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Melohn venture looks to sell Chicago office tower for $145M

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Melohn venture looks to sell Chicago office tower for $145M

A venture of The Melohn Group is looking for a buyer for the 568,000-square-foot office building at 111 W. Jackson Blvd. in Chicago, with a price tag of approximately $145 million, Crain's Chicago Business reported, citing Real Estate Alert.

The 58-year-old building is 93% occupied, but about 50% of its leases are due to expire within five years, a factor that is weighing down the value of the property, the publication noted.

A spokesman for Melohn could not be reached for comment on why the New York-based firm is opting to sell, according to Crain's.