Principal Financial Group Inc. has decided not to sell Quaker Oats Plaza in Chicago because of unfavorable market conditions.

“Market conditions were not as favorable as we anticipated so we’re holding on to the asset,” said Principal spokeswoman Tina Marchetti. “We’re typically long-term investors and we sell when market conditions are favorable.”

Marchetti affirmed that the building is a great asset for the company and that PepsiCo Inc. would continue to be the main tenant. Principal paid $115 million for the 17-story building at 555 W. Monroe St., which was completed in 2002.

According to Crain’s Chicago Business, the offers Principal received for the building fell short of expectations , which may be disappointing news to institutional real estate investors that believed premier assets would be immune to a recent decline in sales activity. Principal did not give an asking price for the building when it put the building on the market in late August.