Burnett Sells HQ to Retire Debt

CHICAGO-Leo Burnett Co.’s deal to sell off its majority stake in its headquarters building here will alleviate the agency’s debt and could provide the capital to make acquisitions in line with its recent restructuring plans.
Roger Haupt, Burnett vice chairman and chief administrative officer, said the deal wipes out the agency’s debt, all of which is tied to the building’s mortgage, which would come due in 1998.
While Burnett’s future as an independent, privately held company “was never in doubt,” Haupt said the real estate deal “confirms our intention to remain independent.”
The agency last week said it has negotiated a deal with developer John Buck Co.