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.
