Hines has sold Three First National Plaza, an office building in downtown Chicago, to Downtown Properties for about $350 million, Commercial Real Estate Direct reports. Hines will continue to manage and lease the building, which was 92 percent rented as of June-end. The company financed its purchase with $141 million of debt from Northwestern Mutual Life Insurance Co. Eastdil Secured represented the seller in the deal, while Downtown Properties was represented by Wells Fargo Securities Asia.
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