Chicago Developer Expands Portfolio with Michigan Avenue Tower Acquisition

Chicago real estate firm R2 is in talks to buy a 41-story office building at 150 N. Michigan Ave. for around $70 million, which is 42% less than it sold for six years ago. The potential sale would show the impact of remote work and high interest rates on downtown office landlords. The purchase would be a major bet on the comeback of the downtown office market, but with the protection of having paid a historically low amount for the property.