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Key Points
Kohan Retail Investment Group acquired the $60 million mortgage on the 28-story, 900,000-square-foot 33 West Monroe Street office tower for approximately $25 million, or about $28 per square foot.
The building is only about 44 percent leased, significantly lower than the 72 percent downtown Chicago average, highlighting the ongoing distress in the Loop office market.
The move follows Kohan's previous bargain purchase of 311 South Wacker Drive and positions the firm to potentially take control of 33 West Monroe from current owner AmTrustRE, an active but financially troubled Loop landlord.