"I can't comment on the final negotiations [to acquire thesite]," Higgins told GlobeSt.com, "except to say that we are in thefinal negotiations." Reportedly, the Pritzkers have signed a letterof intent to purchase a lot at the corner of Wacker Dr. and MonroeSt. in Chicago's CBD (a block north of the Sears Tower), from PrimeGroup Realty Trust.

Prime has sold a number of its assets this year to pay downdebt. The value of the 1.4-acre lot is roughly $60 million,according to industry sources. At the moment, it is used forsurface parking.

Currently, the Hyatt Hotels Corp. occupies about 230,000 sf at200 W. Madison St., and the company has been looking at otheroptions for a new headquarters for about a year. The new Wacker Dr.building would also house the Pritzker Organization, adding another100,000 sf or so to the total. If the building ultimately measures1.3 million sf, as industry another anchor tenant would probably benecessary before the project gets out of the ground.