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June 16, 2020

This Week's Chicago Deal Sheet

[Webinar] How Have Consumers' Buying Habits During The Pandemic Impacted Supply Lines? Find Out At The Future Of Industrial: Location, E-Commerce & What Lies Ahead For This In-Demand Asset Class June 17

Trammell Crow Co. closed on the land it will use to build Fulton Labs, a 423K SF facility that company officials say will help solve the Chicago region’s chronic lab space shortage.

The 1.3-acre plot of land is located at 400 North Aberdeen St. in Chicago’s Fulton Market neighborhood. The company expects to break ground in July on the facility, which will span 16 floors, with 12 floors of wet or dry lab space. All lab spaces were designed to meet VC-A vibration criteria.

This Week's Chicago Deal Sheet

“With Fulton Labs’ advanced R&D infrastructure, flexible lab spaces and full floor launchpad for early stage companies, we are confident that this facility will help to promote growth in the Midwest’s life science industry,” TCC Midwest Business Unit Managing Director Grady Hamilton said. Demand for new life sciences laboratories is growing,…

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No Magic Required: Building A CRE Career Is About Patience, Hard Work And Finding Allies

Goldie B. Wolfe Miller may now be as well-known for her passionate efforts to mentor young women seeking to join the ranks of commercial real estate executives as for her own pioneering work as a broker. After a decades-long career, she launched The Goldie Initiative and began guiding female rookies to corner offices, a calling inspired by her own struggle to reach the top.

“I’m sure the word ‘mentorship’ existed 50 years ago, but it didn’t exist for me,” she said Thursday during Bisnow’s Mentoring, Continuing Education and Diversity webinar.

No Magic Required: Building A CRE Career Is About Patience, Hard Work And Finding Allies

At the time, Miller was a broker for Arthur Rubloff, the legendary developer of Chicago’s Carl Sandburg Village. He supported her career and was genuinely helpful, but in other ways, Miller, frequently the only woman in any business meeting, was alone.“In terms of a real…

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In Their Own Words: Black CRE Professionals On Racism, Protests And Accountability

"Sad, tired, worried, cautiously optimistic, repulsed, searching for hope."

America is still raging in the aftermath of George Floyd’s death, and those who are black are feeling intense pain and unreserved anger. And if the above testimony is any indication, commercial real estate’s black workforce feels much the same way. 

The racial inequalities that pervade real estate are stark, well-documented and have existed for generations. Promises to do better have been made by white real estate leaders before, and those promises have yet to be fulfilled. 

But in the days since Floyd was killed, Bisnow spoke to dozens of black real estate executives across the U.S. and UK — and while they tell us they are wary of a fresh round of new promises and public messages of support — pessimism does not reign. There is hope amid the rage.

That said, the time for talk is over and real action must be delivered now.

Bisnow granted anonymity to many of these men and women to honestly address what they are experiencing right now: What it feels like to be black in America and also work in a multi-trillion-dollar industry that is severely unequal on racial lines. They also lay out how they feel CRE should move forward from here.

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Without A Trace: For Tenants And Employees, Contact Tracing May Be A Tough Sell

According to the World Health Organization, contact tracing — along with testing — should be the “backbone of the response” in order to slow the spread of the novel coronavirus. The Centers for Disease Control and Prevention agrees

In the past two months, states have deployed thousands of human contact tracers — a role that involves “detective work, profound humility, tact” and “cold-calling people who may be irritated to hear from you,” according to a STAT News feature about Yale School of Public Health Students in baptism-by-fire training scenarios. Of course, there’s also an app for that. There seems to be a new one by the minute.

Real estate is in a position to play a central part in the rollout of contact tracing technology: The proptech solutions that many owners have integrated into buildings have the ability to track and trace where building users go and with whom they interact.

But this ability is being played out against a background of distrust in how effective the systems are and how the data will be used: even if it can help save lives, people do not like the idea of being tracked and traced.

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Investors Getting Ready To Bet On Hotels' Comeback

 

Three months into the economic crisis brought on by the coronavirus pandemic, investors are optimistic about the long-term future of distressed assets in the hospitality sector.

While many forms of retail real estate were already on the decline before the pandemic, the future for hotels, many of which are in distress now, looks bright in the long term, Square Mile Capital CEO Craig Solomon said during Bisnow’Putting Money To Work Amid The Crisis webinar last week. 

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