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Citadel Joins Other Class A Towers on the Sales Block

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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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition