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Downtown office sell-off continues as investor puts Inland Steel building on the market

30 West Monroe Street is the latest listing in Capital Properties’ “trophy collection” of buildings for sale (Credit: Google Maps)

Yet another Loop office owner is looking to cash out.

New York-based Capital Properties listed the 19-story Inland Steel building at 30 West Monroe Street for $88 million, part of a three-property “trophy collection” it’s looking to sell, according to Crain’s. The portfolio, which also includes the Trinity Centre complex in Manhattan and the Park Square building in Boston, could reap more than $1 billion for the seller.

Capital Properties paid $57.2 million in 2007 to acquire the 250,000-square-foot Inland Steel building, which is now about 84 percent leased. Its largest tenant, Oak Street Health, occupies about 26,000 square feet of space in the building.

In 2013, the owner took out $50.2 million loan on the building, according to Crain’s.

Designed by Skidmore, Owings & Merrill and completed in 1958, the complex was the first commercial building in the city to be fully air-conditioned.

It joins about two dozen other Downtown office towers looking for a buyer, as owners try to take advantage of good market conditions before a potential downturn.

Cushman & Wakefield brokers Doug Harmon, Adam Spies, Tom Sitz and Brian Doherty are marketing the three-building portfolio on behalf of the seller.

[Crain’s] — Alex Nitkin

 

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