Arlington Heights development falls into foreclosure

(Crain’s) — A foreclosure suit seeking nearly $20 million has hit Arlington Town Square, a publicly subsidized mixed-use project that sparked a revival of the northwest suburb’s downtown. The project’s nearly 137,300-square-foot commercial space is owned by a group of 30 individual ...

American Apparel joining ‘younger and fresher’ State Street

(Crain’s) — American Apparel Inc., a trendy retailer known for its basic T-shirts and provocative advertising, has signed a lease for a downtown store on State Street. The two-level store is to open late this summer in the historic Mentor Building at 39 S. State, replacing a Children’s ...

Hines puts 300 N. LaSalle on the block

(Crain’s) — Despite the dormant market for mega-deals, developer Hines Interest L.P. is putting up for sale a new skyscraper anchored by Kirkland & Ellis LLP that could fetch a blockbuster price of $620 million. Hines has hired real estate firm Holliday Fenoglio Fowler L.P. to market 300 N. ...

Foreclosure suit tarnishes Silver Tower condo project

(Crain’s) — Bank of America has filed a $40-million foreclosure lawsuit on a 225-unit River North condominium project in what could be a preview for other slow-selling downtown high-rises. The developer of the 38-story Silver Tower didn’t pay back B of A’s loan by its Dec. 29 due date, ...

Loop project poised to get another big TIF boost

(Crain’s) — A city panel approved another major increase in financial assistance for planned Loop apartment development that has struggled to get off the ground because of rising costs and the tough lending climate. The Community Development Commission signed off Tuesday on a $34-million ...

Strategic Hotels names Freed, Equity Office vet as new CFO

(Crain’s) — Strategic Hotels & Resorts Inc. has named a former executive at Joseph Freed & Associates LLC and Equity Office Properties Trust as its chief financial officer. Diane Morefield, 51, will replace James Mead, who has left the company, Strategic said in a news release Tuesday. Ms. ...

Closer highlights for March 9

Sale Lawrence Price, who started the Schoolyard Tavern, a popular watering hole at 3258 N. Southport Ave. in Lakeview, sold the building for $2.1 million to a venture managed by Andrew Gloor, a real estate investor and a co-owner of a small group of bars including Kirkwood Bar & Grill, 2934 N. ...

City to rebid big Loop project after Walsh Construction sues

(Crain’s) — The Daley administration is throwing out all the bids to rebuild the Wacker Drive and Congress Parkway interchange after the politically powerful Walsh Construction Co. sued to knock out two rivals for the work and have its $85.8-million bid declared the winner. Chicago-based ...

In brief: Banana buy | Ex-Sharpie plant | 208 S. LaSalle

Chocolate-banana firm buys building to expand Diana’s Bananas Inc. paid $1.18 million for a 30,529-square-foot industrial building on the West Side, where it will expand its chocolate-covered frozen banana manufacturing operation by 80%. The facility at 2733 W. Harrison St. will accommodate the ...

Jones Lang LaSalle to boost staff in China

(Reuters) — Property investment and advisory firm Jones Lang LaSalle Inc. will increase its Greater China staff by 5 percent this year on a robust commercial property market outlook, a senior executive said. There had been a shift in buyers of Chinese commercial buildings to local companies ...

Architect of Sears Tower, Hancock Center dies

(AP) — Bruce J. Graham, the pioneering architect who designed Chicago's two most iconic skyscrapers, including the formerly named Sears Tower, has died at age 84, a public relations firm hired by his family said Monday. Graham died Saturday morning in his sleep at his Hobe Sound, Fla., home of ...

Ackman, major creditor offer to invest $3.9 billion in General Growth

(AP) — Two major investors in General Growth Properties Inc. are joining Brookfield Asset Management in offering to inject a combined $6.5 billion in fresh funds into the shopping mall operator to help it emerge from bankruptcy protection. General Growth said in a statement late Monday that its ...

In brief: General Growth | 155 N. Wacker | Metra

Falling rents show need for General Growth shakeup: analyst Simon Property Group Inc.’s fourth-quarter rent spreads — the difference between what tenants pay for new leases compared to expiring leases — are positive, while General Growth Properties Inc.’s spreads were negative 8% to 10% in ...

UBS renews for almost 400,000 at 1 N. Wacker

(Crain’s) — UBS A.G. signed a renewal 1 N. Wacker Drive that cuts its space by two floors to just under 393,000 square feet. Meanwhile, a Northwestern Mutual office is expanding in the building by about a fourth, to just over 50,000 square feet in the 1.34-million-square-foot skyscraper. UBS ...

Cow pie is exhibit A in hotel’s suit against union

(Crain’s) — Striking hotel workers can picket the Congress Plaza Hotel, but sending a cow pie to conventioneers apparently crosses the line. That’s what the local hotel workers union did as part of a broad strategy to pressure groups to cancel meetings at the downtown hotel, according to a ...

In brief: General Growth | Navistar | Mart woes in N.C.

General Growth shares rise on return to NYSE Shares of General Growth Properties Inc. rose 2.3% Friday to close at $14.01 on their first day back on the New York Stock Exchange after being removed from the Big Board nearly a year ago after the company filed for Chapter 11 protection from ...

Inland American pays $424 million for retail portfolio

(Crain’s) — Inland American Real Estate Trust Inc. has paid $424 million for 16 shopping centers in the Southeast. The real estate investment trust, founded by Oak Brook-based Inland Group Inc., said Thursday that it acquired the 3.5-million-square-foot portfolio from a joint venture of ...

Our most-viewed stories in the past week

(Crain’s) — News that a judge ordered developer Daniel McLean to pay $6.1 million and auction off his riverfront penthouse to satisfy an unpaid loan from Wrightwood Capital LLC was the most-viewed story in the past week at ChicagoRealEstateDaily.com. The top five as of Friday morning: ...

Shattered glass more bad luck for Block 37

(Crain’s) — Block 37 has been living up to its reputation as a hard-luck — some might say jinxed — property. A large glass panel from a third-floor railing fell to the first floor and shattered into tiny pieces Jan. 26, according to a report filed last month by the court-appointed ...

Walgreen opens first-ever downtown offices

(Crain’s) — Walgreen Co. has signed a long-term lease for 20,000 square feet of Loop office space for a small band of workers in its growing online sales operation. Looking to bolster its recruiting efforts for tech workers, Deerfield-based Walgreen is opening the first downtown office in the ...

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