Hearn Acquires 1.4M-Sq. Ft. Three First National Plaza in Downtown Chicago
- Sep 04, 2014
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 Crain’s, 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.
Three First National Plaza was designed by Skidmore, Owings & Merrill and developed by Hines in 1981. Standing at 767 feet, the 57-story structure is one of Chicago’s tallest and most iconic buildings.
Clad in Carnelian granite and a brown-colored façade, the building is a prime example of the Chicago school of architecture. The tower’s tubular structure provides strong wind resistance, and the sawtooth geometry minimizes obstruction to nearby buildings. Additionally, the ornate nine-story atrium features “Large Internal-External Upright Form,” a sculpture by famed British artist Henry Moore.
According to Real Estate Journals, 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 “best in class” status, through multiple enhancements and alterations.
The property at 70 W. Madison St. is not Hearn’s 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.
Images courtesy of Hines