$140M for 500 W. Monroe
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|After the recent CRE turmoil took 500 W. Monroe on a bumpy ride through foreclosure, the trophy tower’s back on solid financial ground. Last week, Piedmont Realty paid off the building’s remaining debt, $140M. That led some to wonder if the Atlanta-based REIT was preparing to sell the West Loop building, which is 50% vacant. It recently sold its 96.5% interest in 35 W. Wacker for $387M to redeploy capital to coastal markets, according to Piedmont’s VP of capital markets Ray Owens. But that’s not the case, he told us this morning. Piedmont’s strategy is also to diversify and be in large leasing cities like Chicago, Houston, and Minneapolis. Furthermore, Ray says, Piedmont wants to maximize the number of unencumbered assets and have the option to perhaps use unsecured debt, i.e. bank loans and credit facilities.|