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The Weekend Desk Report"Private equity giant Blackstone Group LP is in advanced discussions to buy the Willis Tower in Chicago, the country's second-tallest skyscraper, for about $1.5 billion according to a person briefed on the talks," the Wall Street Journal reports. "If completed, it would be by far the highest price paid ever for a building in Chicago, and well above the $841 million that the iconic black tower - formerly known as the Sears Tower - last traded for in 2004 when it was sold to a group that includes New York investors Joseph Chetrit and Joseph Moinian." I can speak for all Chicagoans when I say I hope they change the name back. Maybe we can do a Kickstarter to acquire the naming rights. * "A new owner will have upside on potential naming rights of the Skydeck, as well as for the tower's name," Crain's reports. "Willis [Holdings] pays a below-market $1 million per year to have its name and signage on the building . . . although it's unclear how much it would cost to buy out Willis' contract." * The Tribune's Phil Rosenthal on the name game. * I think that's all most Chicagoans care about when it comes to this deal, but there are a few other interesting aspects. "Willis Tower has several regular revenue streams unique to its building," the Tribune reports. "Its Skydeck on the 103rd floor reaped about $25 million in admissions revenue in 2014, an amount that has been climbing annually. Its broadcast antennas brought in more than $13 million in the 12 months ended in November." * "Along with the distinction of owning one of the world's best-known pieces of real estate comes control of a property that reaps about $10,000 of income every hour," Crain's says. * "The 1,451-foot tower is often viewed within Chicago as second-tier real estate despite its soaring views and height, given that much of the city's top-quality property is concentrated on the other side of the Chicago River and closer to Lake Michigan," the Journal says. Tallest second-tier real estate ever. - The Beachwood Radio Hour This Week In Chicago Rock Beachwood Sports Radio: Bears Get Boring - The Sound Opinions Weekend Listening Report: "Jim and Greg don their stethoscopes for another installment of Rock Doctors. This time they help a newly divorced patient in need of a jolt of musical adrenaline. Then they review the new album from New Jersey punk band Screaming Females." - TweetWood
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- The Weekend Desk Tip Line: Squiddish. Posted on March 7, 2015 |
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