Tiffany’s To Unveil New World’s Fair Necklace

by The Chicago Times Business Staff

November 28, 2021

NEW YORK — Tiffany & Co. unveiled its most expensive piece of jewelry to date.

According to Tiffany & Co. “The World’s Fair Necklace,” was unveiled in Dubai on Sunday and consists of up to 180 carats of diamonds set in platinum.  The focal point is famous 80-carat oval “Empire Diamond”.  The flawless “Empire Diamond” was mined in Botswana, cut and polished in Israel, and set in Tiffany’s New York City workshop.

The World’s Fair Necklace was inspired by a Tiffany necklace crafted for the 1939 World’s Fair that included a 200-carat aquamarine stone and over 400 diamonds.

According to Tiffany, the necklace is the most expensive piece ever created by the historic jeweler.  At some point, Tiffany plans to make the necklace available for sale, which is valued at $20-$30 million

Tiffany also holds the self-described priceless 128.54 carat “Tiffany Diamond” which is currently not for sale.

Chicago’s Kenneth Griffin Outbids Crypto Group For Rare Print of Constitution

by Judd Mustin, The Chicago Times

November 21, 2021

CHICAGO — A rare first printing of the United States Constitution sold at Sotheby’s New York on Thursday night for $43.2 million, the highest price ever paid at auction for a historical document, to a buyer who outbid a group of cryptocurrency enthusiasts.

Sotheby’s identified the buyer as entrepreneur Kenneth Griffin, founder and CEO of Citadel, a Chicago-based hedge fund.  Griffin intends to lend the Constitution to the Crystal Bridges Museum of American Art for public display.

“The US Constitution is a sacred document that enshrines the rights of every American and all those who aspire to be.  I am pleased that Crystal Bridges Museum of American Art in Bentonville, Arkansas, which always offers free admission, will be the first venue to display our country’s foundational document.” Griffin said in a statement.

The first printing of the Constitution, 1 of 13 privately owned copies, sold for more than double Sotheby’s top estimate range of $20 million.  The winning bid also represented a significant increase over the $165,000 the document sold for in 1988 to the late real estate developer and collector of American documents and manuscripts, S. Howard Goldman.  The entire sale proceeds will be donated to a foundation established by Goldman’s widow, Dorothy.

KKR Completes Joint Investment In 400 Summer Street Joint Venture

by Sloan T. Wilson, The Chicago Times

September 25, 2021

NEW YORK – KKR announced today that it has completed a significant investment in a joint venture with WS Development and the Public Sector Pension Investment Board in 400 Summer Street, a new state-of-the-art life science tower currently under construction in Boston’s Seaport District.

KKR will share ownership of the asset with WS Development and PSP Investments, while WS Development will continue to oversee and lead development and management of the property.

400 Summer Street is a 16-story purpose-built life science building in Boston’s Seaport District submarket.  The 635,000-square-foot property will be the headquarters of Foundation Medicine, a leading Boston-based biotechnology company and subsidiary of Roche Pharmaceuticals, which has leased 100 percent of the laboratory and office space in the building.

400 Summer Street is part of WS Development’s 33-acre Boston Seaport development project, which will include both interior and exterior public spaces connecting Summer and Congress Streets, as well as more than 30,000 square feet of neighborhood retail space.

Funding for research and development has continued to fuel growth in the life sciences sector, with total pharmaceutical R&D spending expected to exceed $200 billion by 2021.

“We have a strong belief in life sciences real estate and believe there will be a long-term demand for high-quality lab and workspace in the world’s top innovation hubs.  With our investment in 400 Summer Street in Boston’s Seaport, we are thrilled to be expanding our portfolio of trophy life science assets.  In addition to our recent acquisition in San Francisco’s Mission Bay, we now serve the two largest and most prestigious life science clusters in the United States,” said Justin Pattner, KKR Partner.

The transaction was handled by Newmark’s Boston-based Capital Markets Group, which represented WS Development and PSP Investments.

Morris Adjmi Architects of New York designed the structure, which is being built by Suffolk Construction of Boston.


by Bobby Fleet, The Chicago Times

July 9, 2021

NEW YORK — Michael Douglas lists New York City penthouse on the market for $21.5 million.

The penthouse apartment on Central Park West wraps around the north and south corners of The Kenilworth and spans the entire front side.  The structure, which dates from 1908, has a tranquil park view.

According to the listing with Sotheby’s International Realty, the interior was designed by Thierry Despont and renovated from 15 rooms to nine larger spaces.  Four bedrooms, five full bathrooms, and one half-bathroom are available.  The property has been updated for modern comforts and style in rooms like the sunny eat-in kitchen with an industrial range and double refrigerators, while retaining period details and high ceilings.

The gallery leads to a large living room flanked on one side by the formal dining room and on the other by a corner library with dark wood built-in bookshelves and a fireplace.  The dining room has a fireplace, and the spaces can be opened up to create a large, open entertaining area or closed off with mahogany pocket doors.

The primary bedroom suite is located on the home’s southeast side.  A private sitting area, a marble bath with dual vanities, a separate shower and soaking tub, and two dressing rooms are included.  One of the other bedrooms has its own bathroom, while the other two share a Jack and Jill bathroom.