Oct
19
Chicago “Building of the Year” Commands $468M
ByBeacon Capital Partners has acquired the 52-story AMA Plaza with the help of HFF.
AMA Plaza, Chicago
Chicago—An affiliate of Beacon Capital Partners LLC has acquired AMA Plaza, a 1.14 million-square-foot office building in downtown Chicago, from a joint venture between Riverview Realty Partners and Five Mile Capital Partners LLC, for $467.5 million.
“We have a value-add orientation with respect to investment returns we’re trying to achieve and we felt the value creation had been accomplished through the redevelopment and lease-up of the building,” Jeffrey Patterson, Riverview Realty Partners president & CEO, told Commercial Property Executive. “We had also done an interim financing along the way, which enhanced the returns and we felt we had maximized the return on the asset.”…
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