In 2022, a Brookfield affiliate surrendered Water Tower Place after losing key tenants and facing more than $300 million in debt, transferring ownership via deed in lieu of foreclosure. The vacated assets included a 324,000-square-foot Macy’s and a mezzanine Foodlife food hall, leaving the vertical mall significantly under-utilized.

MetLife’s real estate arm is injecting $170 million to reposition the 835 North Michigan Avenue property, with a focus on converting upper floors into medical offices. The project aims to increase retail leasing above the current 70% level, excluding the former Macy’s space, and capitalize on renewed tenant demand along the Magnificent Mile.