{"id":1004542609,"date":"2021-07-08T04:30:20","date_gmt":"2021-07-08T12:30:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004542609"},"modified":"2022-12-09T02:18:07","modified_gmt":"2022-12-09T10:18:07","slug":"jv-gets-296m-refi-for-chicago-office-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jv-gets-296m-refi-for-chicago-office-tower\/","title":{"rendered":"JV Gets $296M Refi for Downtown Chicago Office Tower"},"content":{"rendered":"
\"\"<\/a>

321 N. Clark St. in Chicago. Image courtesy of JLL<\/p><\/div>\n

A joint venture of Hines, American Realty Advisors and Diversified Real Estate Capital received a $296 million refinancing for 321 N. Clark, a 936,240-square-foot office tower in Chicago\u2019s River North. Working on behalf of the borrower, JLL\u2019s Capital Markets group secured the five-year, floating rate loan through Nuveen Real Estate.<\/p>\n

Sited on the north bank of the Chicago River, the Class A building is served by multiple transit options, including a seasonal water taxi and shuttle bus service between the building and Ogilvie and Union train stations. In addition, the CTA\u2019s Brown, Green and Orange lines are within a five-minute walk. The building is also just minutes from I-90, I-94 and I-290 and Lakeshore Drive.<\/p>\n

\n

READ ALSO:<\/strong> High-Quality Office Product Generates Heightened Investor Interest<\/a><\/p>\n

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The 35-story tower was originally built in 1987 and underwent an $85 million renovation in 2019. The updates included lobby renovation, a four-tier riverfront restaurant and event space operated by Lettuce Entertain You, elevator modernization, and the addition of an amenity floor featuring a fitness center and tenant lounge.<\/p>\n

The building also features a 168-space parking garage, conference center and bike parking. Notable tenants include the American Bar Association and Foley & Lardner. In addition, 321 N. Clark is LEED Gold-certified, according to CommercialEdge.<\/p>\n

JLL\u2019s Capital Markets team representing the borrower was led by Senior Managing Directors Keith Largay and Danny Kaufman, with support from Analyst Michael Halbach.<\/p>\n

Signs of recovery <\/strong><\/h2>\n

Based on office-specific metrics as well as measures encompassing commuting and employment, JLL estimates that Chicago\u2019s office market has recovered 57 percent in comparison to an average week in 2019. At 27.5 percent, physical occupancy levels in Chicago\u2019s offices have hit a high point since the pandemic started, in addition to which leasing transactions are up, according to the second-quarter report.<\/p>\n

In River North specifically, Class A space has a total vacancy of 13.5 percent, on an inventory of 9.6 million square feet. The average direct asking rent is $49.62, according to JLL.<\/p>\n

In February of last year, EQ Office signed Affirm Inc. to an approximately 57,000-square-foot lease at 350 N. Orleans St.<\/a>, several blocks west of 321 N. Clark St.<\/p>\n","protected":false},"excerpt":{"rendered":"

JLL\u2019s Capital Markets group secured the loan on behalf of Hines, American Realty Advisors and Diversified Real Estate Capital.<\/p>\n","protected":false},"author":882,"featured_media":1004542614,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21808,21825,13,21742,21747],"tags":[33222,39300,32797,44006],"class_list":["post-1004542609","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-featured","category-finance","category-midwest","category-latest","category-office","tag-american-realty-advisors","tag-diversified-real-estate-capital","tag-hines","tag-jll-capital-markets"],"acf":[],"yoast_head":"\nJV Gets $296M Refi for Downtown Chicago Office Tower - 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\/jv-gets-296m-refi-for-chicago-office-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JV Gets $296M Refi for Downtown Chicago Office Tower\" \/>\n<meta property=\"og:description\" content=\"JLL\u2019s Capital Markets group secured the loan on behalf of Hines, American Realty Advisors and Diversified Real Estate Capital.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/jv-gets-296m-refi-for-chicago-office-tower\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-08T12:30:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:18:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/321-N.-Clark-St.-in-Chicago.-Image-courtesy-of-JLL-large.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jv-gets-296m-refi-for-chicago-office-tower\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/jv-gets-296m-refi-for-chicago-office-tower\/\",\"name\":\"JV Gets $296M Refi for Downtown Chicago Office Tower - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jv-gets-296m-refi-for-chicago-office-tower\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jv-gets-296m-refi-for-chicago-office-tower\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/321-N.-Clark-St.-in-Chicago.-Image-courtesy-of-JLL-large.jpg\",\"datePublished\":\"2021-07-08T12:30:20+00:00\",\"dateModified\":\"2022-12-09T10:18:07+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jv-gets-296m-refi-for-chicago-office-tower\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/jv-gets-296m-refi-for-chicago-office-tower\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/jv-gets-296m-refi-for-chicago-office-tower\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/321-N.-Clark-St.-in-Chicago.-Image-courtesy-of-JLL-large.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/321-N.-Clark-St.-in-Chicago.-Image-courtesy-of-JLL-large.jpg\",\"width\":1200,\"height\":900,\"caption\":\"321 N. 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