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CHICAGO, Sept. 30, 2014 — Chicago’s booming high-tech and creative sectors are fuelling job growth and, in turn, spurring investor demand for Windy City office buildings.
A favorite location for those firms and their Gen-Y employees — the 40-story, 804,000-square-foot tower at 55 W. Monroe St. — became the latest Chicago office tower to trade hands when it was acquired last week for $244 million by John Hancock, the U.S. division of Manulife Financial Corporation.
JLL International Director Bruce Miller and Senior Vice President Nooshin Felsenthal completed the sale on behalf the building’s seller, a joint venture between The Hearn Company and Mount Kellett Capital Management.
“Hearn’s successful repositioning of the asset enabled 55 W. Monroe to capitalize on the strength of the creative and tech sectors in the market and enjoy tremendous leasing velocity over the last few years,” Felsenthal said.
“The job growth we’ve seen by tech firms and creative firms here is driving up rents and creating a significant upside for owners,” added Miller. “As a result, the demand we’ve seen from both foreign and domestic capital sources will only continue to increase.”
The Helmut Jahn-designed, LEED Gold-certified building — which features highly efficient and adaptable floor plates, advanced building systems, and exceptional panoramic views of Lake Michigan and the city skyline — is currently 93 percent leased.JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2013 alone, JLL Capital Markets completed $99 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.
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About JLLJLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.0 billion and gross revenue of $4.5 billion, JLL has more than 200 corporate offices, operates in 75 countries and has a global workforce of approximately 53,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.0 billion square feet, or 280.0 million square meters, and completed $99.0 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $50.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
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