23 September 2009 ? As reported in today?s Crain?s Real Estate: The famous Chicago building on the corner of Monroe and Clark, referred to as ?Weather Bell Corner,? may be acquired by the city if Daley?s administration can get the okay from City Council. The 14-story building, at 79 W. Monroe, once was the headquarters of Bell Federal Savings & Loan that featured a sign of a bell that changed color with the temperature: red for colder, yellow for warmer and green for no change in temperature.

Two weeks ago, City Council received a proposed ordinance asking the Chicago?s Department of General Services to utilize their authority to negotiate a purchase or use the city?s power of eminent domain to acquire 79 W. Monroe by legal action. The ordinance reads that the purpose of the purchase is part of a ?long-range planning effort intended to consolidate the city?s operations and to decrease rents.?

Bank of America owns the building but not the land underneath it. The land is owned by developer David Friedman who the bank pays rent of $18,500 a quarter under a ground lease that runs until 2103, according to Crain?s finding of a document filed with the Cook County Recorder of Deeds. Based on recent estimates, the building itself may be valued as high as $20 million.