CHICAGO—The East Loop has suffered the loss of some key tenantsrecently, but GlenStar Properties has kept addingtenants to its refurbished office space at 55 E. Monroe, inaddition to completing the sale of 215 condominiums on the upperfloors of the building. Regus, the world's largestshared office center operator, just became the latest company tosign a long-term lease, and will occupy 21,000-square-feet startingin January 2015.

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“The popularity of, and demand for, shared and collaborativework environmentsis growing exponentially,” said GlenStar'sChristian Domin in a prepared statement. He wasnot available at press time, but GlobeSt.com will provide anupdate. “Regus is the leading the way worldwide and we are pleasedthey have chosen 55 as their latest location.”

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55 East Monroe, which is owned by GlenStar Properties and itspartner Walton Street Capital, was represented byDomin, who has signed a flurry of deals in the past year. InAugust, for example, NORC at theUniversity of Chicago signed a 30,000-square-footlease expansion. In the last 12 months alone, the partners havesigned more than 140,000-square-feet of new deals. Tenants nowoccupy 88% of the office space.

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GlenStar and Walton Street began redeveloping 55 E. Monroe in2005. They upgraded the offices and converted the top nine floorsof the 1.6-million-square-foot property into luxury condominiums.As reported in GlobeSt.com, GlenStar completed the condoconversions in 2013 and sold the last of the 215 condominiums by latespring.

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Perhaps most importantly for the office portion,Punchkick Interactive, a mobile marketing expertand just the type of tenant most landlords would love to attract,recently decided to move from the downtown's high-tech center in RiverNorth into 23,401-square-feet in 55 E. Monroe.

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Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.