Ore.-Based Menashe Properties Enters Chicago Market with $45M Acquisition

Menashe Properties, a family-owned commercial real estate firm headquartered in Portland, Oregon, has expanded its footprint to the Midwest with the acquisition of 230 West Monroe, a 29-story office tower. The 707,000-square-foot West Loop building was purchased for $45 million, the biggest commercial real estate sale in Chicago in the last 12 months.

Eastdil’s Bryan Rosenberg and David Caprile served as the exclusive advisors to the sellers. The property was last sold in 2014 for $122 million.

“Entering the Chicago market is an exciting milestone for us, and we are proud to do so with the acquisition of this exceptional office tower,” said Barry Menashe, founder and principal of Menashe Properties. Chicago is the firm’s sixth market presence, joining Portland, Vancouver, Seattle, Denver and Dallas.

“The combination of Chicago’s vibrant corporate investment landscape, strong back-to-office culture, and the uniqueness of this deal has us incredibly bullish on the city, and specifically the West Loop submarket,” said Jordan Menashe, CEO and principal of Menashe Properties. “This acquisition, as well as last week’s purchase of the historic American Bank Building in Portland, demonstrate that we are well positioned for continued growth in the office, retail, and industrial sectors in existing and new markets.”