Podcast Center
Video Center
Webcasts
Resource Center
Events
August 29, 2003 at 08:00 PM
NU Online News Service, Aug. 29, 2003, 3:02 p.m. EDT – Metropolitan Insurance and Annuity Company, a unit of MetLife Inc., New York, has acquired the Sears Tower in Chicago by paying $9 million to take over a second mortgage on the building from Trizec Properties Inc., Chicago, a real estate investment trust.
MetLife also has agreed to keep responsibility for more than $700 million in tower-related mortgage debt.
Trizec has been managing the tower, which is the tallest building in the United States, since 1997, and one of its predecessor companies acquired a second mortgage on the tower that same year.
“Under the terms of the 1997 transaction, Trizec was scheduled to assume ownership of the property in 2003, subject to the first mortgage held by MetLife,” Trizec says.
