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October 7, 2021

No Place Like Home: To Draw Workers Back, Designers Making Offices Look More Like Living Rooms

With the majority of office-using employees still working from home more than 18 months into the coronavirus pandemic, building owners and employers are looking to redesign workplaces to help draw people back.

No Place Like Home: To Draw Workers Back, Designers Making Offices Look More Like Living Rooms

Some employers may be hesitant to mandate a return to the office in a labor market where they are competing for talent, so they are looking to make their offices more appealing places where employees want to spend their time.Several architects who work with office tenants and landlords said Tuesday…

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Family Of MidCity Chairman Sues, Claiming $1.4M In Fraudulent Bonuses, Inappropriate Relationship

Family Of MidCity Chairman Sues, Claiming $1.4M In Fraudulent Bonuses, Inappropriate Relationship

The simmering behind-the-scenes battle among the children of late developer Eugene Ford Sr., founder of prominent local development firm MidCity and sister company Edgewood Management, has burst into public, with allegations of financial and personal misconduct against his son, Eugene Ford Jr., the chairman of both companies.In a complaint filed this week in…

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With Record Fundraising Hauls, Nontraded REITs Are Shifting CRE Market Dynamics

Tens of billions of dollars are being raised this year by some of the biggest investment firms in real estate into nontraded REITs, a rapidly growing segment of funds that are shifting the dynamics of the industry's hottest property sectors.

With Record Fundraising Hauls, Nontraded REITs Are Shifting CRE Market Dynamics

The money pouring into these nontraded REIT funds, managed by investment giants such as Blackstone and Starwood, could be leveraged to create up to $100B in buying power just from the capital raised this year.The funds are largely targeting multifamily and industrial assets, pushing…

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Covid Spells The End For Office Buildings Already On Their Last Legs

 

NEW YORK CITY — The coronavirus pandemic brought New York City’s office market to a screeching halt, and even as the crisis subsides and a semblance of normality returns, many buildings are facing an uncertain future.

“The leasing market’s brutal. It's getting better now and I think it's highly segmented — the term location, location, location for real estate has really morphed into location, location, transportation, as far as I am concerned,” Savanna founder Chris Schlank said at Bisnow’s National Real Estate Finance Summit Tuesday. “People are coming back to work, thank God, but we've seen on the leasing side people want to commute, to get out at Grand Central, Penn Station or Port Authority and walk to work.”

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The Chicago Bears Have A Suburban Vision And Experts Say There's Enough Demand To Make It Happen

CHICAGO — The Chicago Bears’ decision last week to sign a $197M purchase agreement for Arlington International Racecourse in northwest suburban Arlington Heights sets up the possibility of the city losing its storied football team. But before the Bears and racetrack owner Churchill Downs Inc. complete that deal, many questions will have to be answered.

The team will need to finance a new stadium, a tough task as modern football stadiums typically cost between $1.5B and $2B and generally have to be built without taxpayer support.

Although neither the team nor Arlington Heights officials have spoken much about what will replace the historic racing palace, the Bears are likely to use the racetrack's 326 acres to foster a mixed-use development, and attempt to attract fans and customers year-round, even when games are not underway. Going in that direction will require massive private investment as well as buy-ins from developers and prospective tenants who believe in the site’s long-term potential.

But brokers and developers familiar with suburban Chicago say such a strategy could succeed. The demand for such a development likely exists, which would both help finance a new stadium and greatly inflate the team’s value.

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