Jones Lang LaSalle and The Hearn Company have jointly announced the closing of the sale of 55 W. Monroe, a Class A office building located in Chicago’s Central Business District. The Hearn Company, headquartered in Chicago, purchased the 803,000-square-foot office tower from LaSalle Investment Management for $136 million.
The 40-story tower was once known as Xerox Center. The new owner plans street-level changes to the entries, as well as upgrades to the amenities and common areas of the property.
Managing Directors Bruce Miller, Jim Postweiler and David Hendrickson led the transaction for Jones Lang LaSalle, along with Senior Vice Presidents Keith Largay and Chuck Hoag, Vice President Jascint Vukelich and Associate Nooshin Felsenthal. JLL also arranged acquisition financing of $86.5 million in senior debt through Wells Fargo Bank and $21.5 million in a mezzanine facility through Redwood Commercial Mortgage Corp. for the new buyers.
Located at Dearborn Street, 55 W. Monroe overlooks Chase Plaza, Lake Michigan and the city skyline. The building features amenities including meeting and conference facilities, a fitness center with locker rooms and showers, bike storage and a staffed, on-site concierge service for the exclusive use of tenants. Lobby retail includes a coffee shop, deli and sandwich shop, custom men’s suit maker, sundry store and banking services.
The tower, completed in 1981, underwent a 2002 modernization that introduced the city’s first and most advanced destination-based elevator system and a contemporary lobby design by Chicago architect Lucien Lagrange. The building was named The Office Building of the Year in 2007 by Chicago’s Building Owners and Managers Association and received LEED Gold certification in 2010.
The Hearn Company will manage, construct and oversee the leasing and marketing program at 55 W. Monroe, as they do all properties owned by the firm. Available space in the building ranges from 850 square feet to 50,000 contiguous square feet, including five full floors.