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United States : HFF closes $467.5 million sale and $304 million financing of landmark AMA Plaza in Chicago.

Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $467.5 million sale of and arranged $304 million in financing for 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, fixed-rate acquisition financing through Goldman Sachs.

Home to the American Medical Association, the 96-percent-leased AMA Plaza boasts a roster of internationally-recognizable, high-quality tenants with a weighted average lease term of nearly 9.5 years. The 52-story building is one of Chicagos premier office towers. 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 faade. 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. HFFs debt placement team representing the borrower was led by managing directors Christopher Carroll and Timothy Joyce.

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Publication:Mena Report
Geographic Code:1U3IL
Date:Oct 18, 2016
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