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Sears Tower showdown; Investors pressure Trizec to walk away from deal.(News)(Trizec Properties Inc.)
Crain's Chicago Business, October, 2002 by Gallun, Alby
Byline: ALBY GALLUN Trizec Properties Inc. is facing increasing pressure from Wall Street to walk away from its investment in the Sears Tower. Trizec is scheduled to take legal title to the 110-story building on Jan. 1, about five years after completing a complex transaction that gave the company control, but not ownership, of the skyscraper on South Wacker Drive.
Yet holding the title also means the New York-based real estate investment trust (REIT) must assume a first mortgage valued at about $800 million-possibly more than the property is worth. Concerned about Trizec's already-high debt levels, some analysts contend the company should simply hand the building's title over to its lender, Metropolitan Life Insurance Co., write off its original...
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