Lincoln, Illinois Teachers Buying Midtown Plaza
Want to get a jump-start on upcoming deals? Meet the major Atlanta players at one of our upcoming events!
A bunch of educators in Illinois really like a pair of Midtown office towers.
Sources tell us that Midtown Plaza is under contract with Lincoln Property Co with funds from Illinois Teachers Retirement System for an undisclosed price. The 500k SF, two-tower complex at 17th and Peachtree streets was put on the block late last year by Tishman Speyer after the firm restructured a $65M CMBS loan when it brought on Rialto Capital Management as a partner in 2012. Tishman Speyer has since improved occupancy, as we previously reported here. Sources say the building could sell for $95M. Officials with Lincoln and Tishman declined to comment, and officials with Eastdil Secured (which has been marketing the buildings) were unavailable for comment.