Done Deals: HFF named to market for sale value-add office tower in Chicago’s West Loop

Thursday, March 27, 2014

HFF named to market for sale value-add office tower in Chicago’s West Loop

230 West Monroe, Chicago, IL

Jeff Bramson

CHICAGO, IL – HFF announced today that it has been named to market for sale 230 West Monroe, a 623,524-square-foot, value-add office tower in Chicago’s West Loop.

HFF is marketing the property on behalf of the seller, a joint venture led by Lincoln Property Company. HFF assisted the partnership in their acquisition of the property in August 2012.

230 West Monroe is located in Chicago’s West Loop district at the intersection of South Franklin and Monroe Streets.

The 29-story office tower is 67.6 percent leased to tenants in the financial services, education, engineering, insurance, legal and real estate industries.

Originally developed in 1971, the property underwent extensive renovations in 2003 and 2013, including elevator modernization, lobby renovations and numerous common area upgrades.

The HFF investment sales team representing the seller is led by senior managing directors Jeff Bramson and Jaime Fink and director Mark Katz.

Jaime Fink

“The opportunity to purchase this property represents a rare chance for investors to acquire an upgraded value-add office asset in Chicago’s West Loop submarket,” said Bramson. “This property offers potential investors a very well-located office property priced under $150 million on an attractive basis per square foot.”

“Lincoln recently completed meaningful upgrades to the building to take advantage of the improving West Loop office market and the recent departure of Wells Fargo from the upper floors of the building.

“These improvements will aid in creating higher demand from potential tenants when leasing up the vacant space,” continued Fink.

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 $46 billion in assets owned and managed including 144,000 residential units and 174 million square feet of commercial space.