Posted Oct 23, 2019, 2:07 AM
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Join Date: Sep 2002
Location: Chicago
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https://www.chicagobusiness.com/comm...looks-cash-out
October 22, 2019 12:11 PM updated 8 hours ago
Developer in downtown tower project looks to cash out
Howard Hughes is putting its stake in the new skyscraper under construction at 110 N. Wacker Drive up for sale amid a big corporate shift.
Danny Ecker
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One of the developers behind a new 55-story skyscraper rising on Wacker Drive is looking to sell its stake in the project more than a year before the building is set to be completed.
Amid an executive shakeup and shift in strategy, Howard Hughes aims to unload the property at 110 N. Wacker Drive, the company disclosed in a presentation to investors.
The value of Howard Hughes' stake in the project, which it is developing with Chicago-based Riverside Investment & Development, is unclear. But the publicly traded company said it expects to sell the building as well as other "non-core" assets totaling about $2 billion in value over the next 12 to 18 months.
The skyscraper will cost around $722 million to build, and the joint venture developing the property increased its construction loan in May to $558 million, according to Howard Hughes' second-quarter earnings report. Howard Hughes guarantees around $100 million of that loan, the report said.
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Howard Hughes, which was spun out of mall owner General Growth Properties in 2010, paid $12.3 million in 2014 for the 43,000-square-foot parcel of land beneath what was then a squat General Growth building at 110 N. Wacker.
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