401 North Michigan

401 NORTH MICHIGAN AVENUE | CHICAGO, IL

737,308 RSF | 35 STORIES

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Transforming a Landmark into a Vibrant Riverfront Destination

In 2001, Zeller acquired 401 North Michigan, a 737,000 RSF Class-A tower on the Chicago River. At acquisition, the surrounding area lacked identity, and the building was underutilized. Over 16 years, Zeller repositioned 401 into a premier downtown address through bold vision, strategic renovations, and dynamic tenant engagement.

Zeller enhanced the office environment by redeveloping the 19th floor into a 5,926 SF premier tenant conference center and lounge featuring a boardroom, a training room with kitchen, and a small meeting room. Each conference room has been enhanced with upgraded audio/visual capabilities and can be tailored to meet the requirements of every meeting. The lounge provides a place for tenants to step away from their office and enjoy lunch or simply relax and soak in the sweeping views of Michigan Avenue and the river. Tenants may book the lounge for private company events. The firm activated Pioneer Court—Chicago’s largest public/private plaza—by hosting immersive activations for many well-known brands and high-profile events including the highly anticipated, The Magnificent Mile Lights Festival. A previously unused river dock was leased to Shoreline Sightseeing, generating a long-term revenue stream and boosting public engagement.

In response to pedestrian growth and market demand, Zeller led the redevelopment of an outdated food court into a new lower-level office amenity center and partnered with Apple to deliver a flagship two-story riverfront store. This ambitious reconfiguration included major building upgrades: a new, fully equipped fitness center with staff offering group fitness classes, enhanced valet service and self-park, expanded bike storage, new vertical transportation, reimagined common areas, and an enhanced food service destination featuring rotating breakfast/lunch options. The kitchen also offers a variety of catering options for tenants that can be conveniently delivered and set-up right in their suite.

Following the sale of the property in 2018, Zeller retained management and leasing of the building and continued to evolve the tenant experience. Recent upgrades include a renovated lobby with expansive green walls, and an outdoor, tenant exclusive furnished and landscaped gathering spot on Pioneer Court. Zeller introduced a dedicated Community Engagement Manager to foster tenant engagement and lead programming. The robust community activation program features boat yoga aboard Shoreline Sightseeing, a summer farmer’s market with rotating food trucks, holiday events/giveaways, DEI celebrations, wellness classes, and charitable partnerships.

Leasing success mirrored these improvements. At acquisition, occupancy was 83%. Upon disposition, Zeller had increased it to 92%. The building continues to exceed expectations for leasing. Zeller has recently completed several noteworthy transactions including a 69,574 SF new lease with American Dental Association and a 103,656 SF renewal with ACGME. Several years ago, Zeller delivered 21,115 SF of six newly built spec suites on the 6th floor, thoughtfully designed to meet the needs of today’s tenants featuring modern finishes, flexible layouts, and move-in-ready conditions. The property has received multiple accolades, including BOMA’s 2020 TOBY Award, and certifications such as WELL Health-Safety Rating, Fitwel 3-Star, LEED Platinum, and WiredScore Gold.

Through visionary placemaking, best-in-class operations, and tenant-first innovation, Zeller has redefined 401 as the gold standard on North Michigan Ave. A dynamic and highly sought-after Chicago riverfront Asset.


401 North Michigan
Investment Case Study

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401 North Michigan
Construction Case Study

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