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Highlights
Real Capital Solutions purchased the 35-story tower at 401 North Michigan Avenue for $132.5 million, representing a nearly 53 percent loss for the seller, Neil Bluhm’s Walton Street Capital.
The deal was a short sale, closing below the $160 million mortgage held by ING Capital, leaving the lender with a roughly $27.5 million loss, a scenario indicative of the distressed Chicago office market.
Despite the financial losses, the tower is 87 percent leased and recently underwent $17 million in renovations, which Real Capital Solutions aims to leverage in the current "flight to quality" trend.