Business Services Industry
Sears Tower in Chicago
Real Estate Alert, March 17, 2004
An investment group involving New York investors Jeffrey Fell and Lloyd Goldman agreed to purchase the 3.8 million-square-foot Sears Tower in downtown Chicago for about $835 million, or $220/sf. At that price, the buyers' initial yield would be about 7.8%. The partners made a pre-emptive offer about a month before formal offers were due.
Eastdil Realty brokered the listing on behalf of Metropolitan Life, which took title to the building last August from Trizec Properties. The famed 110-story tower is 89% occupied. Beacon Capital also chased the deal.
COPYRIGHT 2004 Harrison Scott Publications, Inc.
COPYRIGHT 2008 Gale, Cengage Learning
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