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May 19, 2020

This Week's Chicago Deal Sheet

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Thor Equities Group sold its new 98K SF 905 West Fulton Market building in an off-market transaction to German investor Deka Immobilien. The price was $85M, according to a report in Crain’s Chicago Business, or about $870 per SF, which would be a new record for a Chicago office property.  

Mondelez International will use the five-story building on the corner of West Fulton Market and North Peoria Street as its new global headquarters and occupy more than 80K SF on floors two through five, as well as more than 6K SF of retail space on the ground floor.

This Week's Chicago Deal Sheet

“Fulton Market continues to gain momentum and the sale of this asset demonstrates the strength of the community, which we are very proud to be a part of,” Thor Equities Chairman Joe Sitt said.Deka officials said the recent economic crash did not dissuade them from completing such a payout. The…

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My New Normal: McHugh Construction President Mike Meagher

This series aims to capture a moment in time, talking to men and women in commercial real estate about how their lives and businesses are being transformed by the coronavirus pandemic.

Although Illinois went into a lockdown in mid-March, Gov. J.B. Pritzker deemed construction an essential business, and that has kept firms like James McHugh Construction Co. busy throughout the crisis. The Chicago-based company is one of the nation's largest construction managers and general contractors, and President Mike Meagher now helps keep it running from his dining room as it makes its biggest mark ever on the city's skyline. 

My New Normal: McHugh Construction President Mike Meagher

McHugh will soon finish work on the 101-story, nearly $1B Vista Tower in Chicago’s Lakeshore East neighborhood. The Jeanne Gang-designed structure is now the city’s third-tallest skyscraper, one of several notable projects McHugh built near the lake, including the seven-story, 222-room Curio Collection by Hilton hotel on Navy Pier.But with a…

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A New Work-From-Home Movement Is Gaining Steam. Why Aren't Office Landlords More Worried?

A chasm is widening between owners and occupants of office real estate around the country.

Though the coronavirus pandemic has thrust thousands of companies into remote work, office landlords are counting on most of them eagerly returning to their now-deserted offices. Given how well many companies report the forced experiment has gone, data shows that many tenants won’t be obliging.

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What Are Your Office Space Plans?

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The last three months have been fraught with uncertainty, but America's pivot to a remote workforce has been substantial and largely successful. We have covered this trend from many angles: how it has affected productivity, what it may mean for new workflows, why some companies are offering it permanently

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CMBS Fraud Allegations Met With Skepticism From Market Players

 

At a time when the coronavirus pandemic is derailing the commercial mortgage-backed securities landscape, a whistleblower in Seattle has thrown another wrench into the CMBS market.

But financial services experts said there isn't enough information to draw definitive conclusions about whether the complaint is credible or if it is, whether it would have broad implications for the CMBS market.

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Beyond The Bio: 16 Questions With Avison Young Principal Todd Mason

This series profiles men and women in commercial real estate who have profoundly transformed our neighborhoods and reshaped our cities, businesses and lifestyles.

Todd Mason has worn many hats over the course of his career.

Over his more than 33 years of experience in commercial real estate, Mason has worked for firms including Cushman & Wakefield, the Metropolitan Transit Authority of Harris County and McDade, Smith, Gould, Johnston, Mason + Co.

Mason founded his own brokerage company, Mason Partners, in December 2010. After two years, Mason sold the company to Avison Young and joined the firm as principal, where he continues to specialize in brokerage and consulting services for institutional and corporate clients.

Ever an entrepreneur, Mason also founded MLB Capital Partners in November 2010, which he continues to operate separately. The company has invested in several commercial real estate projects in Texas, including the renovation of the Houston Farmers Market and the acquisition of McCreless Market in San Antonio.

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