This Month In Chicago Real Estate Numbers
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As the temperature outside gets hotter, so do the real estate deals, news and initiatives in the Windy City. From major redevelopment of a former Cold War military base to a shifting multifamily market, Bisnow rounded up eight of Chicago’s June CRE numbers.
In a JV of Golub and Alcion Ventures, Beacon Capital agreed to sell 300 South Wacker Drive for $155M. The sale marks a resurgence in downtown office trades and inventory appearing on the market. Beacon Capital originally paid $113M for the 35-story tower in August 2013. The sale would mean a 38% return for Beacon.
690 Apartment Units
The Marquee at Block 37 is the latest apartment tower to hit the Chicago multifamily market, as CIM Group looks for a buyer in what is increasingly becoming a seller's market. Priced at $600K/unit, the total sales price could reach $414M for the recently opened property. The deal would be the biggest for Chicago multifamily in a decade. The building is 84% leased.
13K SF Office Lease
Small software company Microsystems opened its new 13K SF office at 300 South Riverside in early June. The move comes as several tech companies are relocating their offices downtown from the Chicago suburbs. The company expects to hire 100 more employees over the next year as it grows into the new space.
$20M Potential Sale
Roosevelt University is considering selling 126K SF at the Gage Group Buildings on South Michigan Avenue. Following a loss of 1,400 students since 2014, the university is looking to strengthen its finances and consolidate its real estate portfolio. The university expects the property to go for $20M. The Gage Group Buildings, built in the 1890s, are both on the U.S. National Register of Historic Places and Chicago landmarks.
19 Store Closures
Payless Shoesource continues to shutter stores following its bankruptcy, seeking court permission to close another 408 locations in May. Nineteen of those stores are in Illinois. In Chicago, Logan Square, Avondale and Uptown are on the chopping block.
22% Toward Goal
Chicago made it into the top seven on SaveOnEnergy’s list of the top Eco-Conscious cities in the U.S. The recognition comes in part from a focus on lowering carbon emissions from municipal buildings, which represent 71% of the city’s emissions. In 2010, the city committed itself to reducing building emissions by 10% by 2020, and has already reached 22% of its goal.
A former Cold War missile site in Orland Park is being transformed into 14 acres of restaurants and retail. Commercial real estate developer Location Finders International owned five acres of the site, but struck a deal with the military to acquire the rest in exchange for a project replacing water and sewer lines at Fort Sheridan. The company plans to build a 40K SF retail building toward the back of the property. Chuy's, a Tex-Mex food chain, and Miller's Ale House are two restaurants committed to the project.
170 Years in Business
In 1847, Edward Rucker, then a law clerk, began keeping records of every legal proceeding affecting real estate titles. Joined by real estate man James Rees, the pair formed Chicago’s first land and title abstract business. Over a century and a half later, that firm is Chicago Title. The company celebrates its 170-year anniversary this year and a track record of dedicated service to the real estate community, first in Chicago and now the entire U.S.
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