CHICAGO, July 7, 2021 /PRNewswire/ -- JLL announced today that its Capital Markets group arranged a $296 million refinancing for 321 N. Clark, a 936,240-square-foot trophy office tower in Chicago's River North submarket.
JLL worked on behalf of the borrower, a joint venture partnership of Hines, American Realty Advisors and Diversified Real Estate Capital, LLC, to secure the five-year, floating-rate loan through Nuveen Real Estate.
Situated along the banks of the Chicago River, 321 N. Clark offers a premier riverfront location with immediate access to the financial, entertainment, technology and residential districts of the city. The property is served by a variety of public transportation options, including a seasonal water taxi and shuttle bus service between the building and Ogilvie and Union train stations; Brown, Green and Orange Line service within a five-minute walk and multiple bus line stops. Additionally, 321 N. Clark is just minutes from Interstates 90, 94 and 290 as well as Lakeshore Dr.
The 35-story office tower was originally built in 1987 and underwent an $85 million renovation in 2019, which positioned the property as a premier destination for today's tenants. The updates included reimagining and renovating the lobby and incorporating a four-tier riverfront restaurant and event space operated by Lettuce Entertain You, modernizing the elevators and cab design and adding an amenity floor featuring a state-of-the-art fitness center and modern tenant lounge. 321 N. Clark also features a 168-space, on-site parking garage, conference center and bike parking. The property is leased to a diverse and notable tenant roster which includes the American Bar Association and Foley & Lardner.
JLL's Capital Markets team representing the borrower was led by Senior Managing Directors Keith Largay and Danny Kaufman with support from Analyst Michael Halbach.
"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," Largay noted.
"The strength of Hines, ARA and Diversified as the borrower in tandem with the quality of 321 N. Clark attracted a truly exceptional amount of interest from the lending community," Kaufman added.
JLL's Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 240 cities in 27 countries. Hines oversees a portfolio of assets under management valued at approximately $160.9 billion¹, including $81.7 billion in assets under management for which Hines serves as investment manager, and $79.2 billion representing more than 172.9 million square feet of assets for which Hines provides third-party property-level services. Historically, Hines has developed, redeveloped or acquired approximately 1,450 properties, totaling over 485 million square feet. The firm has more than 180 developments currently underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information. ¹Includes both the global Hines organization as well as RIA AUM as of December 31, 2020.
About American Realty Advisors
American Realty Advisors ("ARA"), headquartered in Los Angeles, CA, is a private equity real estate investment manager working on behalf of institutional capital and has over $10.1 billion in assets under management. Through a series of offerings of core, core-plus, and value-add strategies, including equity, debt, preferred equity, and mezzanine and hybrid debt, ARA invests in a wide range of opportunities in office, retail, industrial, residential, and other property types nationwide. ARA's portfolio spans 40 markets across the United States, including a long investment history in the Chicago area with seven current investments. ARA has a full-service office in Chicago in addition to offices in New York, Orlando, Philadelphia, and San Francisco. More information regarding ARA can be found at aracapital.com.
About Diversified Real Estate Capital, LLC
Since 2003, Diversified Real Estate Capital, LLC, led by Lawrence Levy, Jeffrey Cherner and Michael Miller, has been a national leader in providing equity capital and expertise to top tier commercial real estate organizations. The company offers its partners real estate expertise in management, renovation, development, financing, leasing and strategic re-positioning to help them realize the highest long-term value on their investments. Diversified Real Estate Capital has participated in excess of $4 billion in commercial real estate transactions providing in excess of $1 billion of equity capital. The company looks to acquire or develop institutional quality assets focused on office, retail, multi-family, industrial, residential and mixed-use properties in urban areas of major U.S. markets.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Contact: Kristen Murphy, JLL Senior Manager, Public Relations
Phone: +1 617 848 1572
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