Nearly empty West Loop office building fetches $61 million

Photo by CoStar Group

By: Alby Gallun | May 24, 2017 | Crain's Chicago Business

It's hard to find a site for a new office project in downtown Chicago, but Sterling Bay may have found the next best thing: a nearly empty office building that's ripe for a rehab. The Chicago developer has agreed to buy the 15-story building at 311 W. Monroe St. for about $61 million, according to people with knowledge of the transaction. Sterling Bay is acquiring the 388,000-square-foot property from a joint venture between GlenStar Properties and Prudential Real Estate Investors that bought it for $58 million in late 2014. Read More....