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West Loop’s 500 W. Monroe Goes Under Contract
Spear Street Capital is under contract to purchase the 46-story 500 W. Monroe St. in the West Loop, Crain’s Chicago Business reported. The selling price isn’t clear, but bids for the property reportedly ranged from $415 million to $420 million.
A deal at that price would be well below the $470 million that the sellers, a venture of Piedmont Office Realty Trust, had sought. But it would still likely represent a lucrative cashout for Piedmont, which bought the building at a reported discount after the recession.
It would also break a recent dry spell for office investment sales in Chicago. Citing data from Real Capital Analytics, Crain’s reported that Chicago-area office sales transactions in the year’s first half totaled just $1 billion, a 71% decline year over year. It was also the lowest tally for the period since 2011.
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