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Angelo Gordon, Hines market Citadel Center in Chicago for up to $750M

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Angelo Gordon, Hines market Citadel Center in Chicago for up to $750M

Angelo Gordon & Co. LP and Hines Interests LP tapped HFF to market the Citadel Center office tower at 131 S. Dearborn St. in Chicago for between $700 million and $750 million, Crain's Chicago Business reported, citing Real Estate Alert.

The two partners made a $50 million equity commitment for a controlling interest in the 37-story, 1.5 million-square-foot office building in 2016 when its owners Robert Gans and Dearborn Capital faced an imminent default on a $472 million loan they secured against the property a decade earlier.

Following the acquisition, Angelo Gordon and Hines signed a deal with CWCapital to extend the loan maturity by four years and restructure it into a $400 million A-note and a $72 million B-note, the May 21 report added.

The tower is 87% leased. Two law firm tenants, Holland & Knight LLP and Perkins Coie LLP, are set to relocate from the property to new locations in the city over the next two years, the publication noted.