There was some skepticism when Glenstar Properties and Walton Street Capital announced plans to convert the top six floors of the shoebox-shaped office building at 55 E Monroe St.
The Park Monroe has proven to be pretty popular over the past year and a half, however. As the project nears its first round of deliveries, sales stand at the 80-percent mark.
The building’s best asset seems to be the view, since the 49-story tower looms over the Michigan Avenue street wall with excellent vistas of Millennium Park. However, more condos have sold on the building’s western face than those that look eastward toward the park and the lake, indicating that The Park Monroe has more to offer than just a good sight line. Buyers seem more interested in the smaller (and less expensive) one-bedrooms located on the building’s western face than the two-bedrooms and penthouses on the building’s eastern side.
Renovations have been extensive; over the past two years we’ve drooled over the appliances and noted the project’s optional leather floors (UPDATE: We just received word that the leather floors are no longer being offered, but the Linea Quattro cabinets are still there, if that’s any consolation). According to sales associate Audra Hall, about half of the building’s internal and external pillars have been removed (not the weight-bearing ones, we hope), and the old office windows have been swapped for new ones that can open partially. Builders have reworked the building’s electrical wiring and plumbing as well.
Deliveries at The Park Monroe will begin in October, starting on the 42nd floor and proceeding at a rate of one floor per month. Listing prices range from the $350s for one-bedrooms to $3 million for the priciest penthouses.