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August 23, 2022

This Week's Chicago Deal Sheet

Firmspace CEO Anish Michael Discusses The Role Of Coworking In The Demand Mix At The Chicago Office Summit Sept. 29

JLL has arranged $215.1M in financing for the redevelopment of 801 South Canal St., a 684K SF office space rebranding as Canal Station in the South West Loop.

 

This Week's Chicago Deal Sheet

The space will house a fitness center, tenant lounge, conference center, outdoor terraces and a lobby, and will offer 376 parking spaces with large, open floor plates and glass windows — a rarity for buildings in the city’s Central Business District, according to JLL.JLL worked on behalf of…

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Chicago Construction Costs Leap Highest Nationally

It's a rough time for building in Chicago, with the city seeing some of the nation's highest spikes in construction prices, according to a report by Minneapolis-based general contractor Mortenson.

Of the seven markets analyzed in the firm’s Q2 2022 Construction Cost Index report, Mortenson found Chicago had the biggest hike in prices, at 4%, compared to a 3.3% rise nationally. Nearby Milwaukee came in second with a 3.9% jump.

Chicago Construction Costs Leap Highest Nationally

Analyzing the Chicago market specifically based on the latest Federal Reserve Beige Book, the Mortenson report found “some construction and real estate activity had slowed in Chicago and Minneapolis, two otherwise healthy markets, although all markets tracked continued to experience higher input and labor costs.”Construction employment in the city barely…

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ESG Initiatives Are Pushing The CRE Industry Toward A Sustainable And Socially Responsible Future

PRESENTED BY:   RPS Group
 
ESG Initiatives Are Pushing The CRE Industry Toward A Sustainable And Socially Responsible Future

The environmental, social and governance landscape is changing the way the commercial real estate industry invests and operates. Investors have set their sights on ESG initiatives over the past few years, and it is projected that ESG assets will make up half of all…

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Jury Awards $23M In Robert De Niro-Backed Nobu Hotel Chicago Fraud Case

Jury Awards $23M In Robert De Niro-Backed Nobu Hotel Chicago Fraud Case  

An Illinois federal jury has awarded the company behind Nobu Hotel Chicago $23M in damages, finding the construction company contracted to design and build the property liable for fraud after it stiffed subcontractors, embezzled money for other purposes and failed to complete work.

The jury on Thursday found in favor of NHC LLC against all three defendants in the case: Centaur Construction Co. and two of its executives, Spiro Tsaparas and Peter Alexopoulos. NHC is an arm of hotel developer RCD Resorts, which has partnered with >

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'Changing The Mindset': Crime Capital Narrative Hard For CRE To Shake In Cities Like Chicago

'Changing The Mindset': Crime Capital Narrative Hard For CRE To Shake In Cities Like Chicago  

After teasing a departure over the city’s rise in violent crime for months, billionaire Ken Griffin finally bit the bullet this past June, announcing plans to move his investment firm Citadel from downtown Chicago to Miami, complaining the city had become too dangerous to house the multinational hedge fund.

“If people aren’t safe here, they’re not going to live here,” Griffin told The Wall Street Journal this spring, pointing to colleagues who'd been mugged at gunpoint, stabbed or burglarized. “I mean, that’s a really difficult backdrop with which to draw talent to your city from.”

Griffin is not the first executive to express major concerns about crime’s impact on the city's business community nor the first to decamp for greener pastures — aerospace giant Boeing and equipment manufacturer Caterpillar also announced plans to leave the city in recent months.

Perception of a city plagued by crime carries weight. And Chicago’s longstanding reputation as the place former President Donald Trump once referred to as “worse than Afghanistan” is one that precedes it.

It's also a narrative the commercial real estate industry is trying hard to shake, but acknowledges looms large over the city's future.

“Chicago is a large city and easy to talk about," Palladius Capital Management CEO Nitin Chexal said of the city's image problem. "It’s the third-largest in the country, but there’s crime increasing everywhere. It’s the same with Los Angeles, Miami and New York.” …

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Marinas Are In Demand, But Houseboat Residents Are Treading Water

Marinas Are In Demand, But Houseboat Residents Are Treading Water  

As prices for traditional commercial property types rise, along with interest rates and the need for profitable yields, investors in the U.S. have gotten more creative, especially in pricey seaside cities, dropping cash for an often overlooked segment of the property market: marinas.

From the San Francisco Bay Area to Clearwater, Florida, and even the landlocked areas in between, marinas are an increasingly popular place to dock capital, with $405M worth of marinas trading hands in 2020. They’re specialized enough that the market isn’t saturated with buyers and the potential revenue streams are diverse, from development opportunities to simple value-add ownership.

But for people living in the houseboats often found in these marinas, the consequences of CRE’s ambitions can mean that even a maritime property isn’t exempt from the nation’s housing squeeze. Such is the case for residents of the Oyster Cove Marina in South San Francisco,…

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