Tom’s Recommended Reading for the Week
Check out the top Chicago commercial real estate news before heading into the weekend!
- Cadence Health moving 170 jobs to Cantera in Warrenville – Cadence Health signed a nearly 55,000-square-foot lease in a west suburban office park to bring administrative staff closer to two of its cancer treatment centers. The Winfield-based health system in October signed the 54,798-square-foot lease at Keystone, a building at 4525 Weaver Parkway in the sprawling Cantera business park in Warrenville, according to CBRE Inc., which brokered the deal. Terms of the lease were not disclosed… Crain’s Chicago
- Demand for Office Space Heats Up as FIRE Sectors Recover – Professional services that have traditionally led demand for office space, including finance, insurance and real estate, have finally made a comeback after a slump following the recession. Office market experts hope that the sectors, collectively referred to as FIRE, will now join with the tech and energy industries to heat up office demand in primary cities in 2015… NREI
- Fulton Market landmark plan draws strong opposition – Opponents of the city’s plans to name the Fulton Market meatpacking area a historic district took their fight to City Hall on Wednesday, where they demanded Mayor Rahm Emanuel abandon the “forced landmarking” of their properties. Roger Romanelli, executive director of the Randolph Fulton Market Association, and about 20 critics of the proposed designation protested outside Mayor Rahm Emanuel’s office… Chicago Tribune
- Prudential paying $370 million for 55 E. Monroe – Prudential Real Estate Investors agreed to pay more than $370 million for an East Loop office building, the latest deal in a memorable year for high-dollar sales downtown. The unit of the New Jersey-based financial services giant has a deal to buy the almost 1.3 million square feet of office and retail space at 55 E. Monroe St. for more than $290 a square foot… Crain’s Chicago
- Why suburban companies like McDonald’s follow the siren call of downtown – The trend of suburban corporations adding satellite offices downtown has become super-sized. Oak Brook-based McDonald’s, the embodiment of the sprawling suburban office campus, disclosed plans Dec. 9 to open a River North office as soon as January. Following similar moves by behemoths such as Walgreen, Kraft Foods Group, Sears Holdings and Motorola Mobility, McDonald’s plan demonstrates the increasing importance large corporations are placing on downtown real estate in recruiting and retaining younger employees… Crain’s Chicago