CHICAGO-Vornado Realty Trust says that despite a major tenant signing at the property last year, it is not putting Merchandise Mart here on the market for sale.
Merchandise Mart is “just on the foothills of creating value,” Roth said in a conference call with analysts. New York City-based Vornado plans to keep and improve the 4.2-million-square-foot building “for the moment,” according to Chicago Real Estate Daily. “We expect there's a lot of value creation there,” he added.
Some in the real estate community have felt that after Vornado reached a deal last year with Google on a 572,000-square-foot lease to move its Motorola Mobility division to Merchandise Mart, the company would eventually look to sell the property. Vornado bought Merchandise Mart from the Kennedy family for $384 million in 1998. See story in ChicagoRealEstateDaily.
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