Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Tuesday, 25 April 2006

Hines Pays $247.3Mln for 321 N. Clark in Chicago

Written by 
Rate this item
(0 votes)

Hines Real Estate Investment Trust has paid $247.3 million for the remaining 95 percent stake in 321 N. Clark, an 897,000-square-foot office building in Downtown Chicago.

The REIT's sponsor, Hines Interests LP, had owned a five percent stake in the property through a venture with an institutional investor advised by JP Morgan Chase. Hines had been considering selling the property since last August and in February came close to selling the property to HCI Capital of Hamburg, Germany, for roughly $270 million. It is not known why that deal didn't pan out.

The 35-story building is 94 percent leased. The American Bar Association is the building's largest tenant, and it leases 225,555 sf through June 2019. Other tenants include Foley & Lardner, which leases 211,546 sf through April 2018, and Mesirow Financial, which occupies 184,241 sf under a lease that runs through December 2009.

Hines funded the acquisition with a $165 million bridge loan from KeyBank. The loan has a term of four months and carries a rate of 6.33 percent and is secured by Hines' interest in the Hines Sumisei U.S. Core Office Fund LP.

Comments? E-mail Jeff Mordock, or call him at (267) 247-0112, Ext. 212


“The Weekly”

“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

  • Industry moves and changes in “The Insider“

Additional Info

  • Syndicate to Realpoint: No
  • Cities: Chicago
  • States: Illinois
  • Sector: Office
  • Subject: Property Acquisitions (ACQ)
  • Company: Home Properties of New York
  • Valuation: More than $150 million
Read 105 times

Data Digest







Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44




cppichart FP



CMBS 2.0 Spreads


Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41





  • Challenging Retail Environment Weights on REITs
    Mixed economic news is weighing on retail markets, pushing REIT performance down in 2015. This week, the National Retail Federation announced that back-to-school spending is expected to be down 9.3% in 2015. This news came on the heels of a report from the Commerce Department stating that retail sales declined 0.3%...
  • US REITs Feeling Effects from Turmoil in Greece and China
    International economic forces have taken center stage this week, affecting both US stock markets and REITs. The crash in the Chinese stock market and ongoing concerns about the future of Greece in the eurozone drove markets down during the first half of the week. REITs fared better than the overall market...

  • What Does Increased Construction Mean for Apartment REITs?
    REITs so far this year have raised $17.1 billion of capital through the sale of unsecured notes, bringing the total raised over the past two and a half years to just more than $75 billion. That’s more than they raised during the previous five years. The massive volume shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark...
shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark against which most REIT’s price their bonds