CHICAGO—Acadia Realty Trust has just bought an88.4% interest in 840 N. Michigan Ave., an 87,000-square-foot,four-story property on the Magnificent Mile for $144.3 million. Theother owners include Nancy Pacher, CamilleJulmy, and Bob Wislow ofCBRE|U.S. Equities Realty, along withDoris Holleb.

840 N. Michigan Ave. anchors a corner of Michigan Ave. directlyacross the street from Water Tower Place. H&Mand Verizon occupy 100% of the property. H&Mhas been in the building since 2003 and recently committed to a new10-year term that also expanded its space by about10,000-square-feet. The flagship store now totals59,500-square-feet. Verizon selected this location to host about10,000-square-feet of selling space – its largest store in thecountry.

“We worked with H&M to increase their selling space at thisproductive store and also brought in Verizon, whose engagingDestination Store concept also suits this landmark location,” saysJulmy, vice chairman of CBRE, Inc. “Following the successfulcompletion of this most recent re-tenanting, we felt that the timewas right to recapitalize. Given its complementary, high-streetportfolio and extensive footprint in Chicago's Gold Coast andLincoln Park neighborhoods, Acadia was a natural choice as ourmajority partner.”