The past two years were down dramatically from a record $6.5 billion in sales in 2015. Last year’s downtown office sales volume was $2.2 billion, according to Jones Lang LaSalle, down from $2.5 billion in 2016. However, many locals still refer to the landmark skyscraper as the Sears Tower. The Tribune reported last year that the office and parking owners were putting the property up for sale, with offers expected to potentially top $330 million.īut offers came in lower than hoped amid a continued slowdown in downtown Chicago office sales in 2017. The Willis Tower was renamed in 2009 after the insurance broker Willis Group Holdings leased the naming rights. Other portions of the property - including residential condominiums, retail and restaurant space, broadcast antennas and the 360 Chicago observatory - are owned separately. The group invested about $69 million on building upgrades and signing new leases. The group owns the 717-space parking garage on Floors 4 to 12 and about 908,000 square feet of offices on Floors 13 to 41. 5 As of April 2018, the building's largest tenant is United Airlines, which occupies around 20 floors. Local area residents still refer to the building by its old name. Mount Kellett is now an affiliate of New York-based Fortress Investment Group. The structure was known as the Sears Tower from its construction until the naming rights were included in a 2009 lease with the Willis Group. Hearn and its investment partners, Mount Kellett Capital Management and San Antonio-based Lynd Co., bought their portion of the tower for $140 million in 2013. In 1988, Sears Roebuck and Company sold and moved out of the building, but the Sears Tower name remained until 2009 when the building was renamed after the.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |