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.
“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.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
JAIME F. FINK
HFF Senior Managing Director
312) 528-3650
KRISTEN M. MURPHY
HFF Associate Director, Marketing
(713) 852-3500
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