JLL Arranges $296M Refinancing for Trophy Office Tower in Chicago’s River North

by Kristin Harlow

CHICAGO — JLL’s Capital Markets group has arranged a $296 million loan for the refinancing of 321 N. Clark, a 936,240-square-foot trophy office tower in Chicago’s River North submarket. The 35-story property was originally built in 1987 and underwent an $85 million renovation in 2019.

The office tower offers a riverfront location and is served by a variety of public transportation options. Amenities include a fitness center, tenant lounge, conference center, parking garage and bike parking. Lettuce Entertain You operates a restaurant and event space at the property. Tenants include the American Bar Association and Foley & Lardner.

“As today’s work environment continues to stress the importance of a healthy work-life balance, 321 N. Clark stands at the core of the city’s business and cultural districts, setting a standard for excellence to which all other office properties are compared,” says Keith Largay, senior managing director with JLL.

Largay, along with Danny Kaufman and Michael Halbach of JLL, represented the borrower, a joint venture partnership between Hines, American Realty Advisors (ARA) and Diversified Real Estate Capital LLC. The team placed the five-year, floating-rate loan with Nuveen Real Estate.

Dallas-based Hines is a privately owned global real estate investment firm that oversees a portfolio of assets under management valued at approximately $160.9 billion. Los Angeles-based ARA is a private equity real estate investment manager working on behalf of institutional capital with $10.1 billion in assets under management. Diversified has provided in excess of $1 billion of equity capital and looks to acquire or develop institutional quality assets.

— Kristin Hiller

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