CHICAGO — Hines’ U.S. Core Office Fund sold Three First National Plaza to Downtown Properties, the U.S. associate of Hong Kong-based Gaw Capital Partners, along with a South Korean consortium.
The 57-story, 1.4 million sf building is 92 percent leased. Hines, which developed the building in 1981, will manage the property for the new owners.
Wells Fargo Securities Asia represented the buyer in the transaction, while Eastdil Secured represented Hines.
Three First National Plaza, designed by Skidmore, Owings & Merrill, is located at 70 West Madison Street in the center of Chicago’s business and financial community.