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Freed Accedes, Keeps Stake at Sullivan Center

CHICAGO-Troubled developer Joseph Freed, who lost control of Block 37 in a public fight last year, will now only keep a small interest in the former Carson, Pirie, Scott redevelopment.

By Robert Carr | Updated on February 16, 2012

CHICAGO-Michael Ashner, chairman and CEO of Boston-based Winthrop Realty Trust, confirmed Thursday that his firm, in a partnership with Toronto-based Elad Canada Inc., has now taken over control of the Sullivan Center in downtown Chicago. The former Carson, Pirie, Scott and Co. headquarters was being redeveloped by the troubled developer Joseph Freed – and successfully at that, with Target slated to fill a lot of space as a retail anchor in October – but he was in default on the Sullivan, and the venture bought out his note in December.

Ashner tells GlobeSt.com that Freed will still play a significant part in the property. Joseph Freed & Associates will continue to handle property management at the one-million-square-foot building, and Jones Lang LaSalle will handle leasing, Ashner says. “If the property does well, per our deal, Freed also has a set participation in the profit,” he says.

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