Prominent Michigan Avenue office tower sold to Denver-area investor
Chicago Business Journal
January 15, 2026
By Alex Zorn
A Denver-area investor expanding its office footprint nationwide has closed a deal for a
prominent Chicago tower on Michigan Avenue.
Real Capital Solutions, based in Louisville, Colorado, acquired 401 N. Michigan Ave. for $132.5
million.
Chicago-based Walton Street Capital purchased the property for around $360 million in 2017 in
a deal that also included a retail space where the Apple Store opened that year.
Real Capital Solutions said the deal represented a nearly 78% discount to replacement cost.
RCS said the transaction aligns with its investment strategy of acquiring “institutional-quality
assets.” The company, in the market for distressed office real estate nationwide, also recently
acquired office properties in Dallas and Cincinnati.
Adam Abeln, chief acquisitions officer at RCS, said in a statement that the “top-performing,
institutional office tower in an irreplaceable riverfront location” represented a new opportunity
for the firm.
The 35-story office tower, totaling 747,500 square feet, is around 87% leased, according to RCS.
“This investment reflects our confidence in Chicago’s well-established core market with deep
talent, strong corporate demand and limited new supply, where well-located Class A assets
continue to benefit from the flight to quality,” he said.
Trophy asset demand is steady in Chicago, according to a Colliers Q4 office market report,
pushing Class A asking rents to a record high of $51.35 as tenants continue to prioritize value
and quality.
While the Michigan Avenue property underwent $17 million in recent renovations to its lobby
and amenities, RCS said it plans to address additional “near-term building capital needs.”
Major tenants at the building include Scion, private equity firm BDT & MSD and the
Accreditation Council for Graduate Medical Education. The American Dental Association moved
its headquarters to the building last year, taking up nearly 70,000 square feet on the top three
floors along with a portion of the 32nd floor.
