875 N. Michigan Ave

Opportunity:

Madison sourced and structured a multi-party transaction to acquire control of the John Hancock Center through a distressed capital structure and subsequently acquired the retail and restaurant components of the building. Once control of the entire asset was established, Madison worked with the interested parties to create a vertical sub-division consisting of six legally distinct properties. Located on Chicago's Magnificent Mile, the John Hancock Center is one of the premier downtown office buildings in the United States. The retail component is leased to a diverse roster of tenants and occupies three levels on an entire 175 foot block-front of North Michigan Avenue, providing prominent street exposure. The restaurant component occupies the 95th and 96th floors of the asset offering a world-class experience. The long-term investment strategy is to reposition and increase rents upon tenant lease expirations.