“...people who are older and in power often do not voluntarily relinquish their power.”

(Above) Ownership of Marina City in 1964.

The Building Service Employees International Union should not be in the real estate business, believed its president, David Sullivan.

On July 10, 1964, Marina Management Corporation, led by Charles R. Swibel, purchased from the international union and two affiliates full control of Marina City for $2,625,000, the equivalent of $20.1 million in 2014. They made a down payment of $750,000 and would pay the balance over five years at three percent interest.

William L. McFetridge’s BSEIU Local 1 would retain one-third interest in the project. Marina Management Corporation would get two-thirds. It would also get to make the payments on the $17.8 million mortgage (equal to $136.6 million in 2014).

In time, Swibel would purchase the entire union stake in Marina City.

Howard Swibel, son of Charles Swibel, recalls that at the time, McFetridge “was being pushed out, and he wanted more money to be invested by the unions to save the project. The other unions said no, not only do we not want to invest more money, we want to get out.”

“My father gave me little bits of philosophy along the way, and one of them was that people who are older and in power often do not voluntarily relinquish their power. And Bill [McFetridge] was older, he wasn’t really vigorous, and instead of making room for younger people coming up in the union, he wanted it more.”

The stress, says Howard, was contagious. “I think my father was stressed because his friend was stressed out, and he was sad for his friend, and his friend wasn’t going to be able to stay in power.”

Swibel believes his father may have felt responsible because he had recruited the unions to make the investment in the first place. “So, it was stressful because he didn’t want them to get hurt. He wanted to make it all work.”

A refinancing, meanwhile, by Continental Illinois National Bank and Trust Company shook loose an extra $5 million (equal to $38 million in 2014) to complete the office building, recreational facilities, and plaza.

(Photo) Charles Swibel on the balcony of his apartment on the 52nd floor of the east tower. United Insurance Building (now Kemper Building) and State Street at left. Photographed by Bob Kotalik on July 23, 1965, for the Chicago Sun Times.

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Updated 09-Nov-14

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