HFF closed the $467.5 million sale of AMA Plaza, a 1.2 million-square-foot, Class A, trophy office and adjacent 902-stall parking garage located on the Chicago River in the River North area of Chicago, Illinois.
HFF marketed the property on behalf of an affiliate of Five Mile Capital Partners (Five Mile), and procured the buyer, Beacon Capital Partners. Additionally, HFF worked on behalf of Beacon to secure the five-year, $304 million fixed-rate acquisition financing through Goldman Sachs.
Home to the American Medical Association, the 96-percent-leased AMA Plaza has a weighted average lease term of nearly 9.5 years. AMA Plaza is a LEED Gold-certified multi-tenant office building situated on top of a separately-owned, 316-room, five-star luxury Langham Hotel that was not included in the sale to Beacon Capital Partners.
AMA Plaza, through a recent $73.7 million base-building capital renovation plan, has been completely redeveloped with all new mechanical systems, elevators, HVAC, restrooms, corridors and a “Green Roof.” The property is virtually a new building within an elegant glass and steel façade.
Located on a 1.6-acre site in downtown Chicago on the banks of the Chicago River, AMA Plaza is a designated Chicago Landmark and listed on the National Register of Historic Places. The building is the last and largest American building designed by the renowned architect Ludwig Mies van der Rohe, who achieved visual richness through his meticulous choice of materials and minimalist design.
The HFF team representing the seller was led by senior managing directors Jaime Fink, Jeff Bramson, Mark Katz and Michael Kavanau, executive managing directors John Pelusi and Gerard Sansosti and associate director Patrick Shields. HFF’s debt placement team representing the borrower was led by managing directors Christopher Carroll and Timothy Joyce.
