Saturday, June 14, 2008
According to an article in the Chicago Tribune, the owners of Chicago's second tallest building, the John Hancock Center, may sell off some of the building in pieces.
Specifically, they are thinking of selling:
1. Retail space ( floors 1-2 and the plaza level)
2. Observation deck (floor 94)
3. The famous Signature Room restaurant (floors 95-96)
Some real estate experts think this will be a growing trend, because the credit crisis might make it harder for building owners to find buyers who can finance a whole purchase.
Also, the parts can be worth more when separated from the whole. In the case of the Hancock building, the 94th floor observation deck has 600,000 visitors a year - making it one of the state's biggest tourist attractions (an adult admission costs $15).
One estimate is that the retail space, observation deck, and restaurant could bring in a total of $200 million.
Labels: Real Estate