Schulte Steers Hearn In $136M Chicago Skyscraper Buy

Law360, New York (January 11, 2012, 6:50 PM EST) -- Real estate firm The Hearn Co. Inc. has acquired a landmark skyscraper in Chicago’s business district from LaSalle Investment Management for $136 million, the buyer announced Wednesday.

Hearn added 55 West Monroe, a 40-story Class A office property once known as the Xerox Center, to its portfolio of nine office buildings, meeting the $136 million price tag with the help of an $86.5 million loan from Wells Fargo Bank NA and $21.5 million in mezzanine financing from Redwood Trust Inc., according to the statement.

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