When a joint venture involving Houston-based Hines Interests LP and a US pension fund paid $159 per sf -- $133.3 million – for the building just north of the Chicago River in April, the building was 98% occupied. It still is, but Quaker Oats and law firm Gardner Carton Douglas are vacating a combined 640,000 sf of the 840,000-sf River North tower next year.
There still is a gap, however, as the ABA won't occupy its space until June 2004.
Although terms were not released, Hines had been marketing the space at $24 per sf on a net basis, middle ground for Downtown class A office space. If applied to the ABA space and lease term, that would equate to $81 million.
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