Morgan Stanley and Barclays Bank are marketing $550 million of bonds backed by a mortgage on Merchandise Mart, a 24-story, four million square foot art deco landmark in downtown Chicago.

Built by Marshall C. Fields in 1930 as a wholesale design center and owned by the Kennedy Family for over half a century, it was sold to Vornado Realty Trust in 1989 for $369.1 million. Over the past five years, as demand for showroom space subsided, Vornado made $188 million in capital and tenant improvements, transforming much of the building into office space.

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