Huge Chicago acquisition looked great in 2007, but not today

01/18/2010 | NYTimes.com

Jerry I. Speyer and his son Rob, co-CEOs of Tishman Speyer Properties, were overjoyed in June 2007, when they closed on six Chicago properties, a transaction that made them the city's biggest commercial landlords. Then things started going wrong. Today, they are negotiating with the Federal Reserve Bank of New York to restructure the debt used to finance the deal.

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