Home builders group files Chapter 11
(Crain’s) — How bad is the local housing market? So bad that even the Home Builders Assn. of Greater Chicago has filed for bankruptcy protection. Unable to pay its bills, the Rolling Meadows trade group filed for Chapter 11 protection Friday, nearly four years into a severe industry slump…
Judge to appoint receiver for Block 37
(Crain’s) — Joseph Freed & Associates LLC will be stripped of control of Block 37. Cook County Judge Margaret Brennan said Friday she would appoint a receiver to take over the project, where an underground pedway and a handful of retailers are to open within days. Judge Brennan agreed to…
In brief: United signs | Loop renewals | Knickerbocker
United Airlines finalizes Willis lease United Airlines signed its lease earlier this month at Willis Tower, a 15-year deal for up to 450,000 square feet on nine lower-level floors in the 110-story skyscraper, 233 S. Wacker Drive. A United spokeswoman confirms the deal was recently finalized and…
Our most-viewed stories in the past week
(Crain’s) — News that two owners of condo-hotel units at the Trump International Hotel & Tower face foreclosure was the most-viewed story in the past week at ChicagoRealEstateDaily.com. The top five in the past week as of Friday morning: 2 Trump hotel unit owners face foreclosure Ald…
Jones Lang bolsters local public-sector team
(Crain’s) — Looking to extend its hot streak of winning local public-sector work, Jones Lang LaSalle Inc. has hired a real estate veteran who once worked on the redevelopment of Times Square. Karen Butler Hiring Karen Butler as a managing director in the public institutions group is part…
In brief: East Loop TIF | Mid-America | Law firm sublease
TIF tiff in the East Loop Alderman Brendan Reilly’s opposition to creating a new tax increment financing district for the East Loop “surprised and disappointed” office building owners there who hired a consulting firm to do a TIF-eligibility study. “We were surprised and disappointed to…
Medical District building faces foreclosure
(Crain’s) — PrivateBank & Trust Co. has filed a foreclosure suit seeking to recover $3.85 million on a small office building in the Illinois Medical District on the Near West Side, an area where the recession has failed to curb demand for space. PrivateBank sued Oct. 29, seeking to…
General Growth wins extensions on almost $9 billion
(Crain’s) — General Growth Properties Inc. said Thursday it has tentative deals to extend almost $9 billion in secured mortgages for an average of more than six years. The agreement means that 170 of the entities that were put under bankruptcy protection in April could emerge by the end of…
Ald. Reilly spurns new East Loop TIF
(Crain’s) — Alderman Brendan Reilly (42nd) said he doesn’t support a new tax-increment financing district for the East Loop. Mr. Reilly said the proposed TIF district was advanced by a handful of property owners who funded a TIF eligibility study and tried to convince him and other city…
Former Sussex owners sue bank over sale of brokerage
(Crain’s) — In an apparent attempt to rid itself of a struggling client, Community Bank of Ravenswood earlier this year engineered the sale of Century 21 Sussex & Reilly to rival residential brokerage Sudler Sotheby’s International Realty, according to lawsuits filed over the deal. But…
