Metropolis Investment Holdings, the owner of NBC Tower, is reportedly considering turning a portion of the office tower into apartments.

The owner is in early discussions to convert about a dozen floors in the middle of the tower at 455 Cityfront Plaza into apartments, Crain's Chicago Business reported. The company is working on the project in partnership with Riverside Investment & Development, according to the outlet.

It's another signal that even in the wake of the high-profile conversion scare in New York, developers aren't slowing down their pursuit of residential conversions.

“I don't think it puts a crimp [in the pipeline]," Reagan Pratt, the director of the Real Estate Center at DePaul University, told Bisnow last week. "I think the biggest crimp in conversions is: Are they going to work in an economic way?”

PEOPLE

Greenstone Partners hired Michael Duckler as senior director. Duckler specializes in the acquisition and disposition of multifamily investment properties throughout the Chicago-area suburbs, advising clients on transactions ranging from 12 to 350 units. Duckler brings over seven years of CRE investment sales experience, most recently at Interra Realty Group.

Neal Gerber Eisenberg added Tal Izraeli as a partner in its real estate practice group. Izraeli comes to the firm with over two decades of national leasing experience, representing both landlords and tenants in negotiating office, industrial and retail leases as well as advising on due diligence, lease amendments and lease terminations. He also counsels clients on the drafting and negotiation of purchase and sale agreements, loan documents, leases and other transaction-related agreements.

CRG appointed student housing veteran Carly Shepherd as senior vice president of sales and marketing. She brings more than 24 years of experience with student housing operations, leasing and marketing leadership. In her role, she will direct sales and marketing strategy across the firm’s portfolio of student housing and multifamily communities nationwide.

SALES

MAG Capital Partners acquired 1001 State St. in Chicago Heights for an undisclosed sum. The 240K SF property serves as the primary headquarters and manufacturing facility for Applied Acoustics International. Resolute Structured Capital's Vishal Vinjani and Ben Markiles arranged the financing on behalf of MAG Capital Partners. Surmount’s Mark Masino represented the seller, a local family office.

A private investor paid an undisclosed amount for 5655 W. Fullerton Ave., a mixed-use property featuring 24 multifamily units and four retail suites in Belmont Cragin. The property, which was built in 1970, has a mix of studio, one- and two-bedroom apartments. Marcus & Millichap's Sam Antreasian, Ryan Engle and Andrean Angelov represented both parties in the deal.

Cabot Properties sold the North Central Portfolio, a collection of 11 industrial properties totaling roughly 2.5M SF across key industrial submarkets in the Chicago area and Minneapolis, to a global asset manager. Six of the properties are located in the Chicago suburbs and total about 1.6M SF. CBRE's Capital Markets team represented Cabot in the deal.

A private local investor acquired a 134-unit, five-building multifamily portfolio in Berwyn and Maywood. The largest assets were the 41-unit property at 2121-2131 S. Oak Park Ave. and the 33-unit property at 2103-2109 S. Oak Park Ave. Marcus & Millichap's Sam Antreasian, Ryan Engle and Andrean Angelov found the buyer in the deal.

An undisclosed buyer completing a 1031 exchange picked up the 65-unit apartment building at 4601-4617 N. Dover St. in Sheridan Park for $16.3M. Kiser Group's Jacob Price and Katie LeGrand facilitated the deal.

CenterSquare Investment Management acquired Geneva Commons, a six-building, 88K SF retail property in Geneva. The center is currently 97% leased and is the firm’s second retail acquisition in the Chicago area and 81st nationally.

A local material handling company purchased a 20K SF outside storage facility at 2500 Westward Drive in Spring Grove. Entre Commercial Realty's Sam Deihs and John Joyce represented the seller, and Keller Williams Commercial's Adam Fortino represented the buyer.

LEASES

Adams Street Partners signed a 46K SF lease at 120 S. Riverside Plaza, relocating its headquarters from One North Wacker. The company is expected to move into its new space in summer 2027. Savills' John Goodman, Eric Feinberg, Brandon Nasatir and Isabel Schwartz represented Adams Street in the deal.

CCRM Fertility & Gynecologic Surgeons signed a medical office lease at iMed Campus at 1331 W. 75th St. in Naperville. The new location expands the practice's footprint in the Chicago suburbs. Mohr Partners' Chris Bargowski, Brandon Glick, Sam Picchiotti and Anthony Anichini represented CCRM Fertility in sourcing and negotiating the transaction.

CONSTRUCTION AND DEVELOPMENT

Tree Street Group, in partnership with Magellan Development Group and Mark Goodman & Associates, began construction on Chicago’s first geothermal, all-electric multifamily high-rise at 410 N. Elizabeth St. in Fulton Market. The 33-story building is the first phase of a two-tower, mixed-use development and will include 383 units. Upon completion of both phases, the development will total more than 724 units.

Skender started work on the 500 N. Michigan Ave. adaptive reuse project, a conversion of the 400K SF office tower into 320 residential units on the Mag Mile. The project, developed by Commonwealth Development Partners and designed by GREC Architects, has a targeted completion date of late 2027.

Friedman Properties completed reconstruction of the riverwalk at the Reid Murdoch Building in River North. The Reid Murdoch Building features a 300-foot riverwalk connecting Clark Street to LaSalle Drive. The renovation nearly doubled the width of the previous riverwalk and introduced a series of 10-foot-tall double doors.