May 23, 2019
Add a partnership of Angelo, Gordon & Co. and Hines to the downtown office landlords that have put their properties up for sale. The partnership is seeking up to $750 million for the Citadel Center at 131 S. Dearborn St., Crain’s Chicago Business reported.
Angelo Gordon and Hines had acquired a controlling stake in the 1.5-million-square-foot office tower in 2016. At the time, its then-owners were facing imminent default on a $472-million loan, and the property was about to lose one of its largest tenants, law firm Seyfarth Shaw.
Currently, the Citadel Center is about 87% occupied, although two more law firm tenants are relocating to new construction. Along with the Citadel Center, which HFF is marketing for sale, other high-profile properties that have come to market recently include 500 W. Monroe St., the Chicago Board of Trade Building and a seven-building portfolio owned by Amtrust Realty.
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