New York City-based MetLife already holds the first mortgage on the asset, which is currently burdened with a reported $760 million in debt. Nevertheless, the building is nearly 90% leased. Last year, the value of the building was indicated by Trizec, through its right down, at just over $800 million.
In a prepared statement, Trizec stated that: "Because Trizec is not assuming ownership of Sears Tower, the Company will not be adding to its balance sheet the approximately $766 million of mortgage debt (including principal and accrued interest) that previously had been anticipated." The 100-story Sears Tower was built in 1973 on a design by architect Skidmore, Owings & Merrill.
Details on the sale will follow.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
