After buying its first two Chicago-area office buildings last year, a Florida investor is back for more, paying about $100 million for a 23-story Loop tower.
Hallandale Beach, Fla.-based Beacon Investment Properties LLC has agreed to pay about $187 per square foot for 535,911 square feet in the office building at 200 W. Monroe Street, according to people familiar with the transaction. The sale does not include 113,354 square feet in the tower owned by the Jewish Federation of Metropolitan Chicago.
The property turned out to be a successful investment for the sellers, Philadelphia-based Lubert-Adler Partners L.P. and Southfield, Michigan based Farbman Group, which paid $75 million for it in July 2012. The investors gained from an increase in occupancy at the building and a general rise in office values over the past couple years.