Sears Tower Building

The world's largest retailer said Monday that it is selling its monument to bigness--the 110-story Sears Tower--and real estate experts guessed that the world's tallest building could garner at least $1 billion. "When the Sears Tower was built it represented a prudent investment," Chairman and Chief Executive Edward A. Brennan said at a news conference at the landmark Chicago building. "We are proud of what it has meant to the rebirth of the West Loop and the city as a whole.

The landmark Sears, Roebuck & Co. building in East Los Angeles is back on the market after a final purchase agreement with popular boxer Oscar De La Hoya and his partners was not reached by year end, the owner said Tuesday. De La Hoya's team acknowledged plans last summer to acquire the 23-acre property on Olympic Boulevard for about $70 million and turn it into a housing and shopping complex.

Mindful of the current surge of corporate takeovers, Sears, Roebuck & Co. announced plans on Monday to sell its towering Chicago headquarters building, boost its stock price and put some zip back into its stores. As part of a corporate revamping, the world's largest retailer said it intends to buy back about 10% of its shares and sell businesses that do not directly serve consumers.

The owner of Chicago's Sears Tower, the tallest building in North America, will end its agreement with CB Richard Ellis Group Inc. as the building's management and leasing agent at the end of the year. The Sears Tower's ownership group is interviewing brokerage firms to handle the account. Los Angeles-based CB Richard Ellis, which last month agreed to buy Trammel Crow Co. for $1.9 billion, will remain the leasing agent until a new one is hired.

For almost 10 years Barry Edwards has been reporting the Windy City's traffic conditions twice a day from the 103rd floor of Sears Tower, the world's tallest building. Edwards, 43, who does early morning and late-afternoon traffic reports for radio station WBBM, occupies a small broadcast studio on the north side of the Sears Tower Skydeck. From a studio on the south side, Bonnie Deshong, 36, delivers traffic reports for radio station WGCI.

Former President Bush helped reopen the observation deck of the nation's tallest building, calling the move a message that "the terrorists have failed." The deck at the 110-story Sears Tower in Chicago had been closed since Sept. 11. Now that it has reopened, visitors must pass through metal detectors and have their bags checked by X-ray machines. "By reopening this symbol of strength and vitality in America's heartland, you're sending a clear message that the terrorists have failed," Bush said.

Sears Gives Up Ownership of Sears Tower: Sears, Roebuck & Co. said it will sell its Sears Tower in Chicago, the world's tallest building, in a restructuring of the building's financing. The agreement to transfer ownership to a pension fund partnership managed by Boston-based Aldrich, Eastman & Waltch will reduce Sears' debt by $850 million, Sears said. Chicago-based Sears will record a $195-million gain, after taxes, in the fourth quarter as a result of the transaction.

Sears, Roebuck & Co. is considering refinancing rather than selling its landmark Sears Tower in Chicago, with a deal expected to be reached by year-end, real estate sources said Thursday. A Boston pension fund adviser, Aldrich, Eastman & Waltch, has emerged as a leading candidate to refinance the property, probably for about $850 million. The firm manages more than $4.3 billion in pension fund assets for large corporate clients, including Sears.

Is a Japanese company buying the landmark Sears Tower in Chicago, the world's tallest skyscraper? In Tuesday's edition, USA Today quoted Jack Barthell, managing partner at Kenneth Leventhal & Co., a Century City real estate consulting firm, as saying a Japanese real estate company--a client of his--was ready to buy the 110-story headquarters of Sears Roebuck & Co. "They're close to a deal," he told the newspaper.

This town of chest-thumpers had every right to be on top of the world this week as its beloved Bulls set a record for the most wins in a single basketball season. There was, however, one small problem. The top of the world has shifted somewhere else. In a decision that many here consider the height of ignorance, the Sears Tower--for 22 years the undisputed tallest building in the world--has been stripped of its title by twin skyscrapers in Malaysia.

Seven people were arrested Thursday in Miami in connection with a nascent plot that allegedly involved attacks against the Sears Tower in Chicago and federal buildings in South Florida, law enforcement officials said. Indictments against the seven, including terrorism-related charges, are expected to be unsealed today in federal court in Miami.

Former President Bush helped reopen the observation deck of the nation's tallest building, calling the move a message that "the terrorists have failed." The deck at the 110-story Sears Tower in Chicago had been closed since Sept. 11. Now that it has reopened, visitors must pass through metal detectors and have their bags checked by X-ray machines. "By reopening this symbol of strength and vitality in America's heartland, you're sending a clear message that the terrorists have failed," Bush said.

The French daredevil known as "Spiderman" scaled the Sears Tower in Chicago at dawn Friday, adding the 110-story, 1,454-foot building to his worldwide climbing conquests. Alain Robert, 37, was arrested after pulling himself to the top of the building--one of the world's tallest--and was charged with criminal trespass. He has also climbed the Empire State Building and the Eiffel Tower.

This town of chest-thumpers had every right to be on top of the world this week as its beloved Bulls set a record for the most wins in a single basketball season. There was, however, one small problem. The top of the world has shifted somewhere else. In a decision that many here consider the height of ignorance, the Sears Tower--for 22 years the undisputed tallest building in the world--has been stripped of its title by twin skyscrapers in Malaysia.

Sears Gives Up Ownership of Sears Tower: Sears, Roebuck & Co. said it will sell its Sears Tower in Chicago, the world's tallest building, in a restructuring of the building's financing. The agreement to transfer ownership to a pension fund partnership managed by Boston-based Aldrich, Eastman & Waltch will reduce Sears' debt by $850 million, Sears said. Chicago-based Sears will record a $195-million gain, after taxes, in the fourth quarter as a result of the transaction.

Just how high will ego, engineering, artistry and profit-seeking take them? In Los Angeles, New York developer Donald Trump says he wants to build a 125-story office tower on the Ambassador Hotel site. In Manhattan, Trump has designs for a 150-story, 1,670-foot tower titled "Television City" on the Hudson River.

Seven people were arrested Thursday in Miami in connection with a nascent plot that allegedly involved attacks against the Sears Tower in Chicago and federal buildings in South Florida, law enforcement officials said. Indictments against the seven, including terrorism-related charges, are expected to be unsealed today in federal court in Miami.

The French daredevil known as "Spiderman" scaled the Sears Tower in Chicago at dawn Friday, adding the 110-story, 1,454-foot building to his worldwide climbing conquests. Alain Robert, 37, was arrested after pulling himself to the top of the building--one of the world's tallest--and was charged with criminal trespass. He has also climbed the Empire State Building and the Eiffel Tower.

Sears, Roebuck & Co. is considering refinancing rather than selling its landmark Sears Tower in Chicago, with a deal expected to be reached by year-end, real estate sources said Thursday. A Boston pension fund adviser, Aldrich, Eastman & Waltch, has emerged as a leading candidate to refinance the property, probably for about $850 million. The firm manages more than $4.3 billion in pension fund assets for large corporate clients, including Sears.

Is a Japanese company buying the landmark Sears Tower in Chicago, the world's tallest skyscraper? In Tuesday's edition, USA Today quoted Jack Barthell, managing partner at Kenneth Leventhal & Co., a Century City real estate consulting firm, as saying a Japanese real estate company--a client of his--was ready to buy the 110-story headquarters of Sears Roebuck & Co. "They're close to a deal," he told the newspaper.