Publications

Transactions - JUNE 6, 2016

To read this full article you need to be subscribed to Newsline.

Sign in Start Your Free Trial Now View Purchase Options

Chicago office building to sell for $340m

by Andrea Waitrovich

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

Glossary, videos, podcasts, research in the Resource Center

Forgot your username or password?

Close your account?

Your account will be closed and all data will be permanently deleted and cannot be recovered. Are you sure?

We respect your privacy! Please give consent for processing data as described in our Privacy Policy