Chicago has issued a $19.6 million building permit to Sterling Bay to renovate 311 W. Monroe in the Loop.
The permit says the work involves “interior and exterior renovations (shell and core only) to an existing office building (basement through 15th floor) as per plans.”
Sterling Bay describes the renovated property as “a rare high-impact branding opportunity at a single-tenant headquarters building in Chicago’s Loop. Make a powerful statement at this 382,490 square foot building with exterior signage and a highly-visible and customizable lobby video screen.”
Located in a heavily trafficked and established center for business in close proximity to transit, 311W offers users a private lobby entrance, modern design, exceptional tenant amenities and endless neighborhood conveniences.
BisNow reports that GlenStar Properties purchased the now near-empty office tower in 2014 “in the hopes that it could reposition the building for today’s office tenants,” but instead, GlenStar decided to sell the property after its anchor tenant, BMO Harris Bank, left, leaving the occupancy rate at 18 percent.
Crane’s Chicago Business reports that Sterling Bay agreed to pay $61 million for the 380,000 sq. ft. building. GlenStar/Prudential had reportedly paid $58 million for the building.
Leopardo Companies Inc. is the general contractor on the building permit. Key subtrades include: Electrical – Grand-Kahn, LLC; masonry – Raffin Construction Company; plumbing – R. Carrozza Plumbing Co.; refrigeration and ventilation – Hill Mechanical.