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April 21, 2026

Washington Capital makes $41M bet on Chicago retail,with office conversion planned upstairs

By BRIAN MILLER
Real Estate Editor

Image via JLL [enlarge]
The two retail levels are mostly leased by JLL.

In a $41 million deal, Crain's Chicago Business and other industry outlets reported earlier this month that our local shop Washington Capital Management purchased the retail component of a mixed-use building at 500 N. Michigan Ave. That sits on what Chicagoans call the “Magnificent Mile,” a downtown strip thick with restaurants, office towers, retail (including Nordstrom) and many historic structures.


 
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