Tom’s Recommended Reading for the Week
- Blackstone in talks to buy Willis Tower – Willis Tower, Chicago’s tallest building, may soon have an equally big owner: Blackstone Group, the world’s largest private equity real estate owner. New York-based Blackstone has a preliminary agreement to pay almost $1.5 billion for Willis Tower, according to a person familiar with its plans. Blackstone representatives have been visiting the building to perform due diligence on the 110-story icon, and it is looking to buy the West Loop tower for one of its funds… Crain’s Chicago
- Delinquencies on Chicago-area CMBS loans hold below 5 %, according to Trepp – Rising rents and property values are lifting more Chicago-area landlords out of loan trouble, but a day of reckoning awaits some. The delinquency rate on Chicago-area commercial mortgage-backed securities (CMBS) loans dipped to 4.11 percent in December… Crain’s Chicago
- Loop tower sold to White Oak, Angelo Gordon venture by Ares Management – Wabash Avenue, critically located between the tourist attractions on Michigan Avenue and shopping on State Street, is poised to undergo a significant makeover.After more than a year spent collecting input and brainstorming, the Chicago Loop Alliance, the organization that promotes the downtown business district… Crain’s Chicago
- River North Property Reaches 50% Leased – Bradford Allen has just completed five new leases at 363 W. Erie St. in the River North neighborhood, bringing the office building to about 50% occupancy within 90 days of the commencement of a major renovation to the building… Globe St.
- Trunk Club expands in River North, Goose Island – Men’s clothing startup Trunk Club is trying on new real estate in its hometown amid rapid growth that includes plans to add a women’s brand. The Chicago-based company, which sends cardboard trunks of clothes to customers, subleased 17,000 square feet of office space across the street from its River North headquarters and showroom. About 1½ miles north, Trunk Club leased 170,000 square feet of warehouse space on Goose Island… Crain’s Chicago
