Prudential Real Estate Investors Acquires Office Property in Chicago's East Loop

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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.
PRU
. 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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