Opening in 1987, Quaker Tower (later rebranded 321 North Clark) served as Quaker Oats’ headquarters. When the owner of the building chose not to invest the capital required to renew Quaker Oats’ lease in 2000, the building entered a leasing freefall — going from 100% occupancy to 8%. Where others saw an empty, troubled asset, Hines saw an opportunity by recognizing the internationally acclaimed SOM architecture, the above-market amenity base with a connection to the Westin Hotel, and the rapidly improving live/work/play dynamic of the River North submarket. Hines partnered with NYSTRS to acquire the building in 2001 for $147 per square foot, then Hines implemented a strategic capital investment and comprehensive marketing plan, elevating the building to 94% occupancy and selling it for double the purchase price in 2006.
321 North Clark at Riverfront Plaza
Managing Risk -> Maximizing Value
