Restaurateur Buys 321 N Clark For $340M
One of River North's most recognizable office buildings is changing hands. The real estate arm of restaurateur Larry Levy acquired 321 N Clark St from Hines Interests in a deal reportedly worth $340M.
Hines hired CBRE in February to market the 35-story tower. Bids at the time ranged between $350 and $375/SF. The sale price breaks down to $380/SF, according to Crain's. This would be the second-largest reported Chicago office sale in 2016, behind LaSalle Investment's $547M deal for AMA Plaza.
Hines and Levy's Diversified Real Estate Capital are frequent dance partners. Diversified is an investor in Hines' 52-story River Point office tower, and previously put skin into Hines' 1 S Dearborn. The two companies JV'd on a Miami multifamily development. [Crain's]