Don't see images? Click Here SUBSCRIBE FOR FREE MANAGE EMAIL PREFERENCES
Bisnow - (Almost) Never Boring
July 21, 2020

This Week's Chicago Deal Sheet

[Webinar] How Difficult Is It To Renovate Existing Buildings To Create A Healthier Environment For Workers? Find Out At Sustainability & Wellness: How Buildings Impact Our Health July 23

Sterling Bay secured $174.5M in financing for the construction of 300 North Michigan Ave., a planned 47-story mixed-use tower it will develop in partnership with Magellan Development Group. Located between the city’s Riverwalk and Millennium Park, the tower will feature 289 residential units, 25K SF of retail space and a 280-key hotel that citizenM will purchase upon completion.

This Week's Chicago Deal Sheet

“Our ability to originate multiple loans from industry-leading lenders — as well as from a diverse group of individual investors — at a time when capital is at a premium is a testament to our team’s excellent track record for success in commercial property development,” Sterling Bay CEO Andy Gloor said.Alongside Sterling…

Read the full story here.

  Share:  
 
Perforation

Top Stories on Bisnow.com

Real Estate CEO Captaining New Coronavirus Data Collection From CDC Real Estate CEO Captaining New Coronavirus Data Collection From CDC
How Companies Can Attract Google-Level Talent On A Startup Budget How Companies Can Attract Google-Level Talent On A Startup Budget
With Congress Back In Session, CRE Lobbyists Push For Renter, Retail Help In Next Stimulus With Congress Back In Session, CRE Lobbyists Push For Renter, Retail Help In Next Stimulus
Researchers Closer To Understanding The Role Of Buildings In The Pandemic Researchers Closer To Understanding The Role Of Buildings In The Pandemic
Perforation

Adaptive Reuse Growing In Importance As More Buildings Need To Change For The Coronavirus Era

The coronavirus pandemic is changing commercial real estate in unpredictable ways. Some landlords will need to find new uses for buildings where demand is drying up as more tenants decide to keep workforces at home, and most buildings will need retrofits to improve protections for tenants that do return.

Legal cannabis cultivation and sales are also spreading to many new jurisdictions, boosting demand for developers and architects that can repurpose old industrial structures and retail outlets for this new industry.

Tenants were already flocking to revamped historic structures such as Chicago's Main Post Office, but to take advantage of the growing demand for such projects, developers need to rethink how they have approached building renovations, especially the installation of new HVAC systems, a key consideration in the coronavirus era.

Adaptive Reuse Growing In Importance As More Buildings Need To Change For The Coronavirus Era

Viruses are much smaller than bacteria, so something more is needed than traditional HVAC systems, which can filter out bacteria, Sterling Bay Director of Life Sciences Catherine Vorwald said during Bisnow’s Chicago Deep Dish: Repositioning & Renovation webinar July 16.Vorwald, who…

Read the full story here.

  Share:  
 
Perforation

This CRE Entrepreneur Thinks You Should Take A Day Off — Every Week For The Rest Of Your Career

 

Since the early 1970s, the productivity of the American worker has increased more than seven times faster than wages and more Americans work longer hours.

Americans also don’t take as much vacation as workers in other countries, they aren’t legally guaranteed paid sick days, and the U.S. is the only industrialized nation that doesn’t make paid parental leave a mandatory benefit. American workers are so bad at taking time off, they don’t even take proper lunch breaks. And when they get home, they keep on working

In the 1930s, British economist John Maynard Keynes foresaw “three-hour shifts or a 15-hour week” in the 21st century. In practice, this could be a two-day workweek.

Other economists throughout the mid-century echoed this premonition of a future of greater efficiency, adequate wealth and less obsession with productivity, but while the potential was there, we have yet to realize it.

On a recent episode of RealCrowd’s CRE investing podcast, 4-Day Week Global CEO Charlotte Lockhart and 4-Day Week co-founder Andrew Barnes, a New Zealand real estate investor, suggest that the coronavirus pandemic may be the catalyst that finally shifts our long-standing norms of what the workweek is.

Read the full story here.

Perforation

In Case You Missed It...

Industrial Developers Set New Records As Distributors Look Past The Pandemic Industrial Developers Set New Records As Distributors Look Past The Pandemic
Pullman Scores Another Industrial Tenant As Neighborhood Revival Continues Pullman Scores Another Industrial Tenant As Neighborhood Revival Continues
A Small Lease Could Show How The Office Market Is Changing A Small Lease Could Show How The Office Market Is Changing
Frydland, Largely Beloved By CRE, Exits A Transformed Buildings Department Frydland, Largely Beloved By CRE, Exits A Transformed Buildings Department
Sterling Bay Leases Half Its New Life Sciences Center And Has Its Eyes On The Future Sterling Bay Leases Half Its New Life Sciences Center And Has Its Eyes On The Future
 
Perforation

Some Student Housing Foiled By Online Classes, Unclear Plans

Student housing owners are seeing pre-leasing stall compared to prior years, as many universities march toward online classes and some students opt to live elsewhere amid the coronavirus pandemic.

Read the full story here.

 
Perforation

Losing Its Luster With Luxury Retail, Fifth Avenue Faces A Rent Price Collapse

 

NEW YORK CITY — Lawsuits between retailers and their landlords have become fairly commonplace in New York City over the last couple of months, but when Valentino sued its Fifth Avenue landlord last month, it wasn't over rent payments or a force majeure clause: The Italian luxury retailer claimed it should be allowed to break its lease because its address was no longer prestigious enough.

Valentino's lease states it will operate consistent with the "luxury, prestigious, high-quality reputation of the immediate Fifth Avenue neighborhood," and in the lawsuit, it said its ability to do that "has been completely frustrated."

The suit, which garnered a flurry of press attention, may well be a scheme to avoid excess costs in a wilting global economy and cratering retail business. But it could also be a harbinger of a completely new era for the 10-block strip of Upper Fifth Avenue that once was the world's most expensive retail corridor, an era with fewer shoppers and lower rents.

Read the full story here.

Perforation

Mapped: The Great Department Store Conversion Is Now On

LONDON — The department store is dying in front of our eyes, with even blue-chip operators like John Lewis closing locations opened as recently as five years ago. Of course, not every department store in the UK will close — but huge swathes of them are shut already, leaving landlords with the quandary of what to do with big empty boxes often totalling hundreds of thousands of square feet.

There is no one-size-fits-all solution for empty department stores, where numbers have dropped by more than 30% in the past five years, according to Lendy, but after a period of mourning, confusion and reflection, owners and developers are beginning to undertake the process of converting department stores to new uses.

Read the full story here.

 
 
 
       
 
You are receiving this email because you are either a member of the Bisnow community, have attended a Bisnow event, because you have a legitimate interest in real estate news and events because of your profession, or because of your business associations, memberships or partnerships.
 
This email was sent to: newsletter.archives@bisnow.com
 
   
 
123 William St, Suite 1505, New York NY 10038
Newsletter Approval Code: 40461