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Prudential Real Estate Investors announced today the acquisition of 55 East
Monroe, a 49-story Class A office property in Chicago, on behalf of
institutional investors. GlenStar Properties, which has managed the property
since 2005, will continue to serve as the property manager and leasing broker.
Terms of the transaction were not disclosed. PREI, among the world's largest
real estate investment management and advisory businesses, is a business of
Prudential Financial, Inc.
PRU.
55 East Monroe is a LEED certified, 1.25 million square foot office property
spanning a full city block in Chicago's East Loop. The recently renovated
property also has 70,000 square feet of retail, and a seven-level parking
garage. It is located one-half block from Michigan Avenue, with views of Lake
Michigan, Grant Park, Millenium Park and the city skyline, and is close to
several transportation hubs and an abundance of walkable retail, hotel and
residential centers.
"The acquisition of 55 East Monroe, a well-located, high-quality office
property, reflects PREI's strategy to pursue existing urban office properties
below replacement cost to capitalize on the expanding job market and deliver
strong and stable cash flows to our investors," said Kevin R. Smith, head of
Americas for PREI. "We look forward to continuing our relationship with
GlenStar to build on PREI's successful partnership network, and we are
confident that the community and tenants at 55 East Monroe will benefit from
our firms' combined investment, asset and property management experience."
Prudential Real Estate Investors is the global real estate investment business
of Prudential Financial, Inc.
. Investing in real estate on behalf
of institutional clients since 1970, PREI today has more than 650 employees
located in 19 cities around the world, and gross assets under management of
$58.2 billion ($43.5 billion net) as of September 30, 2014. PREI offers to its
global client base a broad range of real estate investment vehicles across the
risk-return spectrum and geographies, including core, core plus, value-add,
opportunistic, debt, securities, and specialized investment strategies. For
more information, visit www.prei.com.
Prudential Financial, Inc.
PRU, a financial services leader with more
than $1 trillion of assets under management as of December 31, 2014, has
operations in the United States, Asia, Europe, and Latin America. Prudential's
diverse and talented employees are committed to helping individual and
institutional customers grow and protect their wealth through a variety of
products and services, including life insurance, annuities, retirement-related
services, mutual funds and investment management. In the U.S., Prudential's
iconic Rock symbol has stood for strength, stability, expertise and innovation
for more than a century. For more information, please visit
www.news.prudential.com.
Contact:
Prudential
John Chartier, 973-802-9829
john.chartier@prudential.com
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