Tom’s Recommended Reading for the Week
Check out the top news in Chicago commercial real estate before heading into the weekend!
- It’s the hottest commercial property market since 2007 – Sales of Chicago-area commercial properties are on pace for their best year since the crash amid an improving economy and low interest rates. Investors acquired more than $9.15 billion in local apartments, hotels, retail, office and industrial properties through August, up 28 percent from the $7.14 billion spent through the first eight months of last year, according to New York-based Real Capital Analytics Inc… Crain’s Chicago
- HFF Closes $62M Sub. Office Sale – Although the suburbs suffer from an elevated vacancy rate and continue to see some of its office tenants move into Chicago’s CBD, many top properties seem immune to these troubles and remain very attractive to investors. HFF recently closed, for example, the $62 million sale of Highland Landmark II, a 284,278-square-foot class A office building in the western suburb of Downers Grove. HFF marketed the property on behalf of GLL Real Estate Partners. James Campbell Company LLC, which was advised by Colony Realty Partners, purchased the building… Globe St.
- Rise Interactive expanding at 1 S Wacker – Rise Interactive Inc. plans to hire as many as 150 employees and double the size of its West Loop headquarters as it prepares for torrid growth in its digital marketing business. Rise said it agreed to expand its space at 1 S. Wacker Drive to about 34,000 square feet in a new 12-year lease, from its current 15,000 square feet… Crain’s Chicago
- West Loop site could fetch $35 million – A West Loop site where Steve Fifield envisioned a 75-story skyscraper is up for sale, possibly ending the Chicago developer’s ambitious plan for the property. CBRE Global Investors, Mr. Fifield’s financial partner in his planned development at 601-625 W. Monroe St., hired CBRE Inc. to sell the 60,000-square-foot property, which could fetch as much as $35 million, according to people familiar with the property… Crain’s Chicago
- Uber accelerates Chicago growth with new West Loop lease – Rideshare firm Uber Technologies Inc. is stepping on the gas in Chicago, adding a large chunk of office space in the West Loop to make room for potentially hundreds of new employees. Just months after moving its Midwest headquarters into a much smaller building… Crain’s Chicago