Real estate exec Klaff bids for Chicago Cubs: source
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CHICAGO (Reuters) - Real estate executive Hersch Klaff is one of the bidders for the Chicago Cubs baseball team in an auction that could top $1 billion, a source familiar with the process said.Klaff, president of Chicago-based Klaff Realty LP, heads one of at least 10 groups bidding for the baseball team, said the source, who asked not to be identified because the sales process is ongoing.Tribune Co is selling the Cubs, as well as the team's storied ballpark Wrigley Field and a stake in a regional sports television network, in a move to cut debt.Klaff was not immediately available to comment.The initial first-bid deadline, where groups submitted indications of interest, was on Friday.Klaff Realty specializes in the acquisition of distressed retail space and has acquired properties totaling about 27 million square feet with a value in excess of $1 billion, according to the company website.Its current portfolio consists of about 850,000 square feet of office space and more than 24 million square feet of retail space in the United States.(Reporting by Ben Klayman; Editing by Derek Caney) (c) Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.
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