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ABA Takes 225,000 SF at Quaker Tower

CHICAGO-A Julien J. Studley team advises the 400,000-member lawyers' group on a 15-year deal for space at Hines Interests LP's 2001 River North acquisition that could be worth as much as $81 million.

By Mark Ruda | Updated on November 09, 2001

CHICAGO-Quaker Tower’s new owners have cleared up part of an impending vacancy problem, landing a 15-year lease with the American Bar Association for 225,000 sf at the building at 321 N. Clark St., which is being vacated by the namesake tenant. Besides being the second-largest lease deal in the entire market this year, it is the largest involving a professional or not-for-profit organization in more than a decade.

When a joint venture involving Houston-based Hines Interests LP and a US pension fund paid $159 per sf — $133.3 million – for the building just north of the Chicago River in April, the building was 98% occupied. It still is, but Quaker Oats and law firm Gardner Carton Douglas are vacating a combined 640,000 sf of the 840,000-sf River North tower next year.

There still is a gap, however, as the ABA won’t occupy its space until June 2004.

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