{"id":1004114750,"date":"2015-03-03T08:44:03","date_gmt":"2015-03-03T16:44:03","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=329007"},"modified":"2020-05-10T23:20:46","modified_gmt":"2020-05-11T07:20:46","slug":"prudential-grabs-mid-continental-plaza-office-building-in-chicago-3","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/prudential-grabs-mid-continental-plaza-office-building-in-chicago-3\/","title":{"rendered":"Prudential Grabs Mid-Continental Plaza Office Building in Chicago"},"content":{"rendered":"

By Ioana Neamt, Associate Editor<\/em><\/p>\n

\"\"<\/a><\/p>\n

55 E Monroe St<\/p>\n<\/div>\n

Prudential Real Estate Investors<\/a>, a subsidiary of Newark, NJ-based Prudential Financial<\/a>, Inc., has acquired a 49-story office property at 55 E. Monroe in Chicago. Also known as Mid-Continental Plaza, the Class A asset sold to PREI for $370 million, according to Crain\u2019s Chicago Business.<\/a> Chicago-based GlenStar Properties<\/a> will continue to act as property manager and leasing broker for the East Loop property.<\/p>\n

Located in close proximity to Michigan Ave. and a plethora of residential, hospitality and retail destinations, the LEED certified Mid-Continental Plaza consists of 1.25 million square feet of office space, 70,000 square feet of retail space, and a 7-level parking garage. Recently renovated in 2013, 55 E. Monroe is the 52nd<\/sup> tallest building in the city. The building\u2019s top 10 floors house The Park Monroe<\/a>, a condo conversion completed in 2008.<\/p>\n

\u201cThe acquisition of 55 East Monroe, a well-located, high-quality office property, reflects PREI\u2019s strategy to pursue existing urban office properties below replacement cost to capitalize on the expanding job market and deliver strong and stable cash flows to our investors,\u201d explained Kevin Smith, head of Americas at Prudential Real Estate Investors.<\/p>\n

55 E. Monroe occupies a full city block in Chicago\u2019s East Loop, conveniently located near the Art Institute, Orchestra Hall, the State St. shopping district, and the Palmer House Hilton. The property also offers easy access to the CTA\u2019s Purple, Brown, Green and Orange lines from the adjacent Adams St.<\/p>\n

Image courtesy of The Skyscraper Center<\/a><\/em><\/p>\n

Click here<\/a><\/strong> for further data on Chicago<\/strong>\u2019s office<\/strong> market<\/p>\n","protected":false},"excerpt":{"rendered":"

Prudential Real Estate Investors, a subsidiary of Newark, NJ-based Prudential Financial, Inc., has acquired a 49-story office property at 55 E. Monroe in Chicago.<\/p>\n","protected":false},"author":192,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21742],"tags":[],"class_list":["post-1004114750","post","type-post","status-publish","format-standard","hentry","category-chicago","category-latest"],"acf":[],"yoast_head":"\nPrudential Grabs Mid-Continental Plaza Office Building in Chicago - 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\/prudential-grabs-mid-continental-plaza-office-building-in-chicago-3\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Prudential Grabs Mid-Continental Plaza Office Building in Chicago\" \/>\n<meta property=\"og:description\" content=\"Prudential Real Estate Investors, a subsidiary of Newark, NJ-based Prudential Financial, Inc., has acquired a 49-story office property at 55 E. 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