By Steve Rhodes
“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.
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“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.”
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The Tribune’s Phil Rosenthal on the name game.
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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.”
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“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.
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“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.
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The Beachwood Radio Hour
In production!
This Week In Chicago Rock
In production!
Beachwood Sports Radio: Bears Get Boring
Bears stripping team of drama queens. Segments include: Bye Bye Brandon; Who The Hell Is E’Twaun Moore?; The Big Boy Blackhawks; Free Tony Campana!; Joe Maddon Is A Madman; The Mesmerizing Minnie Miñoso; and The Chicago Fire Do Some Stuff.
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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.”
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TweetWood
The Obama Administration is actively misleading the public about Fast Track and the #TPP. We debunk their lies: https://t.co/KSALKVCTQr
— EFF (@EFF) March 6, 2015
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Bush and Cheney did this CIA power grab shit back door. Obama is authorizing it on the front porch.
— jeremy scahill (@jeremyscahill) March 7, 2015
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Obama is presiding over one of the most epic normalizations of a CIA power grab in history.
— jeremy scahill (@jeremyscahill) March 7, 2015
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We will look back on what Brennan is doing as a dangerous policy shift that the “Most Transparent Administration in history” rubber-stamped
— jeremy scahill (@jeremyscahill) March 7, 2015
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“Sneed scoop” rhymes with “poop.”
— Beachwood Reporter (@BeachwoodReport) March 7, 2015
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Moody’s downgrades Rahm to junk status.
— Beachwood Reporter (@BeachwoodReport) March 7, 2015
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“Rare, 80-million-year-old fossils of squid, octopus found in Japan” | Discovered through College of DuPage dining receipts
— Beachwood Reporter (@BeachwoodReport) March 7, 2015
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The Weekend Desk Tip Line: Squiddish.
Posted on March 7, 2015