Owners of Sears Tower in Talks to Hand Skyscraper Over to Lender

By: Associated Press
By: Associated Press

Company officials say Trizec Properties Incorporated and Metropolitan Life Insurance Company are negotiating a deal.

Trizec spokesman Rick Matthews says if it's successful, control of the world's second-tallest building will transfer to the New York-based MetLife.

Matthews says no agreement has been reached, and he's unsure when the company will conclude negotiations.

Chicago-based Trizec has reportedly had trouble attracting tenants to the building in the two years following the September Eleventh terrorist attacks.

As a result, the property's market value has dropped below the value of the outstanding loans.

Sears Tower is saddled with about $760 million in debt, which comes due in July 2005.

23 WIFR 2523 North Meridian Road Rockford, IL. 61101 Business: 815-987-5300 Fax: 815-965-0981 News: 815-987-5330 Fax: 815-987-5333
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 386452 - wifr.com/a?a=386452
Gray Television, Inc.