New owners try to conquer space; Quaker Tower vacancies loom large.(Hines Interests L.P.)(Brief Article)(Statistical Data Included)

The new owners who took over Quaker Tower this spring will have their work cut out for them as they begin the hunt to fill 74% of the building's leased office space.

A joint venture led by Hines Interests L.P., a Houston-based real estate development firm, purchased the 35-story office tower at 321 N. Clark St. last fall for a reported $133.3 million, or about $155 per square foot.

The 14-year-old building was for sale at various times during the past three years, as Shuwa Riverfront L.P., the Japan-based former owner, hustled to liquidate its Chicago holdings.

The 74% vacancy will occur when the building's two biggest tenants depart. Original anchor Quaker Oats Co. will …