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Macerich sells Chicago office tower for $86M

Macerich Co. sold its 326,000-square-foot office tower at 500 N. Michigan Ave. in Chicago for $86.4 million.

The company said the sale of the unencumbered asset, which sits next to its The Shops at North Bridge shopping center, is in line with its effort to recycle capital out of noncore assets and into its core retail portfolio in hub and gateway cities across the U.S.