Beacon Investment Properties has acquired 200 West Monroe, a 23-story Class-A office tower in Chicago’s West Loop neighborhood, in a joint venture with Harel Insurance, Investmentsand Financial Services Ltd. of Tel Aviv.
Beacon and Harel acquired the property from Monroe Acquisition, LLC for $100 million.
The companies purchased the 535,911-square-foot high-rise as a value-add investment opportunity. The average in-place rental rate of the 91-percent-leased high-rise is below market. Planned property enhancements, strong demand for flexible space in the West Loop and Class-A supply constraints should continue to spur occupancy and rent growth, according to Beacon officials.
Jeff Bramson and Jaime Fink, senior managing directors with Beacon, and Mark Katz, managing director in the Chicago office of HFF, brokered the transaction.