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In 1981, petitioner approved the construction of a new
complex/trading facility, the Chicago Mercantile Exchange Center
(CME Center), that would consist of a south tower, a north tower,
and two trading floors. On May 11, 1981, petitioner agreed to
lease 100,000 square feet on the upper lobby level and the entire
2nd through 6th floors of the south tower. This represented
approximately 10 percent of the total space available for lease
in the south tower when petitioner took possession of the
premises in November 1983. Petitioner’s total leased space
increased to approximately 17 percent of the south tower space
available for lease.
Also in 1981, petitioner became a 10-percent limited partner
in a partnership named CME Center Partnership (CCP);1 the other
partner (the general partner) was an entity that was unrelated to
petitioner. CCP was formed to construct, own, and operate the
CME Center’s south tower and to construct and sell its trading
facility. CCP owned indirectly the south tower, and a limited
partnership unrelated to petitioner owned indirectly the north
tower.
In addition to its corporate headquarters in Chicago,
petitioner maintained four other offices to promote the use and
trading of financial futures contracts. From 1979 through 1990,
1 Petitioner maintained that 10-percent interest until CCP
was dissolved in 1995.
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Last modified: May 25, 2011