MetLife plots $170M Water Tower Place revamp as part of Mag Mile rebound [Yahoo! Finance]
Brookfield Corporation Class A Limited Voting Shares (BN)
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Source: Yahoo! Finance
The life insurance giant's real estate investment arm is putting $170 million into repositioning Chicago's famous Water Tower Place at 835 North Michigan Avenue, four years after seizing it through a deed in lieu of foreclosure, while there was more than $300 million of debt against the property. With MetLife raising its bet on Water Tower Place and a surge of major tenant commitments up and down the corridor, the Mag Mile is trading its distressed narrative for a retail renaissance, Crain's reported, citing an interview with David Stone of Stone Real Estate. MetLife retained Stone to lead the property's retail leasing. New York-based MetLife took control of the iconic vertical mall in 2022 after its previous owner, an affiliate of Toronto-based Brookfield Corporation, surrendered the distressed property to its lender rather than face a messy foreclosure. Brookfield had lost major tenants during the pandemic, including a Foodlife food hall on its mezzanine level and a 324,000-squ
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BN
Earnings
- 2/12/26 - Miss
BN
Sec Filings
- 4/22/26 - Form 6-K
- 4/17/26 - Form 6-K
- 4/14/26 - Form 6-K
- BN's page on the SEC website