Chicago-based HEARN, a 40 year veteran in the commercial real estate industry, has closed on the purchase of Three First National Plaza at 70 W. Madison Street in downtown Chicago in a joint venture with affiliates of GEM Realty Capital and Farallon Capital Management. Price and terms of the transaction were not disclosed.
Located in the heart of Chicago’s Central Loop submarket, Three First National Bank Plaza is a 57 story Class A asset that contains 1,439, 000 rentable square feet of prime office and retail space. The SOM designed office complex features an ornate nine-story atrium, an exterior façade clad in Carnelian granite, and connectivity to both CTA trains and the pedway.
“This was a trophy amongst trophies when it was developed, and it is our plan to return it to a “best in class” status,” said Stephen G. Hearn, HEARN president. “We have years of favorable execution in this market and have developed a solid reputation as a fair and forward thinking Landlord. Our program will be consistent with our past success and familiar to the real estate community: cosmetic exterior alterations, lobby rejuvenation, common areas renovations, amenity enhancements, and base building upgrades.”
Three First National Plaza has a long history of successfully serving the needs of many of Chicago’s most prestigious companies. Current major tenants include law firms K&L Gates and Ungaretti & Harris, Private Bank, Morgan Stanley, and Madison Dearborn Partners in the financial services sector, and Trustwave, a technology company.
