Press Releases

EQUUS ANNOUNCES $69 MILLION SALE OF 200 S. MICHIGAN AVENUE IN CHICAGO, IL

<html xmlns="http://www.w3.org/1999/xhtml"> <head></head> <body> <p class="p1"><strong>CHICAGO, IL. – February 10, 2014 –</strong> Equus Capital Partners, Ltd. (Equus), one of the nation’s leading private equity real estate fund managers, announced today the sale of 200 S. Michigan Avenue, a 357,777 square foot office building located in Chicago, Illinois for $69,000,000.&#160; At the time of the sale, the building was 89 percent occupied.&#160;</p> <p class="p1">“We were very pleased with the level of investor interest for 200 S. Michigan Avenue,” commented Joseph Neverauskas, senior vice president and head of Equus’ Chicago Regional Office. “The building’s high quality renovated condition, prime location on Michigan Avenue across from the Art Institute and Millennium Park and high caliber tenancy resulted in strong investor demand that exceeded our expectations.”<span class="s1">&#160;</span></p> <p class="p1">Bruce Miller and Nooshin Felsenthal of Jones Lang LaSalle represented the seller in the disposition.</p> <p class="p1">200 S. Michigan Avenue’s refurbished glass and steel façade is a striking contrast to the turn-of-the-century buildings located along Chicago’s famous Michigan Avenue.&#160; The 22-story building offers a thoroughly modern business environment with stunning lake views, surrounded by commerce and culture, including the adjacent Orchestra Hall, Art Institute and Millennium Park.&#160; Current tenants include industry leading firms and prominent retailers such as RTKL Associates, Howard &amp; Howard Attorneys and Johnson Publishing Company, Starbucks, Potbelly Sandwich Works and Panda Express.&#160;</p> <p class="p1">An affiliate of Equus acquired 200 S. Michigan Avenue on behalf of BPG Investment Partnership V, L.P., a $225 million private equity fund, in 2001.&#160; Since the acquisition, Equus completed an extensive multimillion dollar renovation of the building including new elevators, lobbies and restrooms as well as new windows on the west elevation and two new restaurants. In 2002, the building was awarded the prestigious TOBY (The Office Building of the Year) in the Renovated Building Category by the Chicago Chapter of the Building Owners and Management Association.&#160;</p> <p class="p1"><strong>About Equus Capital Partners, Ltd. <br /> </strong> Equus Capital Partners, Ltd .is one of the nation’s leading private equity real estate fund managers.&#160; Equus’ portfolio consists of over 24 million square feet of office, retail, student housing, and industrial properties and more than 16,000 apartment units in over 65 communities located throughout the United States. The firm is headquartered in the Philadelphia area with regional offices in Los Angeles, Chicago, Washington DC, Boston, Atlanta and Raleigh-Durham. For additional information, please visit the company’s website at www.equuspartners.com.</p> <p class="p2"><strong>For additional information on the company, please contact: <br /> </strong>Joseph Nahas, Jr, Vice President, 215-575-2363</p> <p class="p1"><strong>For additional information on the transaction, please contact:</strong><br /> Christopher J. Locatell, Senior Vice President, 215-575-2349</p> </body> </html>