JLL arranges $296m refinancing for Chicago office tower

JLL arranges $296M refinancing for Chicago office tower
321 N. Clark

JLL Capital Markets has arranged a $296 million refinancing for 321 N. Clark, a 936,240-square-foot trophy office tower in Chicago’s River North submarket.

JLL worked on behalf of the borrower, a joint venture partnership of Hines, American Realty Advisors and Diversified Real Estate Capital, LLC, to secure the five-year, floating-rate loan through Nuveen Real Estate.

Situated along the banks of the Chicago River, 321 N. Clark offers a premier riverfront location with immediate access to the financial, entertainment, technology and residential districts of the city.

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The property is served by a variety of public transportation options, including a seasonal water taxi and shuttle bus service between the building and Ogilvie and Union train stations; Brown, Green and Orange Line service within a five-minute walk and multiple bus line stops. Additionally, 321 N. Clark is just minutes from Interstates 90, 94 and 290 as well as Lakeshore Dr.

The 35-story office tower was originally built in 1987 and underwent an $85 million renovation in 2019. The property is leased to a diverse and notable tenant roster which includes the American Bar Association and Foley & Lardner.

JLL’s Capital Markets team representing the borrower was led by Senior Managing Directors Keith Largay and Danny Kaufman with support from Analyst Michael Halbach.