230 West Monroe, a 29-story, Class A office tower in downtown Chicago’s West Loop, has been acquired by Accesso Partners, LLC, of Hallandale Beach, FL, formerly known as Beacon Investment Properties, for $122 million.
The 66% occupied 623,564 square-foot building, which had an extensive lobby renovation and elevator modernization in the last year, is Accesso’s fifth office property buy in the Chicago area in the last eight months.
Two months ago, Accesso Partners acquired the office tower next door, 200 West Monroe, a 23-story, 535,911 square foot Class A- property for $100 million. Accesso plans to rebrand the two buildings as Monroe Plaza, a 1,159,584 square-foot office complex.
Jeff Bramson, senior managing director of HFF’s Chicago office which represented the sellers, said 20 U.S. institutional investors made offers on 230 West Monroe.
Jaime Fink, senior managing director and Mark Katz, managing director were also on the HFF sales team. Susan Hill, managing director in HFF’s Houston office, arranged acquisition financing.