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Prudential Sells Quaker Tower to Principal Group

CHICAGO-The 415,908-sf Quaker Tower at 555 W. Monroe St. fetches a reported $115 million or $276 per sf. That is the highest of the seven West Loop office building sales except one.

By Mark Ruda | Updated on December 09, 2004

CHICAGO-Two years after paying slightly less than $100 million for it, an investment fund sponsored by Prudential Insurance Co. has sold the 415,908-sf Quaker Tower at 555 W. Monroe St. to a group that includes Principal Life Insurance Co. The deal for the 17-story West Loop building, developed by Fifield Realty Co. in 2002, reportedly was for more than $115 million.

Quaker Oats occupies almost all of the building, with a lease through August 2019. “In addition to the attractive 15-year Quaker Oats lease guaranteed by Pepsico, the building features excellent on-site amenities and a convenient location in the west loop near the trains,” says Principal Real Estate Investors director Mark Hanrahan, who advised the buyers of the building.

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