Three First National Plaza Acquired

Munger, Tolles & Olson real estate attorneys represented 3FNP in connection with its acquisition of Three First National Plaza. The deal closed August 26. 

The Three First National Plaza is a 57-story office building that sits on a 1.06-acre parcel in downtown Chicago. The 30-year-old building has 1.4 million square feet. According to published reports, the purchase price was approximately $350 million.

3FNP is a newly formed entity for which indirect equity owners include Downtown Properties Holdings, LLC, a Los Angeles developer affiliated with Gaw Capital, and U.S. and Korean REITs, which were formed in connection with the transaction to facilitate tax-efficient equity investments by several Korean pension funds, including the Korean Teachers' Credit Union.

Munger Tolles attorneys O’Malley M. Miller and Brian R. Hochleutner represented 3FNP.