The General Growth Properties headquarters is not experiencing much growth at all, property-wise. The historic, squat five-story building is supposed to be redeveloped into an imposing tower like its neighbors, but plans have stalled because the owners just can't agree. Development Resources sued Howard Hughes in Cook County Circuit Court, claiming that they are being pushed out from the sweet deal at 110 N. Wacker Drive. It's gotten legal, folks.
Last year, the two organizations bought the land under the building for $12.3 million in a joint venture. But when Howard Hughes transferred the land ownership to a subsidiary, the rules changed: profits would no longer have to be split with Development Resources. How will this real estate war of the roses turn out? It's up to the courts. General Growth's lease ends in 2019, so they're unenviably stuck in the middle.
· Legal spat sets back potential Wacker Drive project [Chicago Real Estate Daily]
· All Wacker Drive Coverage [Curbed Chicago]