Chicago-based Glenstar, in a joint venture with a private investor, has acquired 500 W. Monroe, a 966,924-square-foot office tower with a 1,300-stall parking garage in Chicago, in an all-cash purchase.
Glenstar assumes the asset and property manager role and has tapped CBRE’s Jason Houze, Greg Tait, and Aaron Schuster to oversee leasing. “With our distinctive ownership structure, decisions are made in real time, allowing us to deliver tailored solutions that align with the evolving needs of today’s tenants,” said Glenstar Co-Founder and Managing Principal Michael Klein. “We are looking forward to sharing our vision as we transform 500 W. Monroe for a new generation of office users.”
Glenstar will launch renovations at 500 W. Monroe, with plans calling for a full lobby transformation followed by additional upgrades and the introduction of new amenities. Built in 1992, 500 W. Monroe is located just steps from Union and Ogilvie train stations and offers immediate entry to the Kennedy, Eisenhower, and Dan Ryan Expressways.
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