Mag Mile offices selling for $87 million

Mag Mile offices selling for $87 million

More than five years after buying a Magnificent Mile office building with the bold plan of connecting it to the neighboring Shops at North Bridge, the shopping mall's owner is selling the office property.

Although the plan never came to fruition, the deal still looks like a winner for Macerich Co., which is poised to sell the 24-story building for almost $87 million, according to sources. That is about 23 percent more than the Santa Monica, Calif.-based mall owner paid in 2012, when real estate values were lower.

The buyers are investors from Israel and Switzerland, who are working with longtime Chicago developer David Bossy on a plan to redevelop the building into new...