The John Hancock Center Sale May Command $330M Bids
The owners of Chicago's third-tallest building are seeking a buyer. Hearn Co. retained Eastdil Secured to entertain bids for the office and parking components of the John Hancock Center. A buyer may also reserve the rights to rename the building, the Chicago Tribune reports.
Hearn and its partners in the building, Lynd Co. and Mount Kellett Capital Management, acquired the 96-story building four years ago for $140M, and added $69M in capital improvements. Hearn secured $210M in refinancing for the Hancock Center from Mesa West in January 2016.
Reports that Hearn would put the building on the market date back to March 2015, and started gaining steam last spring. Hearn CEO Stephen Hearn said a sale could command $330M bids. The new owner then could sell the Hancock’s naming rights, which could generate $1.5M in revenue annually. The civic outcry if the 49-year-old building gets a name change may rival that of Sears/Willis Tower.