Tom’s Recommended Reading for the Week
Check out the top news in Chicago commercial real estate before heading into the weekend!
- CBRE acquires Chicago’s U.S. Equities – Chicago boutique brokerage U.S. Equities Realty LLC has been acquired by CBRE Inc., the world’s largest commercial real estate firm, following months of rumors of a deal swirling in local real estate circles. Los Angeles-based CBRE today completed the deal for the U.S. business of the firm that was founded in 1978, the companies said. Terms of the deal were not disclosed. The deal does not include U.S. Equities’ Latin American business… Crain’s Chicago
- Chicago slowly, but steadily, increasing construction activity – Although not as strong as the robust economic recoveries experienced in Texas and along the West Coast, Mathew R. Dougherty, P.E., executive vice president and regional manager –Midwest at McShane Construction Company, says Chicago and the Midwest Region has experienced a slow, but steady increase in construction activity over the past 12 months. “Most notably, two large market sectors, industrial and multi-family, comprise the majority of new construction activity,” he said. “Within the industrial market, there has been a shift over the past 18 months in supply and demand… RE Journals
- Uncle Sam wants ideas for State Street buildings – The federal government is trying to figure out what to do with a stretch of State Street that’s not so great. The U.S. General Services Administration is seeking ideas for four vacant and vintage buildings it owns on the 200 block of South State Street, the beginning of a process that could lead to an opportunity for developers to revitalize a key Loop block that progress left behind. The GSA, which runs the Everett M. Dirksen Federal Office Building & Courthouse behind the buildings, took them over nearly a decade ago, thinking it might need the properties for a new office building… Crain’s Chicago
- Publisher books suburbs’ second-largest office lease of 2014 – Textbook publisher Houghton Mifflin Harcourt Co. leased 106,000 square feet in Itasca, the second-largest office lease this year in the Chicago suburbs. The Boston-based publisher and educational content producer signed a 12-year deal at 1 Pierce Place in the west suburb and plans to move 340 employees there from Rolling Meadows in October 2015, a company spokeswoman said. The employees, who work in product development, research, sales, marketing and customer service, will move from 110,000 square feet Houghton Mifflin leases in the Atrium Corporate Center, 3800 Golf Road in Rolling Meadows, the spokeswoman said… Crain’s Chicago
- Sterling Bay Expanding Into Midwest – As reported yesterday in GlobeSt.com, Sterling Bay Companies just entered into a partnership with New York-based J.P. Morgan Asset Management that makes the latter a co-developer of the many Near West Side buildings Sterling has bought since 2012. And today Sterling principal John Gavin tells GlobeSt.com that such a partnership was essential. Renovating the more than 20 assets, which includes the giant Fulton Market Cold Storage building at 1000 W. Fulton and Fulton West, a portfolio of existing and partially completed office, retail and parking facilities, would run up about $750 million in project costs, far beyond Sterling’s capacity if it were to go it alone… Globe St.