AMA Plaza in central Chicago sells for $467.5m

Beacon Capital Partners has closed on the sale of AMA Plaza, located at 330 North Wabash Avenue, in downtown Chicago, for $467.5 million. The sale also includes the leasehold interest in the adjacent 12 story, 900 space public parking garage located at 401 N. State Street. AMA Plaza is 52 stories tall and contains approximately 1.14 million rentable sqf of office space. The building was designed by the renowned architect Ludwig Mies van der Rohe and completed in 1971. It was designated with landmark status by the City of Chicago and placed on The National Register of Historic Places by the National Park Service in 2008. AMA Plaza also includes a 5-star, 316 room Langham Chicago Hotel located on floors 2-13. The hotel is separately owned and was not included in the sale to Beacon Capital Partners. The property was sold by a joint venture between affiliates of Riverview Realty Partners and Five Mile Capital Partners. Holliday Fenoglio Fowler acted as the seller’s broker for the transaction and also assisted the buyer with its financing.

“We are pleased to announce the sale of AMA Plaza, which we believe is the largest Chicago CBD office asset sale in 2016 year-to-date,” said Jeffrey A. Patterson, Riverview Realty Partners’ President and CEO. “The property is in excess of 96 percent leased and we have completed our renovation of the building. When we commenced the releasing and repositioning of 330 N. Wabash, the building was only 39 percent occupied. We were able to lease the building to high quality tenants." He said the current tenant list includes The American Medical Association, the international law firm of Latham & Watkins, SmithBucklin Corporation, BDO USA LLP and Swanson, Martin & Bell.