Restaurateur Buys 321 N Clark For $340M
Want to get a jump-start on upcoming deals? Meet the major Chicago players at one of our upcoming events!
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]