The Tribune reported late yesterday that the John Hancock Center is for sale:
Chicago-based developer Hearn Co. plans to put the North Michigan Avenue tower's office space and parking garage up for sale, possibly by late summer, company President and CEO Stephen Hearn said.
Hearn said he believes the real estate is worth more than $330 million, or more than double what his firm paid in 2013.
Hearn has been in talks with companies interested in putting their name on the skyscraper since the structure's namesake no longer pays for that right. "We've had interest in it, but have not made a deal yet," Hearn said.
That process could be resumed by a new owner.
Hearn declined to say how much he believes naming rights are worth, but people familiar with the property estimate it could generate $1 million to $2 million annually.
When it opened in 1969, it was the second-tallest building in the world. Today it has the best view of any building in Chicago.