue Line rapid transit, Metra commuter rail serving regional corridors and major expressways including Interstate 90/94 and Lake Shore Drive. This premier location provides employers with access to a highly educated and diverse regional workforce.

The offering presents investors with the opportunity to acquire the loan at a favorable basis significantly below replacement cost, with a potential path to ownership. The property offers optionality for partial conversion to hotel or residential use, leveraging superior floor plates, abundant natural light and an exceptional window-to-wall ratio.

The JLL Capital Markets team was led by Senior Managing Directors Tom Hall, Will Sledge, Bruce Miller and Jaime Fink, along with Managing Director Kyle Kaminski, Senior Director Sam DiFrancesca, Vice President John Mason, Associate Trent King and Analyst Matteo Silvestri.

"We are excited to bring this unique loan offering to market, representing a rare chance for strategic capital to reposition an iconic two-tower property at an exceptional basis," said Hall. "With an attractive reset basis relative to other Class A assets, the property is uniquely positioned to capture strong tenant demand by providing premier space and unmatched transit connectivity at highly competitive rates."

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom. 

JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 112,000 as of June 30, 2026. For over 200 years, clients have trusted JLL, a Fortune 500^® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.