Oct
04

Michigan Avenue Tower Will Undergo Renovations

October 04, 2012

michigan avenue tower renovationsThe Chicago-based Wirtz Group is investing $25 million to renovate the Michigan Avenue Tower. The company’s goal is to update the property in a way that will make it stand out among the Chicago real estate retail market.

Wirtz has plans to revamp the lower-level facades of the building and will add a new entrance on the Wacker Drive side. In additi0n to the exterior renovations, the company will also makeover the 25th and 26th floors of the building.

Many, if not all of the current tenants in the building will lose their leases, such as Fannie May, Aleksandra Enterprises Inc. and Cafe Descartes. Renovations are expected to begin in early 2013.

The primary goal of the major renovations is to attract new tenants to the tower, which totals 303, 300 square-feet and is currently¬† 77 percent occupied. The building’s current layout can make it difficult for retailers to obtain enough continuous space, because the lobby and elevators run through the middle of the tower.

However, because the Michigan Avenue Tower is in a top-notch location near the Magnificent Mile, retailers will most likely show interest in occupying the building.

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