Saturday, August 18, 2012

HFF closes sale of 230 West Monroe in Chicago



CHICAGO, IL – HFF announced  it has closed the sale of 230 West Monroe (top left photo), a 623,524-square-foot office building in Chicago.

HFF marketed the property on behalf of a national private investment firm.  A joint venture comprised of Lincoln Property Company and an investment fund purchased the property for an undisclosed amount.

230 West Monroe is located in Chicago’s West Loop district at the intersection of South Franklin Street.  Currently 89 percent occupied, the 29-story office tower is leased to tenants in the financial services, education, engineering, insurance, legal and real estate industries.  The property underwent lobby renovation, retail expansion and elevator modernization in 2003. 


The HFF investment sales team representing the seller was led by senior managing directors Jeff Bramson (middle right photo) and Jaime Fink (lower left photo) and director Mark Katz. 

 “We are very pleased to acquire this wonderfully located asset in Chicago’s West Loop with its diversified rent roll and near term opportunity to lease more than 100,000 square feet of full floor high-rise space in the coming year,” said John Grissim, senior executive vice president at Lincoln Property Company.

Lincoln Property Company is one of the nation’s largest private diversified real estate service firms in the United States. 

 It currently has more than $30 billion in assets under management including 144,000 residential units and 130 million square feet of commercial space.  Lincoln’s Chicago commercial region’s leasing and management portfolio totals more than eight million square feet. 

Contacts
:                
JEFFREY M. BRAMSON                           
HFF Senior Managing Director             
  (312) 528-3650                                       
jbramson@hfflp.com                            

JAIME F. FINK                                    
HFF Senior Managing Director     
312) 528-3650                                 
jfink@hfflp.com                              

KRISTEN M. MURPHY
HFF Associate Director, Marketing
(713) 852-3500 

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