Frankfurt, Germany-based SEB Asset Management A.G. sold the 41-story office building at 150 N. Michigan Avenue in downtown Chicago for $102 million, or $154 per square foot, to John Hancock Real Estate Finance Group this week. According to a CoStar report, Bruce Miller, Nooshin Felsenthal and Jim Postweiler of Jones Lang LaSalle's Capital Markets Group represented the seller. The buyer was self-represented through its own Chicago-area real estate group.
The 661,482-square foot office building was built in 1984 and earned an Energy Star label for the last three years. SEB has owned the tower since 1999, when the fund manager paid about $113.2 million for it, or about $171 per square foot. Formerly called the Stone Container Building, it's known to many Chicagoans as the "Adventures in Babysitting" building. The sloped glass roof is featured in a key scene in the 1987 movie starring Elizabeth Shue.
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