CHICAGO—Munich-based GLL Real Estate Partners has planned a multi-million-dollar capital improvement program to enhance its 444 N. Michigan office tower on Chicago’s Magnificent Mile, which it purchased in 2006. The improvement program, currently estimated at a $13 million investment, will include overall appearance upgrades and infrastructure upgrades.
“444 North Michigan has always had a respected address,” said Jochen Schnier, COO of GLL Real Estate Partners. “This program will be a thorough effort to exceed the current market standards expected in a North Michigan building. We will continue looking at anything and everything that can make a difference for both our current and future tenants,” he said.
To date, Schindler Elevator Corporation has been tapped for $3 million to modernize the elevator cabs.
In addition to the elevator system updates, public spaces, including corridors, rest rooms, lobbies and entrances will be refurbished, as well. Upon completion, 444 North Michigan will offer several spec suites for tenants and tenants will have access to a conference facility and fitness equipment as well as bike lockers.
The Telos Group L.L.C. has been assigned to handle the leasing and marketing campaign for the property.