Hines has announced that its U.S. Core Office Fund sold Three First National Plaza to Downtown Properties, the U.S. associate of Hong Kong-based Gaw Capital Partners, along with a South Korean consortium. Hines also announced that it will continue as property and leasing manager for the 57-story office tower at 70 West Madison, which the firm developed, and has managed and leased since 1981.
Financials on the deal were not disclosed.
Designed by Skidmore, Owings & Merrill, the 1.4 million-square-foot sawtooth tower features a nine-story glass atrium which houses a Henry Moore sculpture, Large Internal/External Form. The building is 92 percent leased.
Wells Fargo Securities Asia represented the buyer in the transaction, while Eastdil Secured represented Hines.
“Ongoing upgrades and enhancements to the property have enabled Three First National Plaza to continue to perform in the upper tier of Chicago buildings,” said Hines Senior Vice President Tom Danilek in a release. “We look forward to our new alliance with Downtown Properties as we continue our commitment to superior tenant service at the building.”