CHICAGO, Oct. 7 (UPI) -- In a precursor to the Pritzker Organization empire breakup, the Chicago business icon is putting its acclaimed Hyatt Center on the market.
The Pritzker family said it hopes an 85 percent stake will drive the office tower to sell for about $600 million, the Chicago Tribune said Saturday. Real estate experts said it could go for much higher, given the market for top-notch commercial real estate is hot.
The family estimates the space at about $465 a square foot, more than the record $420 a square foot a Chicago office tower fetched last June, the Tribune said.
The sale comes as family members push for liquidating the Pritzker's $15 billion-plus businesses, which includes the Hyatt hotel chain, the Tribune said. The family agreed to sell off the businesses in 2001, distributing the proceeds among the 11 heirs over 10 years. Since then, however, few deals have been announced.
As part of the sale, the Pritzkers plan to hold a stake between 10 percent and 15 percent and retain an ownership and management interest in the 48-story building that overlooks the Chicago River.
