American Bar Association renews large lease at 321 North Clark

The building is owned by a JV between Diversified Real Estate Capital and American Realty Advisors

321 North Clark at Riverfront Plaza (Credit: Hines)
321 North Clark at Riverfront Plaza (Credit: Hines)

Hines has renewed the American Bar Association’s lease at 321 North Clark Street.

The 161,000-square-foot spread covers the 17th through 22nd floors of the 35-story building in River North.

The roughly 900,000-square-foot building is owned jointly by Chicago-based Diversified Real Estate Capital and Los Angeles-based American Realty Advisors. Hines, which had previously owned a larger stake in the building, retains a minority ownership stake and handles the building’s leasing and management.

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The ABA has had its home at 321 North Clark since 2004, and Savills Studley has represented the organization on leases in the building twice prior to this deal. The brokerage was also tapped by the ABA to help arrange the sale of its former Washington, D.C. headquarters building in 2011.

The deal included a tenant improvement allowance and the ABA relinquishing control of a portion of ground floor space to make way for a new riverfront restaurant and entertainment complex that was first announced earlier this month.

Savills Studley’s Eric Feinberg, John Goodman, Joe Learner, Renae Bradshaw and Rich Dale represented the ABA, and Hines’ Brian Atkinson and Patrick Philbin were on the landlord side of the table. –Scott Klocksin