HFF Closes $467.5 Million Sale and $304 Million Financing of Landmark AMA Plaza in Chicago
October 17 2016 - 4:17PM
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.
About HFF
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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161017006458/en/
HFFJaime Fink, 312-528-3650HFF Senior Managing
Directorjfink@hfflp.comorJeffrey Bramson, 312-528-3650HFF
Senior Managing DirectorManaging
Brokerjbramson@hfflp.comorChristopher Carroll,
312-528-3650HFF Managing Directorccarroll@hfflp.comorKristen
Murphy, 617-338-0990HFF Director,
Marketingkrmurphy@hfflp.com
Tidal Trust II (NYSE:HF)
Historical Stock Chart
From Jun 2024 to Jul 2024
Tidal Trust II (NYSE:HF)
Historical Stock Chart
From Jul 2023 to Jul 2024