UPDATED, 5:25 p.m.: Hines Interests paid the Kennedy family $113 million for a pair of properties at the development site of the 60-story Salesforce Tower the two firms are building at Wolf Point along the Chicago River.
Houston-based Hines bought the properties at 333 West Wolf Point Plaza for $78 million and 325 West Wolf Point Plaza for $35 million, according to property records.
The Kennedy family sold the properties, according to documents, but specifics of the deal were unclear. Hines declined to comment. The Kennedy family could not be reached for comment.
The Kennedy family — beginning with its patriarch Joseph P. Kennedy — has owned the land for decades, and is a partner with Hines in the Salesforce Tower project, which will be a 1.2 million-square-foot office building at 333 West Wolf Point Plaza.
Construction on the tower began last year, and the massive project is expected to be completed in 2023.
San Francisco-based software giant Salesforce won the naming rights to the building by signing a 500,000-square-foot lease, where it will occupy 22 floors and a skydeck.
The Salesforce tower is Hines’ third project in the Wolf Point development. The other two are luxury apartment projects. They are the 509-unit 46-story residential building, known as Wolf Point West, at 343 Wolf Point Plaza; and a 698-unit, 60-story residential building, known as Wolf Point East, at 313 Wolf Point Plaza.
Hines also developed the 61-story Salesforce Tower in San Francisco. It was the city’s tallest and most expensive building upon completion in July 2017.
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