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NBC Tower, one of Chicago's best-known office buildings, has moved a step closer to changing hands.
Representatives of German industrialist Hugo Mann have inked a letter of intent to buy the 850,000-square-foot tower for about $176 million, industry sources say. Charles Beaver, head of the Chicago office of Atlanta-based Equitable Real Estate Management Inc., which owns the trophy property, declined comment.
Mr. Mann, who late last year aborted a near-complete deal for One New York Plaza in Manhattan, could not be reached.
Meanwhile, the sale of another prominent tower may have hit...