News
Tale of Two Hancocks
Hearn Co and Mount Kellett Capital Management just closed on the $244M sale of 40-story 55 W Monroe to John Hancock, the US division of Manulife Financial Corp. It’s an interesting coincidence, since Hearn, Mount Kellett, and Lynd Co are currently employing a similar value-add strategy (including plaza improvements, rebranding, and refreshed entryways and lobby) at the John Hancock Center's 710-car parking deck and 856k SF of office. (Hearn CEO Steve Hearn with a model of the vertically subdivided tower, pictured.) Hearn’s reno at 55 W Monroe brought occupancy from 68% to 90%-plus (since purchase in 2011), so we’re anxious to see what the leasing future holds for a new and improved Hancock.
