CHICAGO--(BUSINESS WIRE)--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 Chicago’s 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 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.
About Five Mile Capital Partners
Five Mile Capital Partners LLC (Five Mile) is an alternative investment and asset management company established in 2003. The firm specializes in real estate equity, debt products, structured finance, asset-based lending and financial services private equity. Five Mile's principals have significant experience, knowledge and skills relevant to the financial services industry and believe the cyclical and dynamic nature of the sector continually provides a broad opportunity for investments across the capital structure. The firm's headquarters are based in Stamford, Connecticut, with an office in New York City.
About Beacon Capital Partners
Beacon Capital Partners is a tenant-focused private real estate investment firm with a 70-year legacy of successful real estate development, ownership and management. Beacon has raised eight investment vehicles totaling over $12 billion in equity since 1998 from a diverse investor group including leading endowments, foundations, public, private and foreign pension funds, financial institutions, and sovereign wealth funds. This equity capital has fueled 150 office investments, including joint venture partnerships, with a projected total value of approximately $30 billion.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.