Designwire Daily: from the editors of Interior Design magazine

Chris Kennedy Puts Merchandise Mart on the Market?

by | Tuesday, September 7, 2010

Photo by Erik Unger

Could this be true? Rumors are swirling that Kennedy, president of the 3.5-million-square-foot design center, put the space up for sale last week.

From Crain’s Chicago Business: “For more than $1 billion, you can buy Christopher Kennedy’s Merchandise Mart Properties Inc.

Parent company Vornado Realty Trust has been dropping hints along Wall Street and with potential buyers that it wants to sell the subsidiary, including the fortress-like structure along the Chicago River. The New York real estate investment trust purchased it from the Kennedy family in 1998 for $630 million.

Vornado’s efforts already have yielded a $1.25-billion offer, but that deal died last month, people familiar with the negotiations say.

A sale could portend big changes for Mr. Kennedy, 47, who as Mart president since 2000 has led a major expansion of the business, which stages trade shows and leases showroom and office space in eight buildings nationwide. The Mart’s management team is likely to be a key part of any deal.”

To continue reading, visit chicagobusiness.com.