RCA in the commercial property press:

Hines Sells Chicago's 3 First National Plaza for Nearly $350 Mil.

National Real Estate Investor reports: Chinese and Korean investors have agreed to buy the 1.4 million square foot, 57-story Three First National Plaza office complex in Chicago. Although Hines declined to disclose details, the transaction price was near $350 million, according to commercial real estate research firm Real Capital Analytics.

The buyer was a partnership of Downtown Properties, which is the US associate of Hong Kong-based Gaw Capital Partners, and a South Korean consortium.

Hines originally developed the property in 1981, and restructured the ownership in 2005, with ownership changing hands between Hines affiliates Hines-Sumisay (Sumitomo) Fund. The sale price recorded at that time was $245.3 million or about $170 per square foot.

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Posted by: Matthew Stone

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