PGIM plans buildout of office suits at 55 East Monroe office tower

Prudential’s real estate arm is renovating the 21st floor

Jan.January 04, 2019 09:15 AM

55 East Monroe and PGIM CEO David Hunt (Credit: PGIM)

PGIM Real Estate is renovating four office suites on the 21st floor at its 55 East Monroe Street office tower.

New Jersey-based PGIM, formerly Prudential Real Estate Investors, received a city building permit late last month to build out four adjoining office suits at the 49-story building, according to city records.

Plans call for the renovation of suites 2100, 2110, 2120 and 2140, according to the permit. One of those offices — the 44,000 square foot suite 2100 — is occupied by tenant HealthScape Advisors, according to the company’s website.

A spokesperson for PGIM declined to comment on plans for the floor.

PGIM bought the 1.5-million-square-foot tower for more than $370 million in 2014. It was acquired from a venture of Walton Street Capital and Glenstar Properties, which had bought the building in 2005 for $239 million.

The Downtown Chicago office market has added nearly 20,000 new private sector employees, thanks in part to corporate relocations and a healthy economy. The new office deliveries and the trend of office consolidation kept absorption and vacancy rates flat at the end of 2018.

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