Commercial News Costar


Developers Howard Hughes, Riverside Break Ground on 110 N. Wacker

After months of moving dirt around, developers of 110 N. Wacker officially began construction on the 55-story office complex set between the Chicago River and Wacker Drive in Chicago’s downtown Loop. Developed by Howard Hughes Corp. and Riverside Investment & Development, the 1.4-million square-foot tower will take its place among some of the city’s youngest noteworthy structures on the Chicago River. Designed by Chicago-based Goettsch Partner

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Amazon 'Really Likes' Two Chicago Sites: Mayor Emanuel

Pictured: Rendering of Tribune Media's 9 million-square-foot Chicago Riverfront redevelopment, one of five sites expected to be considered by Amazon if the e-commerce giant selects Chicago for HQ2.It’s still unclear if Chicago will be selected as the winner or perhaps a second round of Amazon HQ2 hopefuls, but Mayor Rahm Emanuel said Monday that it’s his understanding that Amazon officials "really like" two city sites. Emanuel was speaking at a...

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Agellan Continues Office Exit, Moves Closer to Industrial Pure Play

Toronto-based Agellan Real Estate Investment Trust is selling a 118,500-square-foot office building in Charlotte, NC, a move expected to advance its goal of being an industrial-focused entity. The REIT has conditionally sold a five-story, multi-tenant office building located at 10130 Perimeter Parkway for US$22.65 million before closing costs, which represents an in-place capitalization rate of approximately 7.46 percent. The deal is expected...

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Austin's Campus Advantage Takes $200 Million Multifamily Portfolio

Pictured: Liv community in Seattle, one of six student housing communities acquired by Campus Advantage in a $200 million deal.Student housing newcomer Campus Advantage has beefed up its portfolio with a six-property deal worth about $200 million. The Austin-based investment and property management company acquired a 714-unit portfolio, with 1,910 beds, near campuses in Washington, Georgia, Oregon, Illinois and Tennessee. The deal balloons Campus...

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Walgreens Signs Deal to Join List of Major Corporations Opening Offices in Downtown Chicago

Pictured: Rendering of redeveloped Old Post Office.Walgreens is coming back to downtown Chicago. The Deerfield, IL-based pharmacy giant said Friday it will place some 1,800 workers in the redeveloped Old Post Office at 433 W. Van Buren. The 117-year-old company said it will take 200,000 square feet of office space at

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Record Demand Downtown Eases Supply Glut

The Downtown Chicago apartment market has had a banner start to 2018, with a record 2,300 net units leased in the first five months of the year. To put this performance into perspective, the annual record for absorption is 2,670 units (set in 2014), while just shy of 2,500 units were absorbed in 2017. Though downtown absorption is typically greater in the first half of the year than the second, 2018 totals should easily set a new record. The...

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Duke Realty Breaks Ground on Spec Bulk Warehouse in Glendale Heights

The Chicago office of Duke Realty Corp. has broken ground on a new 183,296-square-foot bulk warehouse that will bring much needed last-mile speculative space to the Central DuPage submarket. “Leasing activity in the Central DuPage submarket has been extremely strong, due to its proximity to downtown Chicago and surrounding populous neighborhoods, especially by companies looking for last-mile distribution sites. However availability is very limited...

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Elon Musk Wants to Dig a Tunnel from Downtown Chicago to O’Hare

Elon Musk is burrowing into Chicago. His fledgling infrastructure and tunnel construction firm, The Boring Company, has been chosen by the Chicago Infrastructure Trust to design, build, operate and maintain an innovative and badly needed underground O’Hare Express service that will transport passengers from downtown Chicago to O’Hare in 12 minutes. All on The Boring Co.'s dime. “The Boring Co. aims to alleviate soul-destroying traffic by cons

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Another Speculative Industrial Development Gets Underway in Chicago Area

Speculative industrial development continues in the highly sought-after Interstate-88 and Interstate-355 exchange west of Chicago with construction underway on Bridge Point Downers Grove, Bridge Point Development Partners said this week. The 54-acre infill parcel sits just west of the exchange that connects more than 75 percent of the rest of the country through east-west and north-south highways. Cumulatively, the so-called speculative distribution...

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Help Wanted: World-Renowned Architect to Design O’Hare Expansion

Want to design the $8.7 billion O’Hare International Airport expansion plan? The Chicago Department of Aviation issued a pre-alert Monday that a request for qualifications for lead architectural design services will be issued June 18. Mayor Rahm Emmanuel hopes the RFQ, which is likely to lead to a request for proposals, will spur a worldwide design competition for what’s called the O’Hare 21 Terminal Expansion Project. The bidding will be a two...

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Boston's Taurus Investment Forks Over $201 Million for First Foray into Windy City

Pictured: 800 N. Commerce St. in Aurora, IL.Boston-based Taurus Investment Holdings took its first dip into the Chicago industrial market with its recent acquisition of a $201 million, 51-building industrial portfolio from Venture One Real Estate, the Rosemont, IL,-based private-equity fund manager. The biggest chunk of the purchase is the 740,000-square-foot Yorkbrook Business Park at 120-230 Eisenhower Lane North in Lombard. The industrial and...

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Let’s Go Shopping….in a Box. Related Midwest Brings Pop-Up Market to West Loop

Here’s a new twist to experiential retail: Shopping in a box. Or a repurposed shipping container to be exact, according to Chicago-based Related Midwest’s plans for a temporary pop-up container market this summer in the West Loop. Dubbed “Box Shops by Related,” the temporary storefronts at 725 W. Randolph St. will be prefabricated, climate-controlled structures fashioned by Chicago-based Latent Designs’ Boombox concept that uses upcycled shipping...

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An Evanston Landmark Gets New Co-Owner in Golub’s Latest Joint Venture

Golub & Co. has found a new majority-stake partner for the 20-story Orrington Plaza in downtown Evanston, IL, a building it has jointly owned in a handful of different partnerships since 2002. Golub and New York-based Investcorp announced the sale this week, ending months of speculation about the 339,000-square-foot building that has been touted as the tallest structure between Chicago and Milwaukee. Terms of the sale were not disclosed, but...

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28 State St. Tower Trades in Largest Boston Office Sale This Year

Heitman has struck a deal to acquire 28 State Street in downtown Boston in the largest office trade in the city this year. An investment vehicle affiliated with the Chicago real estate investment manager paid $418 million, or slightly more than $730 per square foot, for the 40-story, 572,000-square-foot tower in the city's financial district. The sale price is the highest in terms of both total dollars and per square foot price recorded for a large...

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American Landmark Properties Wraps Up $86.6 Million Purchase of Schaumburg Towers

American Landmark Properties, the Skokie, IL-based commercial real estate investor and former owner of the Willis Tower, has closed on its previously announced purchase of the Schaumburg Towers in Schaumburg, IL, in an $86.6 million deal. Retail Properties of America disclosed in its first quarter earnings release it anticipated its sale of the two-building, 882,071-square-foot office complex in suburban Chicago to go through in the second quarter...

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Andersen Tax Moving West Loop Office to 71 S. Wacker

One of the largest independent tax firms in the U.S. is moving its West Loop office to 71 S. Wacker. Andersen Tax, a San Francisco-based tax, valuation, financial advisory and consulting services firm and founding member of international association Andersen Global, signed a lease for 26,000 square feet at 71 S. Wacker, a 1.49 million-square-foot, 48-story trophy high-rise owned by The Irvine Co. The company will relocate from The Franklin at...

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