CHICAGO & NEW YORK--(BUSINESS WIRE)--The Hearn Company (“HEARN”) and Mount Kellett Capital Management LP (“Mount Kellett”) today announced the sale of 55 West Monroe, a property located in Chicago's Central Business District's Central Loop, to John Hancock, the U.S. division of Manulife Financial Corporation, for US$244 million.
HEARN and Mount Kellett have owned the property through a joint venture since 2011.
Stephen Hearn, President and CEO of HEARN, commented, “When we purchased 55 West Monroe, we saw a great opportunity to transform the building into a stable, core asset and we’re tremendously proud of the value we have added through renovations and amenity enhancements. The success of our rejuvenation efforts allowed us to draw a diverse set of new tenants to the building and dramatically raise occupancy from 68 percent to over 90 percent today.”
Designed by world-renowned architect Helmut Jahn and built in 1981, 55 West Monroe is a 40-story, 803,000 square foot office building in the heart of Chicago’s Loop district. The building boasts an award winning elegant Post Modern style exterior and includes recently upgraded fitness and conference centers, lobby and bicycle parking facility.
Jones Lang LaSalle Inc. served as broker for the transaction.
About The Hearn Company
The Hearn Company, headquartered in Chicago, has owned and operated institutional-quality commercial real estate throughout the United States since 1974. Supported by a full complement of in-house leasing, management, construction and consulting services, Hearn manages its own investments and partners with others. Please visit http://www.hearncompany.com/.
About Mount Kellett Capital Management LP
Mount Kellett is a multi-strategy private investment firm focused on global value, special situations and opportunistic investing. The firm has approximately 115 employees with offices in New York, Dallas, Hong Kong, London, and Mumbai. The firm currently has in excess of $7 billion in assets under management.