MetLife sells Sears Tower to investor group for $835m.Only seven months after becoming the sole owner of Chicago's Sears Tower Sears Tower, Chicago, the world's third tallest building. Until the opening of the 1,483-ft (452-m) Petronas Towers (1997) in Kuala Lumpur, Malaysia, it was the world's tallest building. Constructed from 1970 to 1974 for Sears, Roebuck & Co. , New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of insurance giant Met Life, Inc. is selling the building to several New York investors for a reported $835 million. Two of the entrepreneurs, Jeffrey Feil and Joseph Chetrit, already have significant real estate holdings in Chicago. The 110-story 3.5 million s/f tower is presently the tallest in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , although the planned Freedom Tower at the World Trade Center site will be taller. A spokesman for Met Life, John Calagna, said the parties were under contract and expected to close sometime in the second quarter of this year. Calagna declined to provide specific details on the deal, citing a confidentiality agreement Met Life signed with the buyers. Met Life held a $766 mortgage on the tower and said the sale will result in a $90 million after-tax gain. The company has held some form of a mortgage on the tower since it began acquiring stake in 1990. In August, Met Life purchased the final remaining available shares of the building for $9 million from Trizec Properties, Inc., a Chicago real estate investment trust that continues to manage the building. "At the time that we received full control in August, we wanted be able to control what the destiny Destiny goddess of destiny of mankind. [Gk. Myth.: Kravitz, 78] See : Fate of the building would be," Calagna said. "We have a large real estate portfolio. We like to be in a position to manage it. "After evaluating the market, Calagna said, the company decided it was a optimal time to sell. "It's a very favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. marketplace for a sale of a very large property," Calagna said. "We decided we were going to attempt to sell it. What we found was significant interest in the building and obviously we're very pleased with the deal we have." Although Met Life remains active in the real estate marketplace, especially with its recent sale of 11 Madison Ave AVE Avenue AVE Average AVE Alta Velocidad Espanola (train between Madrid and Seville) AVE Alta Velocidad Española (Spanish: High Speed Train) AVE Audio Video Entertainment AVE Advertising Value Equivalent ., Calagna said that contrary to widespread speculation, the company had no plans to abandon its signature property at 200 Park Ave--the Met Life building. "We have no plans to sell 200 Park," Calagna said. Steven Livaditis, of Eastdil Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. , who handled the Sears Tower sale for Met Life, did not return a call seeking comment. Chetrit and Feil also did not return calls seeking comment. |
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