The Hearn Company (“HEARN”) and Mount Kellett Capital Management LP (“Mount Kellett”) announced the sale of 55 West Monroe, a property located in Chicago’s Central Business District’s Central Loop to John Hancock, the U.S. division of Manulife Financial Corporation, for US$244 million.
HEARN and Mount Kellett have owned the property through a joint venture since 2011.
Stephen Hearn, President and CEO of HEARN, commented, “When we purchased 55 West Monroe, we saw a great opportunity to transform the building into a stable, core asset and we’re tremendously proud of the value we have added through renovations and amenity enhancements. The success of our rejuvenation efforts allowed us to draw a diverse set of new tenants to the building and dramatically raise occupancy from 68 percent to over 90 percent today.”
Designed by world-re¬nowned architect Helmut Jahn and built in 1981, 55 West Monroe is a 40-story, 803,000 square foot office building in the heart of Chicago’s Loop district. The building boasts an award winning elegant Post Modern style exterior and includes recently upgraded fitness and conference centers, lobby and bicycle parking facility. Jones Lang LaSalle Inc. served as broker for the transaction.
