Chicago office building to sell for $340m

Hines REIT is in contract to sell the office property located at 321 N. Clark St. in Chicago for $340.1 million to Diversified 321 North Clark. An official statement has not been released.

The 35-story, 897,000-square-foot office building is located in Chicago’s central business district. It is 96 percent occupied. Major tenants include the American Bar Association, Foley & Lardner LLP, Mesirow Financial, and CBRE.

Hines REIT acquired the office tower in 2006 for $247.3 million.

The Chicago office market was ranked second in Real Capital Analytics’ “Top 40 Office Markets of 2015,” with a total of $8.66 billion in property sales volume in 2015, a 36 percent year-over-year change. However, sales volume dropped dramatically during first quarter 2016 to $918.4 million, compared with the sales volume of $2.45 billion during fourth quarter 2015 and $1.9 billion during first quarter 2015. Thus far this quarter, office sales volume