NNN Lease Market News
The owners of the Willis Tower in Chicago, North America's tallest building, are looking to recapitalize or sell the property, in the latest sign of rising commercial-real-estate values in the country's top markets.
Office-building values have been rebounding strongly in markets like New York, Washington, D.C., and Chicago. Last summer, a Chicago office tower at 300 North LaSalle St. sold for $655 million, which came to about $500 a square foot, a record footage price for a Chicago office building. By comparison, the Willis Tower sold for about $244 a square foot in 2004.
Designed by the architectural firm Skidmore, Owings & Merrill for Sears, Roebuck & Company, the world’s largest retailer at the time, the 3.8 million RSF building is the preeminent office address in Chicago and one of the premier properties in the world. The Willis Tower provides an exceptional West Loop location, unparalleled views from all of the property’s highly efficient floors and unmatched prestige.
Sears Holdings Corporation (NASDAQ: SHLD) is the nation's fourth largest broadline retailer with over 4,000 full-line and specialty retail stores in the United States and Canada. Sears Holdings is the leading home appliance retailer as well as a leader in tools, lawn and garden, consumer electronics and automotive repair and maintenance.
http://online.wsj.com/article
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