Piedmont looking for major payout with West Loop office tower listing

The Georgia-based REIT had taken over the 46-story building at 500 West Monroe in a foreclosure sale

TRD CHICAGO /
May.May 15, 2019 11:07 AM
Piedmont CEO Donald Miller and 500 West Monroe Street (Credit: Piedmont)

Piedmont CEO Donald Miller and 500 West Monroe Street (Credit: Piedmont)

Piedmont Office Realty Trust is looking to cash out of a West Loop office tower in a big way, reportedly seeking upward of $490 million for the property.

The Georgia-based REIT hired JLL to market to sell the 46-story tower at 500 West Monroe Street, according to Crain’s.

Piedmont was a mezzanine lender on the building in 2011 when previous owner Broadway Partners failed to make payments on a $140 million senior loan on the property. Piedmont took over the tower in a non-judicial foreclosure sale, according to Crain’s.

The acquisition price was unclear but at the time Piedmont valued the 967,000-square-foot building at $227.5 million

Since taking over the building, Piedmont added high-profile tenants including Motorola Solutions and GE Healthcare to leases of large blocs of space in the building.

Bruce Miller and Nooshin Felsenthal of JLL are marketing the building.

Piedmont and UBS last year succeeded in leasing up the 50-story Leo Burnett Building at 35 West Wacker Drive when they signed French advertising giant Publicis Groupe to a 50,000-square-foot expansion. [Crain’s] — John O’Brien

 

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