Ever since JC Penney filed for bankruptcy earlier this month, rumors have swirled around potential buyers. The latest—and most dissected by insiders—is Amazon.

Habib American Bank has bought the Lord Memorial Building and may use it as a headquarters.

A carve-out for vacant properties lets investors avoid the "substantially improve" requirement, to save millions in development fees.

The bar group's president said the deal was being terminated after the buyer "failed to attend or tell us they weren't going to be there" at a virtual real estate closing.