Hancock owner studies sale
Hancock owner studies sale
Shorenstein retains firm to study options
By Robert Manor
Copyright © 2006, Chicago Tribune
Published August 11, 2006
The owner of the iconic John Hancock Center on Michigan Avenue is studying whether to sell the building or put it to other uses, sources close to the matter said Thursday.
Shorenstein Properties LLC of San Francisco has hired the real estate firm Eastdil Secured LLC to study its options, including a possible sale of the 100-story building at 875 N. Michigan Ave.
"We have been hired by Shorenstein to do that," said Eastdil spokeswoman Martha Wallau. She declined to comment further.
Shorenstein bought the building from the John Hancock Insurance Co. eight years ago for $220 million.
Completed in 1970, the Hancock includes 49 floors of residential condominiums, 888,458 square feet of office space, 152,897 square feet of retail space, 23,860 square feet of observatory on the 94th floor and 34,307 square feet of television and radio broadcast facilities. The building's roof is mounted with broadcast antennas.
The Hancock, visible from much of the city, was designed by Skidmore, Owings and Merrill with exterior cross-bracing to eliminate the need for internal support beams. This maximizes interior floor space.
At 1,127 feet, the Hancock is the third-tallest building in the city. It was the tallest until 1973, when it was surpassed, by 9 feet, by the Standard Oil Building, now known as the Aon Center. Sears Tower, at 1,451 feet, is the tallest.
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rmanor@tribune.com
Shorenstein retains firm to study options
By Robert Manor
Copyright © 2006, Chicago Tribune
Published August 11, 2006
The owner of the iconic John Hancock Center on Michigan Avenue is studying whether to sell the building or put it to other uses, sources close to the matter said Thursday.
Shorenstein Properties LLC of San Francisco has hired the real estate firm Eastdil Secured LLC to study its options, including a possible sale of the 100-story building at 875 N. Michigan Ave.
"We have been hired by Shorenstein to do that," said Eastdil spokeswoman Martha Wallau. She declined to comment further.
Shorenstein bought the building from the John Hancock Insurance Co. eight years ago for $220 million.
Completed in 1970, the Hancock includes 49 floors of residential condominiums, 888,458 square feet of office space, 152,897 square feet of retail space, 23,860 square feet of observatory on the 94th floor and 34,307 square feet of television and radio broadcast facilities. The building's roof is mounted with broadcast antennas.
The Hancock, visible from much of the city, was designed by Skidmore, Owings and Merrill with exterior cross-bracing to eliminate the need for internal support beams. This maximizes interior floor space.
At 1,127 feet, the Hancock is the third-tallest building in the city. It was the tallest until 1973, when it was surpassed, by 9 feet, by the Standard Oil Building, now known as the Aon Center. Sears Tower, at 1,451 feet, is the tallest.
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rmanor@tribune.com
posted by Carlos T Mock at 9:01 AM
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