311 W. Monroe Ready for a Gut Rehab

CHICAGO—Seven months after acquiring 311 W. Monroe, GlenStar Properties is ready to kick-off a major re-development of the 380,000 square-foot office tower. The West Loop property was built in 1969 as the headquarters for BMO Harris Bank. But the bank departed in December, leaving the building 18% leased to a mix of short-term tenants.

“Right now you can walk past the building and not even know it's there,” GlenStar managing director Christian Domin tells GlobeSt.com. “But we're going to do a full-gut renovation, including an expansion of the lobby and putting in a canopy on Monroe.” Most dramatically, the company plans to re-skin the building with a new, energy efficient glass envelope that will give new tenants floor-to-ceiling windows. In addition, the building will get a new fitness center, a video conferencing center and other amenities now considered standard for a class A property.

As reported in GlobeSt.com, GlenStar has launched similar projects in downtown Chicago, including renovations of 55 E. Monroe St. and the Chicago Board of Trade Building, as demand for office space in the CBD continues to grow. And when GlenStar finishes the 311 W. Monroe rehab, it will be the largest contiguous block of space available in Chicago's CBD.

Many companies, especially those in tech-related fields, look for space in historic warehouse or industrial buildings that can provide open spaces with a little bit of character, Domin adds, and such tenants should find 311 W. Monroe quite appealing. It has unique, 28,000 square-foot side core configured floor plates that will allow tenants to “see corner-to-corner” and have wide-open, collaborative floor plans.

The new 311 W. Monroe could also present a major branding opportunity. “A tenant who might not be considered an anchor in a one million square-foot building will have the opportunity” to have visible signage and a ground floor retail presence.

Domin estimates that the renewal project will cost between $15 million and $20 million. GlenStar plans to finish it by the third quarter of next year. “It's going to create a brand-new boutique building in the West Loop.”