Tom’s Recommended Reading for the Week
Check out the top news in Chicago commercial real estate before heading into the weekend!
- GoHealth subleases River North building near HQ – In the latest real estate deal involving a fast-growing technology company, GoHealth LLC added space in River North in a building that backs up to its headquarters. GoHealth subleased a three-story, 42,000-square-foot loft building at 219 W. Superior St., said CBRE Inc., which represented the health care tech firm in the transaction. GoHealth accomplished a difficult feat in finding a larger block of space in River North, the city’s tightest office market. The area has 10.8 percent vacancy, well below 14.1 percent for all of downtown, according to Los Angeles-based CBRE… Crain’s Chicago
- Sale clears obstacle for potential Wacker Drive tower – At five stories, the headquarters of General Growth Properties Inc. is a stump in the forest of office towers that stand tall on Wacker Drive. But the building’s owner has moved a step closer to replacing the stubby structure with a high-rise of its own. A venture of Howard Hughes Corp. paid $12.3 million for the 43,000-square-foot parcel beneath the building at 110 N. Wacker Drive, according to Cook County property records. Dallas-based Howard Hughes has said it wants to redevelop the property, a more attainable goal now that it owns both the building and land underneath it… Crain’s Chicago
- The New Business Casual Is Still Uptight – Every workplace imposes certain behavioral standards on its workers — dress this way, talk that way, get lunch here and not there. Learning these standards is, we’re told, a big part of being successful. But what do we do if they’re constantly shifting, or if we’re not even sure what they are? At The Billfold, Megan Reynolds tackles one aspect of this question — the meaning of the word “professional.” As she notes, many of us have certain received ideas about what counts as professional — she mentions “pants that are not jeans” and “org charts… The New York Times
- With two LaSalle Street hotels already, Reschke comes back for thirds – After developing one hotel on LaSalle Street and starting another last year, Michael Reschke is laying plans for No. 3, the latest in a wave of new hotels planned for the city’s financial district. The Chicago developer plans to convert part of a vintage office building at 208 S. LaSalle St. into hotel rooms, according to an operating agreement for the property filed this month with the Cook County Recorder… Crain’s Chicago
- Workspace Variety’s the Key – A mix of workspace options is essential improving worker productivity, CBRE Group suggests in a new report. Titled “The Evolving Workplace: How US Office Space is Changing,” the study suggests a direction for the future of office-using tenants. “Organizations that provide flexibility and choice will create greater office efficiencies and higher levels of employee satisfaction,” the report states. “By more intensely utilizing their assets, they are able to reinvest in technology and a suite of services that can make the new workplace environment a reality for their workforce… Globe St.