An Apollo Real Estate Advisors affiliate has spent $43 million to buy a downtown Chicago office property located at 311 West Monroe. The Apollo affiliate — VEF Advisors' Value Enhancement Fund VI — acquired the building from John Buck Company.

The 14-story, 390,000 sq. ft. building is the first acquisition for VEF Fund VI, a value-added real estate fund. It also is the 17th Chicago-area real estate investment by VEF Advisors, which is based in Atlanta.

"With its proximity to commuter rail service and major interstate highways, the West Loop is considered the most desirable office location in Chicago's central business district and is home to the newer and larger office properties," says Jim Ryan, chief executive officer of VEF Advisors.

The property is located in Chicago's central business district and West Loop sub market, only half a block from Wacker Drive and three blocks from many of Chicago's commuter train stations.