MetLife sold the 110-story building for $865 million to New York-based 233 S. Wacker LLC, which includes Joseph Chetrit, Jeffrey Feil and Lloyd Goldman.

"An assignment of this magnitude and prestige will truly show the strength of our integrated service delivery platform," says CBRE senior managing director Jack Durburg.

"Our goal is to return the original luster and international prominence to the Sears Tower," adds CBRE asset services group managing director Sam Delisi.

However, Trizec Properties' dismissal follows renewals of large tenants in the past year, including Bank of America (177,000 sf), Unicare (150,000 sf), Chubb Insurance (110,831 sf), as well as smaller space holders. Those efforts, led by executive vice president Stephen Budorick, has kept occupancy hovering at 89%, above average in the slumping West Loop office market and disproving fears of mass exodus in the wake of Sept. 11, 2001.

"The leasing success that we've had in renewing and expanding the number of large tenants, particularly over the past year, speaks for itself," Trizec Properties senior vice president Rick Matthews tells GlobeSt.com. "For seven years we had the privilege of being associated with what many consider, and we certainly wouldn't disagree, to be the greatest office building in North America."

About 100 maintenance, security, engineering and customer service workers could be affected by the changeover. "We're hoping (CB Richard Ellis) is going to put as many of those people on as possible," Matthews says. "They'd be well-served to do so."

Instant Insights /

CBRE Replaces Trizec as Sears Tower Manager

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