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After a record year for downtown office sales, it looks as though the first office deal of 2016 with a mid-nine-figure price tag is near. Hines Interests is selling 321 N Clark St and is believed to be receiving bids ranging between $350 to $375 per SF. That would put the sales price for the 35-story River North building at $335M.
Hines hired CBRE to entertain bidders, Crain's reports. Hines bought the building for $247M in 2006. The building is 96% occupied and is home to the American Bar Association, which leases 201k SF.
That area of River North has seen record activity in recent years. 300 N LaSalle sold in 2014 for a then-record $850M, and 353 N Clark sold for $715M that same year. River North's office vacancy rate is among the lowest in the CBD, at 8.9% in Q4 2015. [Crain's]
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