Lubert-Adler/Farbman JV Buys Office Building in Chicago’s West Loop for $75M

Lubert-Adler and The Farbman Group collaborated in the purchase of West Monroe, a Class B office property that is currently 80 percent occupied.

A joint venture comprising Lubert-Adler, Philadelphia, and The Farbman Group, Detroit, has purchased 200 West Monroe, a 535,900-square-foot Class B office building in Chicago, for $75 million. The sale was announced late last week by Holliday Fenoglio Fowler LP, which represented the seller.

The seller, according to the announcement, was “a national private investment group.” The building’s website indicates that its owner is “an affiliate of the General Electric Pension Trust, advised by GE Asset Management.” The building is leased and managed by MB Real Estate, Chicago.

The closing took place on July 31, according to a party who’s familiar with the transaction, but did not wish to speak on the record.

Located at the northwest corner of West Monroe and South Wells, the 23-story property is immediately west of the Loop proper (formed by the Chicago Transit Authority’s downtown elevated train line). The edifice was completed in 1973, then renovated in 2006 and is currently 80 percent occupied.

The property also includes 113,354 square feet of separately owned space occupied by an affiliate of the Jewish Federation of Metropolitan Chicago.

The HFF investment sales team representing the seller was led by senior managing directors Jeff Bramson and Jaime Fink and director Mark Katz.