Tuesday, February 23, 2016
February 23, 1955 -- Carson, Pirie & Scott Outbid on State Street Property
February 23, 1955 -- A bid that tops Carson Pierie Scott & Co.'s offer for the 12-story building at the corner of State and Madison Streets is submitted in federal district court. The bid tops Carson's offer of $7,250,000 by over $350,000. The courts become involved because the building's owner, the Otto Young estate, had previously specified that the property could not be sold until ten years after the death of the youngest daughter in the family, who, at 77, is still very much alive. However, three weeks earlier a judge ruled that the courts had the right to authorize the sale. The building in question, now a Target store, is perhaps the one building in Chicago that best represents the genius of architect Louis Sullivan.