Sears Tower

Sears' optimistic growth projections never came to pass. Competition from its traditional rivals (like Montgomery Ward) continued, only to be surpassed in strength by other retailing giants like Kmart, Kohl's, and Wal-Mart. The fortunes of Sears & Roebuck declined in the 1970s as the company lost market share and its management grew ever more cautious.[7] The Sears Tower itself was not the draw Sears hoped it would be. The tower stood half-vacant for a decade as more office space was erected in Chicago in the 1980s. The company was eventually obliged to take out a mortgage on its signature building.[citation needed]

By 1990, Keck, Mahin & Cate, a law firm, considered moving out of its space in the Sears Tower and moving into a potential new development, which would become 77 West Wacker Drive. Brokers who were familiar with the lease negotiations stated that Sears was trying to keep Keck, Mahin & Cate in the building. Keck, Mahin & Cate decided to move into 77 West Wacker, and the Prime Group, developer of 77 West Wacker, finalized the development of the facility. During the time that Keck, Mahin & Cate was scheduled to move out of the Sears Tower, Sears planned to move its offices to its merchandise group facilities in Hoffman Estates, Illinois.[8] Sears began moving its offices out of the Sears Tower in 1992.[citation needed]
In 1994 Sears sold the building to Boston-based AEW Capital Management with financing from MetLife. At the time it was one third vacant. By 1995 Sears had completely vacated the building, moving to a new office campus in Hoffman Estates.[citation needed]
In 1997 Toronto-based TrizecHahn Corp (the owner at the time of the CN Tower) purchased the building for $110 million, and assumption of $4 million in liabilities, and a $734 million mortgage.[9][10]
In 2003 Trizec surrendered the building to lender MetLife.[11]
In 2004 Metlife sold it to a group of investors that includes New York investors Joseph Chetrit, Joseph Moinian, Lloyd Goldman, Joseph Cayre and Jeffrey Feil and Skokie-based American Landmark Properties.[12] The quoted price was $840 million with $825 million held in a mortgage.