CHICAGO—A joint venture led by Lincoln Property Company has just hired HFF to market for sale 230 West Monroe, a 623,524-square-foot office tower in Chicago's West Loop. HFF assisted the partners in their acquisition of the property in August 2012.
The 29-story office tower is currently 67.6% leased to tenants in the financial services, education, engineering, insurance, legal and real estate industries. Originally developed in 1971, the property underwent extensive renovations in 2003 and 2013, including elevator modernization, lobby renovations and numerous common area upgrades.
Senior managing directors Jeff Bramson and Jaime Fink and director Mark Katz will lead the HFF investment sales team.
“The opportunity to purchase this property represents a rare chance for investors to acquire an upgraded value-add office asset in Chicago's West Loop submarket,” says Bramson. “This property offers potential investors a very well-located office property priced under $150 million on an attractive basis per square foot.”
According to Cook County property records, the partners paid just over $91 million for the building in 2012.
“Lincoln recently completed meaningful upgrades to the building to take advantage of the improving West Loop office market and the recent departure of Wells Fargo from the upper floors of the building,” says Fink. “These improvements will aid in creating higher demand from potential tenants when leasing up the vacant space.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
