Realty & Building
December 8, 2001

Equitable Building Acquired by Zeller Realty Corporation

Zeller Realty Corporation announced that it has acquired 401 N. Michigan Avenue, a prominent landmark on the Chicago skyline, from The Equitable Life Assurance Society of the United States, for an undisclosed sum.

“A significant addition to our Chicago portfolio, 401 N. Michigan Avenue offers an unmatched office environment because of its enduring architectural design, superior location on the ‘Magnificent Mile’ and exceptional light and views,” said Paul M. Zeller, the Chicago based company’s president.

With its new owner, 401 N. Michigan Avenue also may acquire a new identity. Equitable’s name has appeared at the building’s top since the insurance company completed construction of the 35-story, 760,000 square foot tower in 1965. Zeller is currently negotiating with several potential and existing tenants who are interested in exchanging their names with Equitable’s on the Chicago skyline. He noted that changing the sign also will require city approval.

Designed by Skidmore, Owings and Merrill as the Chicago regional headquarters for Equitable, 401 N. Michigan Avenue today houses a diverse mix of prestigious members of Chicago’s consulting, executive search, legal, accounting, finance, public relations and advertising communities. During the 1990s, Equitable began a major renovation program, investing more than $11 million in common areas, lobbies and building amenities. Zeller Realty plans to continue this investing another $10 million over the renovation program, next several years.

In front of the building’s Michigan Avenue entrance is Pioneer Court, an expansive, 100,000 square foot plaza honoring the site’s rich history at the confluence of first settlements and early accomplishments of city founders. The log cabin of John Kinzie, the city’s first settler, once stood there and Cyrus McCormick developed the world’s first reaper on the site in 1847. The southern boundary of the site, adjacent to the Chicago River, incorporates outdoor seating, landscaping and lighting that are part of the river esplanade.

“I hope the plaza and the river esplanade can be more extensively and creatively utilized for cultural and civic events; they are two of Chicago’s great urban spaces,” Zeller added. “Commercial land use and residential development, in particular, have blossomed in the area; the plaza at 401 N. Michigan Avenue will emerge as one of the key public spaces of our 24-hour city.”

In connection with expanding plaza activity, Zeller intends to identify retail tenants for the building’s first floor as well as the restaurant space that exists one level below the plaza.

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