Hyatt Headquarters For Sale
CHICAGO, IL, October 10, 2006. In a move symbolic of the coming dissolution of the Pritzker empire, Chicago's richest family is putting its architecturally acclaimed headquarters building at 71 S. Wacker Dr. up for sale.
The Pritzkers are hoping an 85 percent stake in the 48-story Hyatt Center, designed by architect Henry Cobb of Pei Cobb Freed, will fetch about $600 million, far above its $225 million construction cost, a source familiar with the discussions said. But the sleek stainless steel-and-glass tower could sell for much more than that, real estate experts say.
The market for high-quality commercial real estate is extremely hot right now, and bidders are willing to pay up for signature properties.
'In this type of market, a high-quality property--21st Century construction with triple-A tenants--is a home run,' said Dan Fasulo, director of market analysis for Real Capital Analytics, which tracks real estate sales around the country.
'There is unlimited capital searching for assets like this. There will be significant interest from U.S. and foreign investors.'
The auction comes as Thomas Pritzker, chief executive of the Pritzker Organization, is being pressed by his siblings and cousins to move faster to liquidate the family's $15 billion-plus empire, which includes the Hyatt hotel chain.
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