John Hancock Center skyscraper losing its iconic name
Hearn
For now the building will be known by its address  875 North Michigan Avenue  as the owner seeks a new naming-rights deal  said  Stephen Hearn   president and CEO of Hearn Co.
 Chicago-based Hearn  is part of a group of real estate investors that has owned the office and parking portions of the building since 2013.
âAs they did in Boston  they just decided to have their name removed â  Hearn  said. âAt this point  weâll push harder for a replacement name. This property deserves a more important identity than simply the address.â
John Hancock hasnât paid for the right to have its name on the modernist skyscraper since the last naming-rights contract expired shortly after the current owners bought it   Hearn  said.
The loss of the iconic name comes as  Hearn  decided to continue owning the property after exploring a potential sale.  Hearn  has decided to hold on to the property for at least another two or three years  meaning it will likely be the owner that signs a naming-rights deal.
 Hearn  and its investment partners  Mount Kellett Capital Management and San Antonio-based Lynd Co.  bought their portion of the tower for $140 million in 2013. Mount Kellett is now an affiliate of New York-based Fortress Investment Group.
 Hearn  said several factors  including uncertainty over future interest rates and the impact of new tax laws  slowed the potential sale of its building as well as other large office deals in Chicago.
âIt all led to the notion that this isnât the right time for a sale â  Hearn  said.
The owners instead will look to refinance the property with a new loan   he  said.
 Hearn  will continue talks for naming rights  which  he  said could be tied into a redevelopment of the ground-floor plaza. The plaza  parking garage and naming rights are controlled by the office owner.
 Hearn  previously estimated naming rights could be worth $1.5 million or more annually.
Yet  he  said  he  realizes name changes should not be taken lightly  conscious that many Chicagoans refuse to refer to the former Sears Tower by its nearly decade-old moniker  Willis Tower.
 Hearn  declined to say whether  he  expected the buildingâs new namesake to be a tenant in the building.
âWe have turned away a number of interested parties because we didnât feel the name was appropriate for this iconic property â  Hearn  said. âI want to put an identity on this property that everyone in Chicago can be proud of.â
For now the building will be known by its address  875 North Michigan Avenue  as the owner seeks a new naming-rights deal  said   [TGT] president and CEO of Hearn Co.
 Chicago-based Hearn  is part of a group of real estate investors that has owned the office and parking portions of the building since 2013.
âAs they did in Boston  they just decided to have their name removed â   [TGT] said. âAt this point  weâll push harder for a replacement name. This property deserves a more important identity than simply the address.â
John Hancock hasnât paid for the right to have its name on the modernist skyscraper since the last naming-rights contract expired shortly after the current owners bought it    [TGT] said.
The loss of the iconic name comes as   [TGT] decided to continue owning the property after exploring a potential sale.   [TGT] has decided to hold on to the property for at least another two or three years  meaning it will likely be the owner that signs a naming-rights deal.
  [TGT] and  [TGT]  investment partners  Mount Kellett Capital Management and San Antonio-based Lynd Co.  bought their portion of the tower for $140 million in 2013. Mount Kellett is now an affiliate of New York-based Fortress Investment Group.
  [TGT] said several factors  including uncertainty over future interest rates and the impact of new tax laws  slowed the potential sale of its building as well as other large office deals in Chicago.
âIt all led to the notion that this isnât the right time for a sale â   [TGT] said.
The owners instead will look to refinance the property with a new loan    [TGT]   said.
  [TGT] will continue talks for naming rights  which   [TGT]   said could be tied into a redevelopment of the ground-floor plaza. The plaza  parking garage and naming rights are controlled by the office owner.
  [TGT] previously estimated naming rights could be worth $1.5 million or more annually.
Yet   [TGT]   said   [TGT]   realizes name changes should not be taken lightly  conscious that many Chicagoans refuse to refer to the former Sears Tower by its nearly decade-old moniker  Willis Tower.
  [TGT] declined to say whether   [TGT]   expected the buildingâs new namesake to be a tenant in the building.
âWe have turned away a number of interested parties because we didnât feel the name was appropriate for this iconic property â   [TGT] said. âI want to put an identity on this property that everyone in Chicago can be proud of.â