California investor buying West Loop office tower

Spear Street Capital, based in San Francisco, is under contract to buy the skyscraper at 500 W. Monroe St. in Chicago for $412 million, according to media outlets.

The seller was Piedmont Office Realty Trust, which invested $84 million in renovations.

The office totals 967,000 square feet spanning up 46 floors. Tenants include Motorola Solutions and GE Healthcare, the biggest tenants in the tower.

The sale would also mark one of the few big office towers to change hands this year, as many investors have avoided Chicago, reported Crain’s. Office building sales volume in the Chicago area through first half 2019 totaled more than $1 billion, down 71 percent year-over-year and the lowest mark for that period since 2011, according to research firm Real Capital Analytics.