Kennedy Family Sells Merchandise Mart

The Kennedy family has agreed to sell the jewel of its real estate holdings, the landmark Merchandise Mart in Chicago, plus other properties, to a fast-rising real estate firm for $625 million.

Vornado Realty Trust of Saddle Brook, N.J., will pay $465 million in cash, assume $50 million in debt and offer $110 million in securities for the properties, which include a total of 5.3 million in square feet.

The centerpiece of the deal, the Merchandise Mart, was completed in 1930 by retailer Marshall Field & Co. The sprawling, 25-story limestone and terra-cotta building near the Chicago River is connected by underground railroad to the city’s other important places of commerce and is one of the world’s largest commercial buildings. At 4.2 million square feet, the Mart is so large it has its own ZIP code.

Also sold was the Apparel Center, which is adjacent to the Merchandise Mart, the Washington Design Center and The Washington Office Center.