Prudential Real Estate Investors (PREI) has acquired 55 East Monroe, a 49-story Class A office property in Chicago, on behalf of institutional investors. GlenStar Properties, which has managed the property since 2005, will continue to serve as the property manager and leasing broker. Terms of the transaction were not disclosed.
55 East Monroe is a LEED certified, 1.25 million square foot office property spanning a full city block in Chicago’s East Loop. The recently renovated property also has 70,000 square feet of retail, and a seven-level parking garage. It is located one-half block from Michigan Avenue, with views of Lake Michigan, Grant Park, Millenium Park and the city skyline, and is close to several transportation hubs and an abundance of walkable retail, hotel and residential centers.
“The acquisition of 55 East Monroe, a well-located, high-quality office property, reflects PREI’s strategy to pursue existing urban office properties below replacement cost to capitalize on the expanding job market and deliver strong and stable cash flows to our investors,” said Kevin R. Smith, head of Americas for PREI. “We look forward to continuing our relationship with GlenStar to build on PREI’s successful partnership network, and we are confident that the community and tenants at 55 East Monroe will benefit from our firms’ combined investment, asset and property management experience.”