Beacon Capital Now Buying AMA Plaza Offices In $470M Deal
The story of AMA Plaza's pending sale took an odd turn. LaSalle Investment Management and China Investment Corp agreed to acquire the landmark Mies Van Der Rohe-designed skyscraper in March for $570M. AMA Plaza is still changing hands, but not to the LaSalle-CIC JV...and not at nearly that price.
Instead, Beacon Capital Partners has agreed to buy the office portion (1.14M SF) and 900 parking spaces in the 1.2M SF building for $470M, Crain's reports. It will still be the largest deal of 2016 when completed, but the numbers aren't as eye-popping. Prime Realty Group (formerly Riverview Realty Partners) sold the second through 13th floors to Oxford Capital in 2008; Oxford opened the Hotel Langham in that space.
It's unknown why the LaSalle-CIC bid fell through. CIC has been busy putting skin in American real estate across the major markets, allocating 10% of its $740B fund to fund prime global real estate investments, and buying a stake in New York's One New York Plaza in May. [Crain's]