444 West Lake Street | Suite 1900 | Chicago, IL 60606

321 North Clark Chicago, IL

 
321 N Clark II

Property Type: Office

Funds Provided: $77,700,000

Investment Date: 2016

Structure: Sponsor Equity

Partner: Hines Interests

Deal Synopsis:

Diversified Real Estate Capital formed a joint venture with Hines to acquire a Class A, 35 story office building totaling approximately 897,000 SF on the north branch of the Chicago River. The tremendous appeal of River North and the newly completed Chicago Riverwalk has created demand from retail, residential and office tenants, resulting in increasing rental rates and building valuations. Diversified’ s business plan will increase value in the building through a $40 million renovation, which will include the existing office space, fitness room and common areas; extension of the credit leases comprising 55% of the office space; improvement of the building aesthetic through addition of a grand processional from Clark Street; and the activation of the lobby and below grade space into attractive high end retail uses, providing the building with additional amenities.