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Chicago Commercial Real Estate – In the News

Jill’s Top 5 Articles From This Week

  1. The Missner Group will be starting the new year off with a big change. The firm has relocated its Skokie, Illinois-based headquarter offices to accommodate its recent growth. – REJournals
  2. This morning, the U.S. Bureau of Labor Statistics (BLS) released preliminary October 2015 unemployment rates for all Metropolitan Statistical Areas (MSAs). The unemployment rate measures the percentage of the local workforce that reports itself as being out of work, information that the government collects by surveying households. – World Business Chicago
  3. Brand-new office space is becoming scarce in downtown Chicago after Navigant Consulting leased the largest remaining large block under construction. – Crain’s Chicago
  4. Less than a year after raising its biggest investment fund, Harrison Street Real Estate Capital is nearly doubling the size of its headquarters in a move to an office tower under construction on the Chicago River. – Crain’s Chicago
  5. H. Ross Ford III, president and CEO of TCN Worldwide Real Estate Services, and David Greene, chairman of the TCN Worldwide Board of Directors, together with Patrick Morrissey, chairman of GVA Worldwide, reveal to GlobeSt.com that the international real estate advisors have agreed to create an alliance that extends the scope and capability of their respective organizations into key strategic markets. – Crain’s Chicago
 

Chicago Commercial Real Estate – In the News

Jill’s Top 5 Articles From This Week

  1. Hamilton Partners has acquired Highland Pointe, a Class A office complex in Lombard, Illinois…Comprised of two buildings, Highland Point totals 388,000 square feet of premium office space in the E/W Corridor. – REJournals
  2. After more than two years of waiting and renovating, Google has moved into its new digs in the West Loop. More than 650 Googlers relocated earlier this month from River North to their new offices at 1000 W. Fulton Market. The company will formally open the office with a ribbon-cutting Dec. 3. Like other Google offices, this one will allow pets. – Crain’s Chicago
  3. A summary of deals in commercial real estate throughout the Chicagoland area: This week’s Chicago Deal SheetBisnow
  4. Glassdoor, the online human resources site where users can rate their bosses and jobs, said it plans to open a Chicago office early next month and hire more than 250 people over the next three years. Glassdoor said this will be the company’s fifth worldwide office and it will announce the Chicago office location “shortly.” – Chicago Business Journal

  5. Crowdfunding has become something of a buzzword among investors these days and it’s been particularly well received in the real estate sector. Though it’s still in its infancy, real estate crowdfunding is rapidly reshaping the way individuals find and invest in properties. This shift has brought benefits not only for investors but also for real estate companies and for the real estate market as a whole. – Forbes
 

Chicago Commercial Real Estate – In the News

Jill’s Top 5 Articles From This Week

  1. As experienced real estate professionals can attest, one of the things that make the industry so fascinating is that real estate is, to a large extent, a direct reflection of society: broader social, cultural and professional trends are oftentimes the driving force behind emerging real estate trends. – Globe St.
  2. The growing desire among consumers for specially-crafted beers is creating a new niche in the world of commercial real estate, and Chicago is leading the way. That metro area’s craft beer industry had a a 65.9% growth rate between 2013 and 2014, and included 144 existing breweries and 39 others in the planning stage, making it the top craft beer market in the country, according to a new national market study. – Globe St.
  3. Many Chicago-area tech firms have recently decided to move their operations downtown to take advantage of city’s huge collection of talent. But some others believe that they can take advantage of what both city and suburbs offer. Brainlab, Inc., a Munich-based medical technology firm, has a newly designed office space at 5 Westbrook Corporate Center in suburban Westchester, and earlier this year it expanded its presence into downtown Chicago by opening a new state-of-the-art customer training center in the iconic Wrigley Building. – Globe St.
  4. The developer of a 52-story office tower rising along the Chicago River has scored two more tenants about a year before the building is expected to open. River Point, a high-rise at 444 W. Lake St., is now 70 percent pre-leased after adding two new tenants, developer Hines Interests confirmed. – Crain’s Chicago
  5. For years people have talked of turning Chicago into a “Silicon Prairie” meant to rival the nation’s coastal tech hubs, and even though it still can’t quite compete with the actual Silicon Valley, the city has recently emerged as a truly mature tech market. – Globe St.
 

Chicago Commercial Real Estate – In the News

Jill’s Top 5 Articles From This Week

  1. Senior Managing Director, Ben Azulay, and Director, Justin Kessler, have completed a new 9,828-square-foot lease on behalf of Mindcrest Inc. at 440 S. LaSalle Street in Chicago. – RE Journals
  2. SIRVA, Inc has expanded its headquarters by 9,000 square feet at 1 Parkview Plaza in Oakbrook Terrace, Illinois, according to Bradford Allen Realty Services Senior Managing Director, Joel Berger, who completed the lease expansion and renewal totaling 62,000 square feet. –  RE Journals
  3. Renters just can’t seem to keep away from the city. Chicago has seen an increasing migration of people relocating downtown—whether it be for housing purposes or for business, it’s impossible to stay away from the center of where all the action happens. – RE Journals
  4. Chicago’s in the top five cities in the country when it comes to emerging technology hubs, according to a new report – Biz Journals
  5. World Business Chicago tracks indicators from month to month to gauge the strength of several aspects of Chicago’s economy, including employment in major sectors, residential and office real estate data, price and purchasing indexes, and freight demand. Note: employment data refers to payroll job estimates for the city of Chicago and is not adjusted for seasonality – World Business Chicago
 

Chicago Commercial Real Estate – In the News

Jill’s Top 5 Articles From This Week

  1. The owner of the 26-story tower at 2 N. LaSalle St., a venture led by Norfolk, Va.-based owner Harbor Group International, has struck an agreement with an investor that will provide “a significant equity infusion” to the building, the company said in a statement. – Crain’s Chicago
  2. AXIS Reinsurance signed an 11-year lease for 29k SF on the building’s 35th floor, while global investment firm Houlihan Lokey locked down over 57k SF on the 37th and 38th floors for the next 15 years. Both companies are increasing their lease footprints and moving to 111 S Wacker from other buildings. – Bisnow
  3. The new owner of the Aon Center said it plans to add an observatory atop the 83-story office tower, a plan that would make Chicago just the second city in North America—and one of the few anywhere in the world—with three observatories. – Crain’s Chicago
  4. The Next Hot Thing in Cool Office Design: Now that every big startup has an open seating plan and giant amphitheater, what’s next in office design? We talked with top designers and architects to get their impressions of the present and visions for the future. – Inc.
  5. SPINS, which employs nearly 175 people, opened a new headquarters today at 222 W. Hubbard St., near the Merchandise Mart. About 150 people will work downtown. – Crain’s Chicago