John Hancock Observatory Sold to Montparnasse 56

Montparnasse 56 Group, a Paris-based tourism and attractions operator, announced that they had purchased the 94th floor of the John Hancock Observatory. A partnership between Deutsche Bank AG and NorthStar Realty Finance sold the observation deck for between $35 and $45 million, according to a Chicago Sun-Time article. Terms of the deal were not disclosed.

The observation deck is located at 875 North Michigan Avenue, situated on Chicago's Magnificent Mile, and offers an 80-mile, 360-degree, four-state view of Illinois, Indiana, Michigan and Wisconsin. According to a WBEZ report, Montparnasse 56 Group Vice President Eric Deutsch is helping to lead the U.S. team and hopes to enhance the Hancock experience to compete with the popular Willis Tower Skydeck, hoping to attract an additional 100,000 visitors. "We have a lot of experience to improve revenues, retail, restaurants and cafes," said Patrick Abisseror, the company's Chief Executive Officer.

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