North Michigan Avenue Building to Undergo Renovations

September 05, 2012

Chicago real estate undergoing renovationsThe 444 N. Michigan Avenue Building has been around since the mid-1970s, and after more than three decades, the architecture of the office building is no longer considered a modern and state of the art part of Chicago real estate.  However, GLL Development and Management Inc. is planning to give the building a face-lift. The goal of the company is to return the building to its “Class A” status, especially because of its prime location.

Renovation plans will create loft space and update public spaces as well as improve the building’s lobbies and elevators. GLL plans to invest $13 million in the project, which is expected to be complete within a year.

One of the reasons for the major renovations is that Chicago, much like other major U.S. cities, is seeing a boost in the economy and employment rates. By completing the renovations as soon as possible, 444 N. Michigan will be ahead of the game in the demand for more space. Additionally, traditional office layouts just aren’t as popular as they used to be. Loft spaces and spec suites are trendy right now as employers make the switch to more open and innovative layouts.

The current occupancy of the building is in the mid-70s, and GLL hopes that by the time the renovations are complete, the building will be more than 90 percent leased.

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