Clinging to Chicago Hope
February 15, 2012
By: Maura Webber Sadovi

After a two-year struggle, a third-generation Chicago developer has succeeded in keeping a hand in one of his pet projects: the $190 million conversion into retail and office space of the landmark building that once housed the Carson Pirie Scott & Co. department store. But the story of Larry Freed's ordeal with the property, now named the Sullivan Center, is the real-estate equivalent of the fox that had to gnaw off its leg to escape a trap...

... "Any building that has 200,000 square feet of office available has a tough time in Chicago," says Joseph Learner, executive vice president with Studley Inc. in Chicago.

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