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CHICAGO-M & J Wilkow has sold the 235,400-sf office buildingat 180 N. Michigan Ave., according to a released statement from thelocally based company. The building was purchased by Marc Realty,based here, with a $17.6-million loan from Winthrop Realty Trust,based in Boston, according to an SEC filing. Representatives from M& J Wilkow and Marc Realty did not return telephone callsseeking comment.


The term of the first mortgage bridge loan is for one yearthrough June 20, 2008 and has an interest rate of 7.32%, accordingto Winthrop's statement and the SEC filing. Marc will pay monthlyinterest-only payments on the loan. If the property is sold duringthe term of the loan, Marc receives the first $4.7 million inproceeds and 8.5%, after which each Marc Realty and Winthropreceive 50% of the proceeds, according to the SEC filing.


Marc Realty will manage the property, according to thestatement. M & J Wilkow renovated the building beginning in2005, according to information on their website. During therenovations, the elevators were modernized and thee exterior wasrenovated with the monumental entry being replaced and travertinepieces being replaced with granite. The lobby, which wasconstructed in 1927, was also renovated, according to thecompany.

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