CHICAGO—Chicago-based HEARN, along with affiliates of GEM Realty Capital and Farallon Capital Management, just closed on the purchase of Three First National Plaza at 70 W. Madison Street in downtown Chicago, company officials say. The price and terms of the transaction were not disclosed, but Crain's Chicago Business reported the partners paid $375 million. County records show that the seller, a Hong Kong and South Korean venture, paid $343.9 million back in 2011.

HEARN plans to refurbish the 57-story class A asset, which has 1,439,000-square-feet of rentable office and retail space, much like they are doing with the John Hancock Center. The company and two other partners bought the 900,000-square-foot office sector and 710-car parking facility of the Hancock building in 2013.

“This was a trophy amongst trophies when it was developed, and it is our plan to return it to a “best in class” status,” said Stephen G. Hearn, HEARN president, in a prepared statement. “We have years of favorable execution in this market and have developed a solid reputation as a fair and forward thinking landlord. Our program will be consistent with our past success and familiar to the real estate community: cosmetic exterior alterations, lobby rejuvenation, common areas renovations, amenity enhancements, and base building upgrades.”