CHICAGO—Mesa West Capital has provided $68 million in first mortgage debt to a joint venture of Prudential Real Estate Investors and GlenStar Properties for its acquisition of 311 W. Monroe St., a 15-story office tower in the West Loop. The partners also plan to reposition the 364,000-square-foot building with a multi-million dollar capital plan and leasing campaign. This comes on the heels of Los Angeles-based Mesa West's $220.0 million loan to Chicago-based Sterling Bay for their refinance of Google-anchored 1K Fulton, also in the West Loop.
As reported in GlobeSt.com, GlenStar has launched several significant and similar projects in downtown Chicago, such as 55 E. Monroe St. and the Chicago Board of Trade Building, as demand for office space in the CBD continues to grow.
The owners of 311 W. Monroe plan to offer a large block of contiguous space in a newly-renovated building. The property was built in 1969 as the headquarters for BMO Harris Bank. But the bank departed in December, leaving the building 18% leased to a mix of shorter-term tenants.
“Once renovated, 311 W. Monroe will be well positioned to offer a quality yet competitively priced large block of space for immediate delivery,” says Mesa West principal Ronnie Gul. “The combination of its strong location and quality, coupled with the strong sponsorship and experienced local operator should enable the asset to outperform the market once the renovation is complete.”
The financing for 311 W. Monroe was arranged by Ken Ziebelman and Jeff Altenau of Eastdil Secured.
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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.
