General Electric Pension Trust completed its trade of 230 W. Monroe, a 623,524-square-foot office building
in Chicago, for $149 per square foot or nearly $93 million. Lincoln Property Co. partnered with PIMCO, an investment fund, to purchase the West Loop asset.
Built in 1971, the 29-story office tower is 89 percent leased to tenants including Realogic Analytics Inc., CAPMARK, MicroTek and Parsons Brinckerhoff Inc. Wells Fargo will vacate its office space
by next year. The property was renovated in 2003 and carries an Energy Star rating.
“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 Co.
The average asking rate per year is around $19 per square foot, according to CoStar Group information.
The HFF investment sales team led by Jeff Bramson, Jaime Fink and Mark Katz represented GE Pension Trust.
See CoStar COMPS #2533982 for more information.