Beacon Capital Partners has quietly put Chicago’s Mies van der Rohe-designed AMA Plaza at 330 N. Wabash up for sale, turning a familiar riverfront landmark into one of the largest office listings in the city. The 52-story tower and its attached hotel have been under financial strain as lenders press for repayment, a very public example of how downtown office values are being reset.
According to CoStar, Beacon has hired brokers to market only the office portion of AMA Plaza. The June 30, 2026 CoStar report flagged the offering as a high-profile listing, given the tower’s architectural pedigree and sheer size.
A Mies landmark on the river
The building at 330 North Wabash is a 52-story, 695-foot International Style tower completed in 1972 and one of Ludwig Mies van der Rohe’s last American projects, according to the Chicago Architecture Center. In the 2010s, the lower 13 floors were converted into the Langham hotel, while the upper floors have remained in use as office space.
Owner, debt and foreclosure history
Beacon acquired the office portion of the tower in 2016 and refinanced it in 2021 with a roughly $370 million floating-rate loan, a setup that now helps explain why the asset is being shopped, The Real Deal reports. The loan went to special servicing in 2024, and a CMBS lender filed a foreclosure suit in November alleging roughly $372 million was owed. Beacon described the foreclosure action as “premature and inappropriate” and said it was in negotiations with the servicer.
Appraisal dive and occupancy squeeze
An updated appraisal last year cut the tower’s value by about 62 percent to roughly $208.5 million, part of a broader wave of valuation hits for large downtown buildings, according to Bisnow. Occupancy has slipped into the mid-80 percent range, shrinking cash flow and making a clean, easy sale that much tougher.
Receivership and the path to a sale
Lenders and special servicers have sought greater court oversight of the property. Filings this spring pulled the tower into the orbit of receivership proceedings, a stage that often speeds up lender-led sales or other loss-mitigation moves, The Real Deal reports. A court-appointed receiver, if one is put in place, could stabilize operations, solicit offers or coordinate a transfer, any of which would push the property more formally and visibly into the market.
What this means for Chicago’s office market
The AMA Plaza listing arrives as downtown investors and lenders continue to reprice big office assets, with discount buys and lender takebacks increasingly common, according to market data from Cushman & Wakefield. Any trade involving this 1.2 million-square-foot, mid-century tower will be watched closely as a test of appetite for large, older downtown buildings.
For buyers, a Mies-designed showpiece on the river is tempting, but will not come cheap to modernize and reposition. For lenders, a full-scale marketing process could be the fastest way to cap losses. Expect brokers, court filings and lender notices to offer the next hints on whether AMA Plaza ends up in an auction, a negotiated sale or a straight lender takeover.
