CHICAGO, Sept. 4 (UPI) -- Merchandise Mart Properties Inc. is up for sale in the billion-dollar-plus range, Crain's Chicago Business reported Saturday.

The seller is Vornado Realty Trust, which purchased Merchandise Mart for $630 million from the Christopher Kennedy family in 1998.

Sources described as people familiar with the negotiations told Crain's a $1.25 billion offer popped up only to die on the vine last month.

Kennedy, 47, whose family has been associated with the company since 1945, has been Merchandise Mart president since 2000, leading the company's major expansion. The firm stages trade shows and leases showroom and office space in eight locations across the country.