April has seen Hines REIT close on two Downtown office purchases. For $222.5 million, the REIT bought an 867,821-sf building across the river at 333 W. Wacker Dr. The deal was at a 6.7% capitalization rate, based on a filing with the Securities and Exchange Commission. The REIT also owns the 1.4-million-sf Three First National Plaza at 70 W. Madison St.
The 19-year-old building at 321 N. Clark St. is now 94% leased, thanks to major deals involving the American Bar Association and Foley & Lardner LLP. The ABA signed a 225,000-sf lease through 2016 in late 2001, while Foley & Lardner signed a 211,000-sf deal in the summer of 2002. While Mesirow Financial is another tenant at the former Quaker Tower, that firm will co-anchor a 1.1-million-sf office tower being built at 351 N. Clark St. with law firm Jenner & Block.
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