Prudential Grabs Mid-Continental Plaza Office Building in Chicago
- Mar 03, 2015
By Ioana Neamt, Associate Editor
Prudential Real Estate Investors, a subsidiary of Newark, NJ-based Prudential Financial, Inc., has acquired a 49-story office property at 55 E. Monroe in Chicago. Also known as Mid-Continental Plaza, the Class A asset sold to PREI for $370 million, according to Crain’s Chicago Business. Chicago-based GlenStar Properties will continue to act as property manager and leasing broker for the East Loop property.
Located in close proximity to Michigan Ave. and a plethora of residential, hospitality and retail destinations, the LEED certified Mid-Continental Plaza consists of 1.25 million square feet of office space, 70,000 square feet of retail space, and a 7-level parking garage. Recently renovated in 2013, 55 E. Monroe is the 52nd tallest building in the city. The building’s top 10 floors house The Park Monroe, a condo conversion completed in 2008.
“The acquisition of 55 East Monroe, a well-located, high-quality office property, reflects PREI’s strategy to pursue existing urban office properties below replacement cost to capitalize on the expanding job market and deliver strong and stable cash flows to our investors,” explained Kevin Smith, head of Americas at Prudential Real Estate Investors.
55 E. Monroe occupies a full city block in Chicago’s East Loop, conveniently located near the Art Institute, Orchestra Hall, the State St. shopping district, and the Palmer House Hilton. The property also offers easy access to the CTA’s Purple, Brown, Green and Orange lines from the adjacent Adams St.
Image courtesy of The Skyscraper Center
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