{"id":1004103241,"date":"2014-09-03T21:14:21","date_gmt":"2014-09-04T05:14:21","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=289264"},"modified":"2020-05-12T02:45:03","modified_gmt":"2020-05-12T10:45:03","slug":"hearn-acquires-1-4m-sq-ft-three-first-national-plaza-in-downtown-chicago","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hearn-acquires-1-4m-sq-ft-three-first-national-plaza-in-downtown-chicago\/","title":{"rendered":"Hearn Acquires 1.4M-Sq. Ft. Three First National Plaza in Downtown Chicago"},"content":{"rendered":"<p><em>By Ioana Neamt, Associate Editor<\/em><\/p>\n<p><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/09\/New-Three-First-National_lres_web.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-thumbnail wp-image-289265\" title=\"New Three First National_lres_web\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/09\/New-Three-First-National_lres_web.jpg\" alt=\"\" width=\"150\" height=\"150\" \/><\/a>In an effort to further expand its Chicago portfolio, Hearn has acquired the iconic Three First National Plaza office tower in a joint venture with GEM Realty Capital and Farallon Capital Management. According to <a href=\"https:\/\/www.chicagobusiness.com\/realestate\/20140604\/CRED03\/140609936\/after-hancock-buy-hearn-to-pay-375-million-for-loop-office-tower\" rel=\"nofollow\"><em>Crain\u2019s<\/em><\/a>, the property at 70 West Madison Street sold for about $375 million. Chicago-based Hearn acquired the property from Hong Kong-based Gaw Capital Partners, who paid $344 million for it in 2011.<\/p>\n<p>Three First National Plaza was designed by Skidmore, Owings &amp; Merrill and developed by Hines in 1981. Standing at 767 feet, the 57-story structure is one of Chicago\u2019s tallest and most iconic buildings.<\/p>\n<p>Clad in Carnelian granite and a brown-colored fa\u00e7ade, the building is a prime example of the Chicago school of architecture. The tower\u2019s tubular structure provides strong wind resistance, and the sawtooth geometry minimizes obstruction to nearby buildings. Additionally, the ornate nine-story atrium features \u201cLarge Internal-External Upright Form,\u201d a sculpture by famed British artist Henry Moore.<\/p>\n<p>According to <a href=\"https:\/\/www.rejournals.com\/2014\/09\/02\/hearn-acquires-three-first-national-plaza-in-joint-venture-partnership\/\" rel=\"nofollow\"><em>Real Estate Journals<\/em><\/a>, the Class A, LEED Silver Certified skyscraper features 1,439,000 square feet of office and retail space. Current tenants include Morgan Stanley Smith, Madison Dearborn Partners, Fitch Ratings and Barney. Stephen G. Hearn, president of Hearn Co., said that he intends to return the iconic property to a \u201cbest in class\u201d status, through multiple enhancements and alterations.<\/p>\n<p>The property at 70 W. Madison St. is not Hearn\u2019s first venture into the Chicago real estate market. The company also owns a part of the John Hancock Center, 55 W. Monroe Street, and 100 N. LaSalle St.<\/p>\n<p><em>Images courtesy of Hines<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In an effort to further expand its Chicago portfolio, Hearn has acquired the iconic Three First National Plaza office tower in a joint venture with GEM Realty Capital and Farallon Capital Management.<\/p>\n","protected":false},"author":192,"featured_media":1004505675,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21742],"tags":[],"class_list":["post-1004103241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Hearn Acquires 1.4M-Sq. Ft. Three First National Plaza in Downtown Chicago - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/hearn-acquires-1-4m-sq-ft-three-first-national-plaza-in-downtown-chicago\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hearn Acquires 1.4M-Sq. Ft. 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