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AMA Plaza Is 2016's First Eye-Popping Office Deal

Chicago Office

After a record volume year for downtown office sales, 2016 has been met by crickets, mostly. That could change with the news that a JV led by LaSalle Investment Management is acquiring AMA Plaza for an eye-popping $570M.

Riverview Realty Partners bought AMA Plaza for $239M in 1999, and improved its status as a marquee asset by luring the American Medical Association to the 52-story building in 2013, along with naming rights, Crain's reports. AMA Plaza is also home to the Hotel Langham, the law firm of Latham & Watkins and management company SmithBucklin. Those two firms, along with the AMA, lease a combined 550k SF of the building's 1.2M SF footprint.

The Mies van der Rohe-designed tower is 95% leased, with an average lease term of nine years. [Crain's]