REAL ESTATE: Joe Kennedy Buys

Chicago's Marshall Field & Co. was determined to sell its giant, profitable Merchandise Mart. Joseph Patrick Kennedy, onetime Securities & Exchange and Maritime Commission chairman, was determined to buy it.

Last week, the deal was made, for cash. For $17 million of his own and his family's money, Landlord Kennedy got the world's largest privately owned office building (two weeks ago, Kennedy bought a 13-story office building from the Socony-Vacuum Oil Co. in Albany for a rumored $1,800,000 cash.)

The 15-year-old Merchandise Mart (4,000,000 sq. ft. of floor space) cost Marshall Field $30 million to build, is still valued on its...

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