Commercial Real Estate

Downtown’s River East Center Sold by Intercontinental for $133 Million

River East Center River East Center, a 251,000 square-foot mixed-use building in the Streeterville section of downtown Chicago has been sold for $133 million. A joint venture between Madison Capital and Wheelock Street Capital purchased the three-story building from former owner Intercontinental Real Estate Corp. Intercontinental, an active player in Chicago commercial real Read more

LondonHouse Sold, Fetches Record Price Prior to Opening

Rendering of the rooftop bar at LondonHouse. The boutique hotel LondonHouse on Michigan Avenue, which is set to open sometime in May, has been sold to German investors for $315 million. It's a new record for a Chicago hotel, according to Crain's Business Journal. The 452-room hotel was purchased by Hamburg-based Union Investment Read more

Sullivan Center in Chicago Sold for Reported $267 Million

Sullivan Center The historic Sullivan Center in the Chicago Loop is being sold to a group of New York investors for a reported $267 million. Crain’s Business Journal reports the 117-year-old structure, which was formerly known as the Carson, Pirie, Scott and Company Building, is being bought by Madison Capital in what it Read more

60-Unit Apartment Complex Planned for Old Town Chicago

Artist rendering of planned Old Town Chicago apartment complex. Plans are underway for the construction of a new 60-unit apartment complex in Old Town Chicago, across from the famed Second City comedy club at North Avenue and Wells Street. Local developer JAB Real Estate is spearheading the project. Crain's Business Journal notes the Read more

2016 Real Estate Outlook includes Price Stagnation

Marketwatch, as part of its New Year's coverage, recently provided a well-researched and reported forecast of the four real estate trends that will shape the market in 2016. It's really a good read and well worth the visit. The piece features no shortage of pertinent takeaways that can be applied to the Chicago real estate Read more

Willis Tower to be Widened as Part of Major Overhaul

Willis Tower Major changes are coming to Willis Tower, the tallest building in Chicago. Crain's Business Journal is reporting that, following it's recent sale for a record $1.3 billion, plans are being drawn up for renovations that would include widening the building with the addition of a plaza. The planned low-rise add-on to Read more

Longtime Amalgamated Bank HQ on Chicago Loop Sold

(CoStar Group photo) The longtime headquarters of Amalgamated Bank of Chicago on State Street has been sold for $35 million. The new owners are a joint venture between Tishman Realty Corporation and AXA Real Estate. Those firms plan to transform the buildings into 73,700 square-feet of retail and office space. Despite the sale, Read more

Data From Zillow Reveals ‘The New Rules of Real Estate’

Real estate data firm Zillow has released an illuminating new book called “Zillow Talk: The New Rules of Real Estate." In the book, Zillow Chief Economist Stan Humphries and Chief Executive Spencer Rascoff analyze the firm's massive data piles to come up with new conclusions on how best to sell a home. The Chicago Tribune Read more

Demand High in Chicago Commercial Real Estate Market, Report

Northridge Commons was recently sold for at least $70 million. Crain's Chicago Business recently reported on the rapidly growing demand for retail properties in Chicago and in other urban areas. The reason? It's largely attributed to the recovery of the retail market, great recent returns on shopping centers and the fact new supply Read more

Sale of OneEleven Building Sets New Chicago Real Estate Record

OneEleven Apartment Building A new Chicago real estate record was set last week when the 60-story OneEleven apartment building in the downtown Loop sold for $328.2 million. The Wall St. Journal noted the the price equates to $651,000 per unit, which makes it the highest-price ever paid for an apartment building of more Read more