Downtown Properties, the US associate of Gaw Capital Partners, a Hong Kong- based company along with a South Korean group have bought a Class A office building from Hines, which is located in the business district of Chicago.
181 Second Avenue was originally constructed in the late 1960’s and was recently renovated in 2005 – 2007, which brought the building to a new, modern standard. Credit: Downtown Properties
The 57 storey building known as Three First National Plaza and situated at 70 W. Madison St, in CBD Central Loop of Chicago is the second biggest property transaction managed by Downtown Properties in the USA on behalf of Institutional investors from Korea during the last two years. The property is presently leased to the extent of 92% and boasts notable tenants such as K&L Gates, Fitch Ratings and Morgan Stanley. The saw tooth tower boasting an area of 1.4 million sq ft., has a nine-storey glass atrium housing a sculpture of Henry Moore and a bigger sized internal/external form.
Downtown Properties while acting as a co-investor in the company also advises on the purchases. In South Korea, the role of asset manager is performed by Hyundai Asset Management. The Korean investing companies also form a part of the group of investors and along with Downtown Properties they have successfully assumed the ownership of the San Francisco located 333, Market Street property last year.
Wells Fargo Securities Asia performed the role of the advisor for the buy-side and Eastdil Secured acted as advisor to Hines and made arrangements for financing the acquisition.
Source: http://www.downtown-properties.com