Hancock Buys 55 W. Monroe for $244M

CHICAGO—The Hearn Company and Mount Kellett Capital Management LP have just sold 55 W. Monroe, a 40-story, 804,214-square-foot tower in the city’s CBD, to John Hancock, the US division of Toronto-based Manulife Financial Corp. for $244 million. It’s just the latest of a series of major office sales that illustrates how Chicago has become one of the go-to markets for investors.

“This will be our fourth acquisition in the Loop,” Ted Willcocks, global head of asset management, Manulife Real Estate, tells GlobeSt.com. The company already owns 191 N. Wacker Dr., 200 S. Wacker Dr. and 150 N. Michigan Ave. “We think this gives us a great opportunity to offer synergies in operations and leasing.”