A Florida office investor is paying about $122 million for a 29-story Loop tower next to another office building it already owns.
Real estate fund manager Beacon Investment Properties LLC is working to finalize a deal in which it would pay about $196 per square foot for 230 W. Monroe St., which is about 32 percent vacant, according to people familiar with the transaction.
Although it is a relative newcomer to Chicago, Beacon is quickly gaining familiarity with the neighborhood around the 623,524-square-foot tower, which was completed in 1971.
In May, Beacon paid $100 million for the 23-story office building next door, at 200 W. Monroe St.
That deal came about six months after the firm paid $63.8 million for the 36-story tower at 20 N. Clark St., three blocks northeast of 200 W. Monroe, in its first deal in downtown Chicago.
Read more in Crain’s Chicago Business.