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.
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or email@example.com.