Younan Loses Hancock Bid With Higher Price

CHICAGO-A bidder for the one million sf of office and retail space at the John Hancock Center tells GlobeSt.com that it had offered $5 million more than was accepted by owner Shorenstein Properties LLC in an agreement approved Friday. Zaya S. Younan, chairman and chief executive officer of Younan Properties Inc., says his Los Angeles-based firm was one of the bidders for the Hancock space at 875 N. Michigan Ave., offering $390 million. Instead, Shorenstein took a bid from a large institutional investor for $385 million.

“We offered more money than Goldman Sachs & Co.’s Whitehall Fund,” Younan says, “but we were told Friday that we didn’t get the deal. We know they offered attractive terms, such as requiring no due diligence, fast closing and all cash.”

Other bidders reportedly included Tishman Speyer, the John Buck Co. and Beitler Real Estate Corp., though none of the firms returned calls regarding the deal. A Shorenstein spokesman also would not confirm the deal, but did say a sale is close to happening. Goldman Sachs did not return calls for comment. Officials with locally based Golub Co., which reportedly would manage and lease the property, also did not return calls. New York-based Eastdil Secured, which usually does not comment on its transactions, handled the brokerage on behalf of Shorenstein.