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Monday, 04 April 2011

Piedmont Takes Control of Chicago's 500 W. Monroe St.

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Piedmont Office Realty Trust said late last week that it has taken control of 500 W. Monroe St. in Chicago.

The Atlanta REIT arranged a restructuring of the property's ownership, with its previous owner, an affiliate of Broadway Partners, retaining "an interest" in the 973,000-square-foot office building.

An earlier report said that a foreclosure auction on the property would be held on March 31. But the restructuring evidently nixed the auction.

Piedmont held two mezzanine debt positions against 500 W. Monroe valued at $61.1 million. A senior $140 million piece of debt is securitized through Morgan Stanley Capital I Inc., 2007-XLF9. Its maturity has been extended to August.

The property had been 92 percent leased when Broadway acquired it. But occupancy took a hit when GATX Corp. vacated its lease for 13 percent of the building. Jones Lang LaSalle is the property's leasing agent, according to CoStar Group Inc. But, according to an April 1 article in Crain's Chicago Business, Piedmont is interviewing brokers and has not decided who it will hire to lease out space at the property.

Comments? E-mail Dan Moynihan or call him at (267) 247-0112, Ext. 205.



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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Chicago
  • States: Illinois
  • Sector: Office
  • Subject: Property Acquisitions (ACQ)
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