VEF Advisors LLC, an affiliate of Apollo Real Estate Advisors L.P., has acquired 311 West Monroe, a downtown Chicago office building, for $43 million, the company announced.
VEF Advisors’ Value Enhancement Fund VI purchased the property from the JBC Acquisition & Development Fund I L.P., an entity controlled by The John Buck Co. The 14-story, 390,000-square-foot building marks the first acquisition for VEF Fund VI, a value-added real estate fund, and is the 17th Chicago-area real estate investment by Atlanta-based VEF Advisors.
Located in Chicago’s central business district and West Loop submarket, 311 West Monroe occupies the southwest corner of Monroe and Franklin streets. The building recently was upgraded to attract mission-critical 24/7 operations, with connectivity to three electrical substations and back-up generators allowing several days of continuous operations if primary grids are affected.
The property was approximately 70 percent leased to Harris, N.A., a bank owned by the Bank of Montreal, at the time of sale.
VEF Advisors LLC is a privately held real estate investment management company based in Atlanta, with regional offices in the Northeast, Midwest and West.
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