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Beacon Capital Now Buying AMA Plaza Offices In $470M Deal

Chicago Office

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]