Michael Klein Of Glenstar Acquires 500 West Monroe Street Office Tower From J.P. Morgan For $100M

500 West Monroe Street is an office asset located in the Chicago market. The property, which has a total of 966,000 square feet, is currently under contract with a sale price of $100,000,000, translating to approximately $104 per square foot.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $100,000,000
• Buyer: Michael Klein - Glenstar & Patrick Halloran
• Seller: J.P. Morgan
• Brokers: Tom Hall, Bruce Miller, Jaime Fink & Sam DiFrancesca - JLL
• Square Footage: 966,000
• Price Per Square Foot: $104

Glenstar and Patrick Halloran are set to acquire 500 West Monroe Street from J.P. Morgan. This transaction is motivated by debt distress, and it follows the buying strategy of acquiring underperforming office assets at substantial discounts for leasing and capital improvements, as facilitated through JLL.