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CNN Live At Daybreak

Towering Takeover: MetLife Takes Control of Sears Tower

Aired August 29, 2003 - 06:46   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.


CAROL COSTELLO, CNN ANCHOR: Time for a little business buzz now. MetLife has made a towering acquisition.
Carrie Lee live at the Nasdaq market site to tell us about it.

Good morning -- Carrie.

CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Good morning, Carol.

MetLife has gained control of the Sears Tower. The 110-story Chicago landmark is the nation's tallest. MetLife took control of the tower from co-mortgage holder Trizec Properties for $9 million.

Now Trizec bought a stake in the tower in 1997 for $70 million and was expected to assume ownership this year. But it's seen the value of its investment decline following the September 11 attacks, also the downturn in the Chicago real estate market hasn't helped things.

MetLife, the nation's U.S. top life insurer, has been the tower's primary mortgage holder since 1990 when then owner Sears refinanced. So MetLife now taking control of the world's -- the nation's, I'm sorry, largest building.

Carol, back to you. Tallest building.

COSTELLO: All right. Carrie Lee, we understood it. Carrie Lee live from the Nasdaq market site.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com







Aired August 29, 2003 - 06:46   ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time for a little business buzz now. MetLife has made a towering acquisition.
Carrie Lee live at the Nasdaq market site to tell us about it.

Good morning -- Carrie.

CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Good morning, Carol.

MetLife has gained control of the Sears Tower. The 110-story Chicago landmark is the nation's tallest. MetLife took control of the tower from co-mortgage holder Trizec Properties for $9 million.

Now Trizec bought a stake in the tower in 1997 for $70 million and was expected to assume ownership this year. But it's seen the value of its investment decline following the September 11 attacks, also the downturn in the Chicago real estate market hasn't helped things.

MetLife, the nation's U.S. top life insurer, has been the tower's primary mortgage holder since 1990 when then owner Sears refinanced. So MetLife now taking control of the world's -- the nation's, I'm sorry, largest building.

Carol, back to you. Tallest building.

COSTELLO: All right. Carrie Lee, we understood it. Carrie Lee live from the Nasdaq market site.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com