CHICAGO—Seven months after acquiring 311 W. Monroe, GlenStar Properties is ready to kick-off a major re-development of the 380,000 square-foot office tower. The West Loop 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 short-term tenants.
“Right now you can walk past the building and not even know it's there,” GlenStar managing director Christian Domin tells GlobeSt.com. “But we're going to do a full-gut renovation, including an expansion of the lobby and putting in a canopy on Monroe.” Most dramatically, the company plans to re-skin the building with a new, energy efficient glass envelope that will give new tenants floor-to-ceiling windows. In addition, the building will get a new fitness center, a video conferencing center and other amenities now considered standard for a class A property.
As reported in GlobeSt.com, GlenStar has launched similar projects in downtown Chicago, including renovations of 55 E. Monroe St. and the Chicago Board of Trade Building, as demand for office space in the CBD continues to grow. And when GlenStar finishes the 311 W. Monroe rehab, it will be the largest contiguous block of space available in Chicago's CBD.
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.
