Tom’s Recommended Reading for the Week
Check out the top Chicago commercial real estate news before heading into the weekend!
- Chicago area’s bad real estate debt drops to lowest level since 2008 – Bankers who get paid to fix broken real estate loans may soon need to find a new line of work. The delinquency rate for bank loans on local income-producing properties dropped to 3.8 percent in the third quarter, down from 4 percent in the second quarter and 4.5 percent a year earlier, according to New York research firm Trepp… Crain’s Chicago
- Global Investors Driving Chi. Office Market – Investors across the country and from around the world continue to find Chicago one of the most attractive markets in the US. That was proven yet again this week when Heitman bought 353 N. Clark St., a 46-story tower in the River North neighbourhood, after beating out a crowded field of investors. Cook County property records show that the company paid the seller, Tishman Speyer, $715 million for the 1.2-million-square-foot property, or roughly $609 per-square-foot, the second-highest ever paid for a Chicago office building… Globe St.
- McD’s opening corporate office in River North – McDonald’s will open a corporate office in River North in the first quarter of 2015 in a play to recruit better tech talent, an executive said tonight. Some of the company’s growing digital strategy team, designers and business development employees are expected to move into the new office from corporate headquarters in Oak Brook, said Steve Easterbrook, senior executive vice president and global chief brand officer. “Having boots on the ground in the city is a huge opportunity for us,” Easterbrook said following an innovation event downtown… Crain’s Chicago
- Full Service Brokers Give Tenants Best Deal – The debate over whether tenant-only brokerage firms are better for tenants flared recently with the release of a report that found full service firms will favor landlords over tenants when representing both in a deal. We looked at that report’s findings yesterday in this article – a report, it must be noted again, that was commissioned by Cresa. The actual study was conducted by George Washington University and Peter Smirniotopoulos, founder and principal of petersgroup consulting and an adjunct professor of Real Estate at George Washington University… Globe St.
- Tribune Tower redevelopment under consideration – The landmark Tribune Tower may become part of a major Michigan Avenue redevelopment project. Tribune Media, which owns the iconic neo-Gothic tower, unveiled broad plans at a New York investor presentation Thursday that could potentially triple the building’s space with residential, retail and hotel components. “Tribune Tower, our iconic office tower, it sits in one of the best locations in Chicago — Michigan Avenue at the river — and it’s a prime candidate for redevelopment,” said Murray McQueen, president of Tribune Real Estate… Chicago Tribune