Tom’s Recommended Reading for the Week
Check out the top news in Chicago commercial real estate before heading into the weekend!
- Charles Schwab Chooses 150 S Wacker as long-term home – Charles Schwab has selected 150 South Wacker Drive for its corporate offices, inking a lease for 105,000 rentable square feet at the strategically located West Loop office tower. Schwab was represented by Colliers International, and ownership of 150 South Wacker Drive was represented by Fulcrum Asset Advisors, LLC and Lincoln Property Company. With its 65,000 square foot expansion, Charles Schwab is now the largest tenant at 150 South Wacker Drive, and has committed to occupy 20% of the building… RE Journals
- Musicians performing in glass at the Hancock? Could Happen – Not long after luring thrill-seekers to the “Tilt” on its 94th-floor observation deck, the John Hancock Center may get an eye-catching addition at street level. An owner of the 100-story tower hopes musicians will soon entertain crowds in the public plaza from inside a glass, diamond-shaped structure rising four to five stories above North Michigan Avenue… Crain’s Chicago
- Sterling Bay Launches Remake of Post Office – A lot of rumors have swirled around the eventual fate of the city’s old Main Post Office Building, but yesterday officials from Sterling Bay Companies said they would partner with owner Bill Davies, chair of International Property Developers North America, to redevelop the property. The partners envision that the first phase will cost $500 million and transform the hulking structure, which arches over the Eisenhower Expressway, into 2.7-million-square-feet of modern office space and retail amenities… Globe St.
- War for Talent Driving Office Leasing Decisions – There’s a massive shortage of available workers between the ages of 18 through 64 happening today, a trend that is causing company CEOs sleeplessness and will ultimately affect where prime offices will be located by 2030.According to a recently released Cushman & Wakefield report, “Human Capital: The War for Talent and its Effect on Real Estate… NREI
- Trouble at Top – The Willis Tower in Chicago—formerly the Sears Tower—is hitting a patch of financial turbulence as its owners try to fill vacant space. Earlier this month, Fitch Ratings reported that the owners of the boxy, black skyscraper were seeking a loan modification to complete a lease. The ratings company said the $774 million mortgage on the tower was transferred to the control of special servicer CWCapital Asset Management LLC, a distressed-debt specialist that oversees modifications on behalf of investors that hold the tower’s debt… Wall Street Journal