Tom’s Recommended Reading for the Week
Check out the top Chicago commercial real estate news before heading into the weekend!
- Developers jockey for anchor tenants to fill Chicago office towers – How many major office towers will join Chicago’s skyline over the rest of this decade could be decided soon by just three big tenants. When developer John O’Donnell recently secured a $296 million construction loan, it meant he’ll be able to complete his long-planned 53-story tower on the Chicago River, only the second big office development started downtown since the previous development cycle fell victim to the recession… Crain’s Chicago
- How different are Millennials than the rest of us? – Just how different are Millennials, Gen Xers and Baby Boomers when it comes to how they want to work? Which of these groups prefer working from home? Which thrive in a traditional office environment? Coldwell Banker Commercial Affiliates looked at these questions in its recent survey of more than 2,000 adults… RE Journals
- Playing field tilts toward landlords – As the US economy and overall office market continue to improve, more cities have approached the tipping point between a landlord’s market and a tenant’s market, according to CBRE’s latest quarterly OccupierView report, which analyzes the nation’s office markets from the tenant perspective. Tenants in most downtown markets have begun to experience tightening conditions that have curtailed availability and boosted costs, the report finds, though suburban office markets have experienced little change… Globe St.
- Sterling Bay venture paying $28 million for River North loft – Chicago developer Sterling Bay Cos. and a partner are paying almost $28 million for a River North loft office building that wound up in foreclosure after the crash, nearly double its 2004 price. A joint venture between New York-based DRA Advisors LLC and Sterling Bay, one of the city’s most active developers and acquirers of non-traditional office space, agreed to buy the seven-story building at 213 W. Institute Place for about $185 per square foot, which would be about $27.5 million, according to people familiar with the transaction… Crain’s Chicago
- TPG Group to acquire Cassidy Turley, rebrand as DTZ – Confirming rumors and reports that have been floating around the industry for several weeks, a group led by private-equity giant TPG Capital has agreed to acquire U.S.-based Cassidy Turley and combine it with its previously acquisition target DTZ to form what could become the world’s third-largest CRE services company… CoStar Group