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May 26, 2020

This Week's Chicago Deal Sheet

[Webinar] What Impact Has This Pandemic Had On The Life Sciences Sector? Experts Weigh In At Our Chicago Life Sciences Deep Dish: What's Happening With Chicago's Major Life Science Hubs May 28

Condo deconversions keep rolling forward in Chicago. Becovic Management Group bought Shore Manor, a 90-unit condo property at 5858 North Sheridan Road in the Edgewater neighborhood, for $13.3M.

After the city of Chicago tightened up the rules late last year, condo deconversions, known as Section 15 sales, require 85% of the owners to vote for the sale. 

This Week's Chicago Deal Sheet

“The opportunity to help condo associations like Shore Manor continues to exist,” said CBRE’s Sam Haddadin, who represented the 5858 North Sheridan Condo Association with colleague Justin Ross. “Older buildings facing capital projects present a great opportunity for condo owners to get well above market value for their condos in a…

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Top Stories on Bisnow.com

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Spear Street Gets A Discount On Loop Office Tower Due To Coronavirus Worries

Spear Street Gets A Discount On Loop Office Tower Due To Coronavirus Worries

Spear Street Capital completed its purchase of 225 West Wacker Drive, a 651K SF tower on the Chicago River, and ended up getting a little knocked off the original price. The San Francisco-based investor first struck a $220M deal in…

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'The Ignorance Is Still Out There': Is Construction Fighting Hard Enough Against Opioid Addiction?

No industry has been hit harder by the opioid epidemic than construction, and even after years of data and investigations exposing how rampant drug use is on the job site, experts say construction companies still aren’t doing enough to save the lives of their workers suffering from addiction.

Until the coronavirus halted what had been the longest period of economic expansion in U.S. history, many cities across the country were in building booms, nudging skylines to new heights, funneling new companies into urban cores and pressuring contractors to keep projects on time. 

Even as shelter-in-place orders took hold across the country to halt the spread of the pandemic, most governments deemed construction essential, and work has continued. The unwavering, strenuous nature of construction translates to a high rate of workplace injury.

“Manual labor is a struggle,” Boston-based Newton-Wellesley Hospital Director of Substance Use Services Dr. Antje Barreveld said. “Their livelihood is tied to their ability to perform. Unless their work is diversified, it’s inevitable they are going to encounter chronic pain and repetitive injury. 

“Opioids can play a role in getting them back to work.”

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PODCAST: Convene CEO Ryan Simonetti On How Meetings, Conferences And Offices Come Back

PODCAST: Convene CEO Ryan Simonetti On How Meetings, Conferences And Offices Come Back  

 

Bisnow has a podcast chronicling how members of the commercial real estate industry are dealing with the impact of the current global health crisis. The economic impacts are vast, and it is forcing businesses to adapt and make difficult decisions.

In this series, Make Yourself At Home, we are hearing from members of the commercial real estate industry about how they are managing this new reality and gaining insight into their day-to-day approaches. You can subscribe on iTunes and Spotify.

 

 In this week’s episode, we hear from Ryan Simonetti, the CEO of Convene. The RXR Realty- and Brookfield-backed company manages both flexible workplaces, but three-quarters of its business comes from its events and conferencing arm. Convene had to move fast to cut costs in the face of the pandemic, laying off a >

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Beyond The Bio: 16 Questions With Primestor CEO Arturo Sneider

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

Arturo Sneider likes to describe himself as a commercial real estate activist.

Sneider doesn't advocate against projects. Rather, he uses his activism to promote the development of CRE projects in minority and marginalized communities. 

As the CEO of Primestor Development, a Los Angeles-based retail property manager and development company, the social impact investor and developer, Sneider, takes pride in his activism to promote economic development in areas that have historically been neglected.

"I like to say that I'm an activist dressed as a commercial real estate developer," Sneider said. 

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The British Lease Is Dead. Long Live The British Lease!

 

When the UK government threatened to ban upward-only rent reviews in 2004, then-British Land chief executive Sir John Ritblat mounted a defence of the practice that appealed to an English past of noble lords and humble rustic swains.

“The government should leave it alone,” the FT reported him as saying. “The property investment world has been built up over 1,000 years, dating from the feudal system, and it works extremely well.” 

Ritblat was actually pulling the age-old rhetorical trick of appealing to a glorious past that never really existed, to justify a purely commercial motive. The truth about the origin of the modern British lease is much more recent, and arguably more interesting. It was born in Britain’s post-war economic boom, a time of fish fingers and fast food, and pioneered by an unlikely source: the Church of England.

For more than half a century, the British lease, with its upward-only rent review structure that meant rents could never go down, was like gold dust for landlords and investors in UK property. But today, long leases with upward-only rents are killing the UK retail and leisure sector, burdening tenants with rents they can no longer afford to pay, and owners with properties they are unable to rent.

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What Are Your Office Space Plans?

What Are Your Office Space Plans?  

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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