Chicago’s State Street Office Tower for Sale

The 622,500-square-foot 515 N. State Street building in Chicago, also known as the AMA Building after its lead tenant, is for sale. The property is just north of Chicago’s Loop and west of North Michigan Ave.Completed in 1990, the building (pictured) has 29 stories of office space and is about 94 percent occupied. Besides the American Medical Association, which occupies roughly 60 percent of the building under a lease running for another seven years, much of the rest of the property is leased by the Accredited Council for Graduate Medical Education.Word of the offer broke late yesterday and by this morning potential buyers from various parts of the world had expressed interest, said Jamie Fink, managing director at the Chicago office of Holliday Fenoglio Fowler L.P., which has been tasked to sell the property. The building is currently owned by a group of German investors.”This is a core asset, and as such we’re getting a lot of interest in it already,” Fink told CPN this morning. “Both domestic and overseas investors have been in contact about the property.”Fink pointed out that the property is being offered with first mortgage financing that’s assumable by a potential purchaser. “In the current climate, that makes any property much more attractive,” he said. “Buyers still want to buy, but financing is tough.”