Beacon Capital Partners Seals $ 370 Million CMBS Refi for Chicago’s AMA Plaza


Morgan stanley and Goldman Sachs provided a loan of $ 370 million to Beacon Capital Partners for AMA Square – a 1.2 million square foot trophy office tower in 330 North Wabash in Chicago, learned Commercial Observer.

Funding is secured by the waterfront tower office component, while The Langham Chicago a five-star luxury hotel that occupies floors two through thirteen – is not part of the loan guarantee.

Eastdil secure‘s Grant Frankel and Sam Supple negotiated the five-year variable rate loan, sources said, which will have a single asset, single borrower CMBS (SASB) execution. A spokesperson for Eastdil Secured declined to comment.

The deal marks one of the biggest office grants to close since the pandemic began 15 months ago.

The 52-story building was constructed in 1973 and is the last structure designed by famous architect Ludwig Mies van der Rohe, who died in 1969, before construction began. It is in a prime location on the Chicago River, overlooking the cityscape and Lake Michigan, and within walking distance of The Chicago Mall on North Michigan Avenue, Millennium Park and the city’s business district.

It was formerly known as IBM Place until the tech company sells it to black stone in 1996. In 2011, the American Medical Association moved its head office to 330 North Wabash and the building was renamed AMA Square. Beacon Capital Partners acquired the asset in 2016, paying approximately $ 470 million according to a Crain’s Chicago Business article at the time.

Today, the building – which was declared a Chicago Historic Landmark in 2008 – is 94% leased to various tenants, including its namesake. and law firm Latham & Watkins.

The Langham Chicago opened in 2013 and is still recognized as one of the best hotels in the United States today. Its 268 rooms and 48 suites feature floor-to-ceiling windows and it offers numerous dining options in addition to high-end amenities such as a spa and swimming pool.

As for the office component, moviegoers may recognize the building from Christoper Nolanthe 2008 film, “The black Knight.” AMA Plaza served as the headquarters of Wayne Enterprises as well as the offices of Mayor and Police Commissioner Harvey Dent. Fuckin ‘smoke, Batman!

Officials from Morgan Stanley, Goldman Sachs and Beacon Capital could not immediately be reached for comment on Wednesday evening.

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