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Vornado Eyes Selling Chicago’s Merchandise Mart
Vornado Realty Trust may be looking to sell its Merchandise Mart, also known as The Mart, in Chicago.
Vornado chairman and CEO Steven Roth revealed on the company’s second-quarter earnings call that the iconic property and a property in San Francisco could hit the market, saying, “These two assets may be on the for-sale list for the right deal at the right time.”
The Mart is a massive 3.7 million square-foot building that spans two city blocks and rises 25 stories at 222 W Merchandise Mart Plaza. The property underwent renovations in 2023, including revitalized amenity spaces, circulation and public areas, gathering and workspaces and revitalizations to the property’s South Lobby and River Park.
The investment was followed by several notable moves to the building. Car insurance company Geico took nearly 19,000 square feet at the property, and medical supply company Medline Industries tripled its footprint on the 12th floor.
