Chicago Office Tower Under Contract for $340M

Hines REIT, headquartered in Houston, has entered into a definitive agreement to sell the 896,502-square-foot 321 N. Clark at Riverfront Plaza in Chicago. On a recent SEC filing, the REIT listed the buyer as Diversified 321 North Clark LLC. Local media has confirmed the buyer as Chicago investor and developer Larry Levy, who owns Diversified Real Estate Capital.

Hines acquired the 35-story building in 2006 for $247.3 million and plans to keep a 5% stake after the sale. The tower is approximately 96% leased, with the largest tenants including American Bar Association and law firm Foley & Lardner.

According to the filing, the deal is anticipated to close in August.