(CHICAGO, IL) – Hines, the international real estate firm, announced today that its U.S. Core Office Fund sold Three First National Plaza to Downtown Properties, the U.S. associate of Hong Kong-based Gaw Capital Partners, along with a South Korean consortium.
Hines also announced that it will continue as property and leasing manager for the 57-story office tower, which the firm developed, and has managed and leased since 1981.
Financials on the deal were not disclosed.
Three First National Plaza is located at 70 West Madison Street in the center of Chicago’s business and financial community.
Designed by Skidmore, Owings & Merrill, the 1.4 million-square-foot sawtooth tower features a nine-story glass atrium which houses a Henry Moore sculpture, Large Internal/External Form.
The building is 92 percent leased.
Wells Fargo Securities Asia represented the buyer in the transaction, while Eastdil Secured represented Hines.
"Ongoing upgrades and enhancements to the property have enabled Three First National Plaza to continue to perform in the upper tier of Chicago buildings,” said Hines Senior Vice President Tom Danilek.
“We look forward to our new alliance with Downtown Properties as we continue our commitment to superior tenant service at the building.”
“Three First National Plaza has been an excellent performer for our Hines U.S. Core Office Fund investors,” said Charles Hazen, president of the fund.
“We are pleased with this sale as we balance our portfolio holdings to meet future objectives.”
Hines entered the Chicago real estate market in 1981 with the development of Three First National Plaza.
Its Chicago-area portfolio of owned and managed properties currently totals approximately 10 million square feet, and includes One South Dearborn, One North Wacker, 300 North LaSalle and the Citadel Center.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,126 properties representing more than 459 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments.
With offices in 106 cities in 17 countries, and controlled assets valued at approximately $23.7 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems.
Visit www.hines.com for more information.