Chicago Commercial Real Estate – In the News

Tom’s Recommended Reading for the Week

  1. 2015 Healthcare Outlook – The market for medical office real estate (MOB) has changed dramatically during the last few years. Once a fringe product type, MOB is inching towards the spotlight as a main-stream real estate investment. The space, once dominated by a handful of healthcare REIT’s, has expanded… RE Journals
  2. Chicago’s Civic Opera Building for sale, could fetch $210 million – A venture of Nanuet, N.Y.-based Berkley Properties has hired the Chicago office of HFF to find a buyer for the 44-story, 915,164-square-foot tower at 20 N. Wacker Drive. People familiar with the building estimate it could sell for more than $210 million, or more than $230 per square foot… Crain’s Chicago
  3. The Rise of the 18-Hour City – One of the biggest findings of the 2014 PWC Real Estate Investor Survey has been the rise of “18-hour” cities, or second-tier cities, as opposed to the 24-hour gateways. NREI spoke with Mitchell Roschelle, the U.S. national practice leader for PwC’s real estate advisory practice and the publisher of the survey, about the implications of this trend… NREI
  4. Union Station Rehab Project To Get $12 Million from Amtrak – Amtrak will contribute $12 million for major renovations at Union Station, the city announced Thursday morning. The contribution is the first step in the Chicago Department of Transportation’s ambitious Union Station Master Plan, which calls for roughly $500 million to completely overhaul the 90-year-old station at South Riverside Plaza and has been in development for more than three years. Union Station’s last major renovation was in 1989… DNA Info
  5. With debt woes over, Loop office tower selling for $65 million – After surviving the real estate crash and a legal skirmish with a lender, the owners of a 1960s Loop office tower are poised to cash in with a nearly $65 million sale. A venture of Chicago-based real estate investors Fulcrum Asset Advisors and Diversified Real Estate, whose founders include restaurateur Larry Levy, have an agreement to sell the 24-story tower at 33 N. Dearborn St. for almost $65 million, according to people familiar with the deal… Crain’s Chicago