Hines Real Estate Investment Trust Inc. announced Wednesday it has acquired 321 North Clark from a venture between an institutional investor advised by JPMorgan Chase and Hines.
The 35-story, 897,000-square-foot office building is located in Chicago’s central business district. Hines is the sponsor of Hines REIT, and is responsible for the management and leasing of its assets.
Designed by the Chicago office of Skidmore, Owings & Merrill, 321 North Clark was completed in 1987. The tower was approximately 94 percent leased at the time of sale to tenants including the American Bar Association, Foley & Lardner LLP and Mesirow Financial.
Hines REIT is a Houston-based public real estate investment trust sponsored by Hines. Hines REIT commenced operations in November 2004 and primarily invests in institutional-quality office properties located in the United States. Including this acquisition, Hines REIT currently owns interests in 17 office properties located in Chicago, Dallas, Houston, Miami, New York, Sacramento, San Diego, San Francisco, San Mateo, Seattle and Washington D.C.