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JV Buys 55 E. Monroe for $239M

CHICAGO-With Seyfarth Shaw leaving 217,000 sf later this year, converting the upper 14 floors of the 1.6-million-sf office building to residential condominiums makes sense to GlenStar Properties LLC and Walton Street Capital LLC. The JV is so confident of the decision that it is paying a reported $239 million for the building.

By Mark Ruda | Updated on January 16, 2006

CHICAGO-A German syndicator has sold its East Loop office building to a joint venture with plans to convert the upper floors to residential condominiums. GlenStar Properties LLC and Walton Street Capital LLC paid a reported $239 million for the 1.6-million-sf 55 E. Monroe St., 18% less than its 2002 sales price.

The top 14 floors of the 50-story building will become condominiums, with pre-sales expected to begin in May. A new entrance to the condominium portion of the building will be added to the ground floor. The rest of the 35-year-old building, more than one million sf, will remain office space. Vacancy is 16%, according to Black’s Guide, with asking net lease rates beginning at $15 per sf. Seyfarth Shaw is leaving 217,000 sf by the end of the year in favor of space at Citadel Center at 131 S. Dearborn St. In addition, Barton Inc. also is leaving for 90,000 sf at 1 S. Dearborn St.

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