Chicago
AFL-CIO BIT Announces Investment in Wolf Point Development; Developer Smoothes Infrastructure Details
The AFL-CIO Building Investment Trust recently announced an investment in the proposed Wolf Point Development. The BIT joins Hines, Kennedy Enterprises and the Magellan Development Group in an effort to revitalize the long-stagnating site along Chicago’s river, one of the last prime undeveloped pieces of land around downtown Chicago.
Sterling Organization Acquires Hoffman Plaza Shopping Center
Palm Beach, Fla.-based Sterling Organization recently announced the acquisition of Hoffman Plaza—a 168,342-square-foot shopping center located in Hoffman Estates. The property was purchased for $14.15 million through the company’s institutional fund, Sterling Value Add Partners.
Nokia to Relocate Itasca Division to Chicago
Nokia confirmed its commitment to Chicago by announcing, together with Mayor Rahm Emanuel, the relocation of its Mobile Phones Xpress Internet Services group from Itasca to Chicago. Nokia’s largest office in North America is already located in Chicago and houses approximately 1,200 employees.
La Casa Student Housing Development Opens in Chicago’s Pilsen Neighborhood
Governor Pat Quinn, representatives of The Resurrection Project and local legislators have announced the opening of the La Casa Student Housing development. Located in Chicago’s Pilsen neighborhood at 1818 S. Paulina St., the six-story residence hall offers students all the benefits of on-campus housing, including live in-resident advisors for ongoing academic support.
Joint Venture Acquires 278-unit Class A High-Rise Apartment Building in South Loop
American Realty Advisors, in a joint venture with Naperville, Ill.-based Marquette Companies and Hunt Companies Inc., has acquired a 278-unit Class A high-rise apartment building in Chicago’s South Loop submarket.
HDR Architecture Selected as Architect of Chicago’s Mixed-Use Focal Point Community Campus
Omaha, Neb.-based HDR Architecture Inc. has been selected as the architect for Chicago’s mixed-use Focal Point community campus. Abbie Clary, HDR project principal, said: “This is an incredibly meaningful project, one that most architecture firms get few opportunities to design.”
330 N. Wabash Gets New Tenant; Suburban Baker Hill Center Acquired by REIT
By Gabriel Circiog, Associate Editor The landmark 330 N. Wabash is welcoming a new tenant, as Creative Circle LLC has signed a lease for 7,128 square feet on the 14th floor of Prime Group Realty Trust’s office building. The staffing firm has agreed to a five and a half-year lease beginning on March 1, 2013. […]
Hamilton Partners to Buy 57-Acre Kraft Foods Office Campus
By Gabriel Circiog, Associate Editor Itasca-based developer Hamilton Partners has signed a contract to purchase Kraft Foods Inc.’s office campus in north Glenview and Morton Grove, ChicagoRealEstateDaily.com reports. The 57-acre suburban property, located at Gold and Waukegan roads, includes two buildings with around 500,000 square feet of office space. Hamilton Partners plans to redevelop the […]
Chesapeake Lodging Trust Acquires W Chicago-Lakeshore Hotel
By Gabriel Circiog, Associate Editor Chesapeake Lodging Trust announced that it has purchased the W Chicago-Lakeshore hotel from Starwood Hotels & Resorts Worldwide Inc. The Annapolis-based real estate investment trust paid $126 million, or around $242,000 per key, for the 32-story hotel. Located at 644 North Lake Shore Dr. overlooking Lake Michigan, the luxury property […]
Tishman Speyer Plans to Sell 31-Story Office Tower in Downtown Chicago
By Gabriel Circiog, Associate Editor Tishman Speyer Properties LP is planning to take advantage of Chicago’s strong downtown office investment market and has decided to put up for sale a West Loop office tower, ChicagoRealEstateDaily.com reports. The 31-story office building, located at 125 South Wacker Dr., was acquired by Tishman in December 2004 for $44 […]