CHICAGO—The East Loop has suffered the loss of some key tenants recently, but GlenStar Properties has kept adding tenants to its refurbished office space at 55 E. Monroe, in addition to completing the sale of 215 condominiums on the upper floors of the building. Regus, the world's largest shared office center operator, just became the latest company to sign a long-term lease, and will occupy 21,000-square-feet starting in January 2015.
“The popularity of, and demand for, shared and collaborative work environmentsis growing exponentially,” said GlenStar's Christian Domin in a prepared statement. He was not available at press time, but GlobeSt.com will provide an update. “Regus is the leading the way worldwide and we are pleased they have chosen 55 as their latest location.”
55 East Monroe, which is owned by GlenStar Properties and its partner Walton Street Capital, was represented by Domin, who has signed a flurry of deals in the past year. In August, for example, NORC at the University of Chicago signed a 30,000-square-foot lease expansion. In the last 12 months alone, the partners have signed more than 140,000-square-feet of new deals. Tenants now occupy 88% of the office space.
GlenStar and Walton Street began redeveloping 55 E. Monroe in 2005. They upgraded the offices and converted the top nine floors of the 1.6-million-square-foot property into luxury condominiums. As reported in GlobeSt.com, GlenStar completed the condo conversions in 2013 and sold the last of the 215 condominiums by late spring.
Perhaps most importantly for the office portion, Punchkick Interactive, a mobile marketing expert and just the type of tenant most landlords would love to attract, recently decided to move from the downtown's high-tech center in River North into 23,401-square-feet in 55 E. Monroe.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- 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
*May exclude premium content© 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.
