CHICAGO — Beacon Capital Partners has acquired AMA Plaza, a 1.2 million-square-foot office building and an adjacent 902-stall parking garage, for $467.5 million. The Class A asset is located in the River North neighborhood of Chicago.
The office component of the property is located above a 316-room Langham Hotel, which was not included in the sale. The hotel is housed on levels two through 13 of the building.
The LEED Gold-certified property is situated on the banks of the Chicago River, and is a designated Chicago landmark listed on the National Register of Historic Places. It is also the last and largest American building designed by German-American architect Ludwig Mies van der Rohe.
The building was 96-percent leased at the time of sale to tenants including the American Medical Association, the law firm of Latham & Watkins LLP, SmithBucklin Corp., BDO USA LLP and Swanson, Martin & Bell LLP.
Originally opened in 1973, the property recently underwent $73.8 million in renovations including the addition of all new mechanical systems, elevators, HVAC, restrooms and a green Roof.
Jaime Fink, Jeff Bramson, Mark Katz, Michael Kavanau, John Pelusi, Gerard Sansosti and Patrick Shields of HFF represented the seller, an affiliate of Five Mile Capital Partners, in the transaction.
Christopher Carroll and Timothy Joyce of HFF also worked on behalf of Beacon to secure a five-year, fixed-rate, $304 million acquisition loan through Goldman Sachs.
— Katie Sloan