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

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.