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Highlights
Chicago-based Glenstar and Minnesota investor Patrick Halloran are under contract to acquire the 46-story, 966,000-square-foot building at 500 West Monroe Street for just over $100 million.
The expected price, between $100 million and $110 million, is a sharp reduction from the $270 million loan tied to the property and the $412 million paid by Spear Street Capital in 2019.
If the deal closes, it would extend the partners' strategy of purchasing large, underperforming office buildings at steep discounts to invest capital for leasing and upgrades, following their purchases of Presidents Plaza (October 2024) and 200 South Wacker Drive (January 2025).