Hearn Nabs 57-Story Chicago Skyscraper For $375M: Report

Law360, Chicago (June 4, 2014, 7:34 PM EDT) -- Hearn Co. is reportedly buying a 57-story skyscraper in Chicago’s Loop for $375 million from a group led by Hong Kong-based Gaw Capital Partners.

The price represents a 9 percent increase over what Gaw and its South Korean partners paid for the 1.4 million-square-foot Three First National Plaza in 2011, according to a Wednesday report in Crain’s, which cited unnamed sources close to the deal.

Chicago-based Hearn pounced on the deal even though occupancy at the skyscraper, located at 70 W. Madison St., has decreased slightly...
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