55 W. Monroe to sell for $140 million
August 24, 2011
By: Eddie Baeb

A longtime Chicago office investment firm has agreed to buy the Helmut Jahn-designed tower at 55 W. Monroe St. for about $140 million.

Sources say Chicago-based Hearn Co. has the glassy, 40-story tower under contract at a price just higher than $170 per square foot — a healthy figure considering the building is only about 75% leased. ...

.. The building should benefit under new ownership, though as a “second-generation Class A” building the tower competes with offices in both the East and West loops, says Tiffany Winne, a senior managing director with the Chicago office of tenant-rep broker Studley Inc.

 “In that class of second-generation Class A buildings, it can be hard to get an identity,” Ms. Winne says. ...
 

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