Real Capital Solutions Makes Largest Chicago Office Purchase Since
2022
Bisnow
January 15, 2026
By Ryan Wangman
Colorado-based investor Real Capital Solutions closed on the largest Chicago office acquisition
in almost four years, paying $132.5M for the nearly 748K SF office tower at 401 N. Michigan
Ave.
The 35-story Magnificent Mile building is about 87% leased and recently underwent $17M in
renovations to its lobby, amenities and tenant experience.
The deal eliminated all equity in the property from the seller, a venture of Walton Street
Capital, Crain’s Chicago Business reported. It also likely resulted in a haircut for ING, the lender
that provided Walton Street with a $160M loan on the building when it was refinanced in 2019,
according to the outlet.
“The acquisition of 401 N. Michigan represents a rare opportunity to secure a top-performing,
institutional office tower in an irreplaceable riverfront location,” Real Capital Solutions Chief
Acquisitions Officer Adam Abeln said in a press release.
“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 added.
RCS didn’t immediately respond to Bisnow’s request for comment.
The deal is the largest since the Howard Hughes Corp. sold 100% of its equity interest in 110 N.
Wacker to Callahan Capital Partners and Oak Hill Advisors for $210M in March 2022. That
deal gave the tower an implied value of more than $1B.
RCS plans to address near-term building capital needs and take advantage of recent
renovations to continue leasing momentum.
The American Dental Association signed a deal in July 2024 to relocate its headquarters from
211 E. Chicago Ave. to 401 N. Michigan Ave. after 60 years. The company agreed to occupy the
top three floors of the building and a portion of the 32nd floor, or 70K SF, as of the first quarter
of 2025.
RCS said the building has executed more than 275K SF of leasing activity since 2023, but it
didn’t immediately disclose the net absorption during the period.
Class-A buildings continue to outperform their more dated peers. Top-shelf assets had a
vacancy rate of 20% in Q4, compared to 30.5% for Class-B properties, according to Colliers. The
brokerage anticipates vacancy rates to decline in quality Class-A buildings over the upcoming
few quarters.
JLL’s Bruce Miller, Jaime Fink and John Mason brokered the deal.
