Chicago office sells for $467m
Beacon Capital Partners has acquired AMA Plaza, a 1.2 million-square-foot, class A office tower in Chicago, for $467.5 million. The seller was an affiliate of Five Mile Capital Partners.
HFF marketed the building on behalf of the seller and also arranged $304 million in financing for AMA Plaza.
The office building is 96 percent occupied. Tenants include the American Medical Association, Perkins +Will, ContextMedia and Latham & Watkins.
The Chicago office CBD market is performing positively, according to CBRE. The 2016 year-to-date net absorption already has exceeded the 2015 total net absorption, ending the third quarter at approximately 1.5 million square feet. Major contributors to the strong fundamentals continue to be technology and financial services businesses, as well as out-of-market relocations to the CBD.
Strong activity during the third quarter pushed the sale volume for institutional office properties in the Chicago CBD toward