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Case Study

55 West Monroe

In December of 2011, JLL sold 55 West Monroe for $136 million to a partnership between The Hearn Company, an owner and operator of commercial real estate in the United States and Mount Kellett, an opportunistic investment firm based out of New York.
 
55 West Monroe is an 800,569-square-foot Class A office tower located in Chicago’s Central Business District. JLL sold the property on behalf of a joint venture between LaSalle Investment Management and CBRE Global Investors. LaSalle Investment Management and CBRE Global Investors are both
institutional real estate asset management companies. Between the two companies, they manage over $140 billion in commercial real estate.

DECISIONS
JLL had to research and locate potential investors and implement a marketing campaign that highlighted the benefits of investing in the Central Loop submarket of downtown Chicago.

IMPLEMENTATIONS
A comprehensive memorandum was compiled with a detailed description of the investment, overview of Chicago’s office market and an analysis projecting the property’s potential increase in value due to rising rents and increased occupancy. The memorandum highlighted the $11.3 million in renovations
that were done to the LEED Gold certified building by LIM in the eight years they managed it.

RESULTS
The Hearn Company and Mount Kellett purchased 55 West Monroe for $136 million. At the time of the sale, the property was 75 percent leased and sold for approximately $170 per square foot.

CONTACT INFORMATION
Bruce Miller
bruce.miller@am.jll.com 
+1 312 228 2340

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