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Built in 1972 to serve as IBM’s Chicago headquarters, the 52-story office tower at 330 North Wabash Avenue was the last American building designed by famed architect Ludwig Mies van der Rohe.
IBM sold the property to Blackstone Group in 1996, and moved out over the next decade. The skyscraper — now renamed AMA Plaza — has since changed hands a few times, and was most recently acquired by Boston-based Beacon Capital Partners for $470 million in 2016.
Last month, Beacon refinanced the office portion of the landmarked building — floors 14 and above — with a $370 million CMBS loan from Morgan Stanley and Goldman Sachs. Documents associated with the securitization provide an inside look at the property’s finances.
AMA Plaza’s 1.2 million square feet of office space is 94 percent occupied by 27 tenants, according to a rating report from Moody’s. Average underwritten base rent at the property is about $27.50 per square foot annually.
The largest tenant — and the building’s namesake — is the American Medical Association, which has had its global headquarters at the property since 2011 and occupies a quarter of the total office space. AMA is the country’s largest professional association for physicians.
Other major tenants include law firms Latham & Watkins and Swanson Martin & Bell, and association management company SmithBucklin, which is also headquartered at the property. Co-working firm WeWork, which leased 69,000 square feet at the building in 2018, rounds out the top five.
The five-star Langham Hotel, which opened in 2013 and occupies floors 2 through 13 of the tower, is not part of the collateral for the new financing.
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The skyscraper, which was added to the National Register of Historic Places in 2010, has undergone more than $150 million in renovations over the past decade, including a riverfront plaza, modernized amenities, and the hotel conversion of the lower floors.
China Investment Corporation, a sovereign wealth fund, was once reported to be near a deal to acquire the property for as much as $570 million in 2016. The previous owner was Chicago-based Riverview Realty Partners.
Beacon Capital Partners has a substantial footprint in Chicago’s office market, including properties at 1 North Dearborn, 190 South LaSalle, and 303 East Wacker.