{"id":1004104739,"date":"2014-10-01T06:40:54","date_gmt":"2014-10-01T14:40:54","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004104739"},"modified":"2022-12-07T23:36:58","modified_gmt":"2022-12-08T07:36:58","slug":"john-hancock-acquires-office-tower-in-chicagos-cbd-for-244m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/john-hancock-acquires-office-tower-in-chicagos-cbd-for-244m\/","title":{"rendered":"John Hancock Buys Office Tower in Chicago\u2019s CBD"},"content":{"rendered":"<p><i>By Keith Loria, Contributing Editor\u00a0 <\/i><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/55-west-monroe.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004104741\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/john-hancock-acquires-office-tower-in-chicagos-cbd-for-244m\/55-west-monroe\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/55-west-monroe.jpg\" data-orig-size=\"421,640\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"55 west monroe\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/55-west-monroe.jpg?w=421\" class=\"alignleft size-medium wp-image-1004104741\" alt=\"55 west monroe\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/55-west-monroe.jpg\" width=\"197\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/55-west-monroe.jpg 421w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/10\/55-west-monroe.jpg?resize=197,300 197w\" sizes=\"auto, (max-width: 197px) 100vw, 197px\" \/><\/a>John Hancock Real Estate, the U.S. division of Manulife Financial Corp., has acquired 55 W. Monroe, an 804,214-square-foot Class A office building located in Chicago\u2019s Central Business District\u2019s Central Loop, from a joint venture between the Hearn Co. and Mount Kellett Capital Management L.P., for $244 million.<\/p>\n<p>\u201cChicago is one of seven core markets across the U.S. that is part of our investment strategy,\u201d Ted Willcocks, Manulife Real Estate\u2019s global head of asset management, told <i>Commercial Property Executive<\/i>. \u201cWe are attracted by the economics and job growth of the area.\u201d<\/p>\n<p>The 40-story building was originally constructed in 1981, designed by renowned Chicago architect Helmut Jahn. It was renovated in 2003 and was named office building of the year in 2007 by CBOMA.<\/p>\n<p>Currently, the LEED Gold-certified building is 91.6 percent leased to a diversified tenant base. It boasts an elegant Post Modern style exterior and includes recently upgraded fitness and conference centers, lobby and bicycle parking facility.<\/p>\n<p>\u201cWhen we purchased 55 W. Monroe, we saw a great opportunity to transform the building into a stable, core asset and we\u2019re tremendously proud of the value we have added through renovations and amenity enhancements,\u201d Stephen Hearn, Hearn\u2019s president &amp; CEO, said in a company statement. \u201cThe success of our rejuvenation efforts allowed us to draw a diverse set of new tenants to the building and dramatically raise occupancy from 68 percent to over 90 percent today.\u201d<\/p>\n<p>Willcocks said that because of Hearn\u2019s successful repositioning of the asset, he didn\u2019t anticipate any immediate renovations or changes to the building.<\/p>\n<p>With the acquisition, Manulife Financial Corp.\u2019s global real estate portfolio now represents assets under management of $10.5 billion with properties totaling more than 39 million square feet.<\/p>\n<p>According to Willcocks, the acquisition fits strategically with its other Chicago properties\u2014191 N. Wacker, 200 S. Wacker and 150 N. Michigan Ave.\u2014allowing for synergy in its operation and leasing.<\/p>\n<p>JLL international director Bruce Miller and senior vice president Nooshin Felsenthal completed the sale on behalf the building\u2019s seller.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>John Hancock Real Estate has acquired 55 W. Monroe, an 804,214-square-foot Class A office building located in Chicago\u2019s Central Business District\u2019s Central Loop.<\/p>\n","protected":false},"author":451,"featured_media":1004104741,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,13,21742,21747],"tags":[39393],"class_list":["post-1004104739","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-midwest","category-latest","category-office","tag-chicago"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>John Hancock Buys Office Tower in Chicago\u2019s CBD - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/john-hancock-acquires-office-tower-in-chicagos-cbd-for-244m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"John Hancock Buys Office Tower in Chicago\u2019s CBD\" \/>\n<meta property=\"og:description\" content=\"John Hancock Real Estate has acquired 55 W. 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