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. A Cook County judge on Friday ruled to appoint a receiver to take over the project, where an underground pedway and a handful of retailers are to open this month. Judge Margaret Brennan agreed to grant Bank ... In brief: United signs | Loop renewals | KnickerbockerUnited 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. ... In brief: East Loop TIF | Mid-America | Law firm subleaseTIF 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 ... University expands in downtown extension(Crain’s) — In one of the largest downtown leases of the year, Robert Morris University increased its space about 14%, to 323,000 square feet, as part of a long-term lease extension at its main campus at 401 S. State St. Robert Morris extended its lease until 2024 in the 463,232-square-foot ... 2 Trump hotel unit owners face foreclosure(Crain’s) — Donald Trump’s ritzy new downtown hotel is attracting guests no property owner wants to see: foreclosure lawyers. In another bad sign for the New York developer, lenders have filed foreclosure suits on two condominium-hotel units in his 92-story Chicago skyscraper, which has ... Bank moves HQ in Schaumburg(Crain’s) — Schaumburg-based American Chartered Bank is moving its headquarters to the Woodfield Preserve office complex in one of the biggest new leases of the year in the beleaguered suburban office market. The 15-branch bank, which focuses on small- and mid-sized businesses, this month ... Simon hires advisers for possible General Growth bid(Reuters) — Mall firm Simon Property Group Inc. has hired investment adviser Lazard Ltd and law firm Wachtell Lipton Rosen & Katz to help it explore a possible bid for all or part of bankrupt rival General Growth Properties Inc., according to people familiar with the matter. Simon has held ... Closer highlights for Nov. 17Sale A local investor group associated with Buffalo Grove accountant Bhupen Patel bought the Pep Boys at 920 N. Green Bay Road in Waukegan for $5.34 million from Los Angeles-based Corporate Partners Capital Group Inc. Pep Boys has a lease for the 22,146-square-foot property that runs through July ... Local company leases big spec warehouse from Duke(Crain’s) — A local company that makes retail displays is moving production from the Southwest Side to Romeoville, lured by a strong tenants’ market and more than $650,000 in public subsidies. In one of the largest leases of the year, RTC Industries last week agreed to take a new ... Chicago loses plastics convention to Orlando(Crain’s) — Chicago has lost yet another key convention as the plastics trade group announced plans to move its 2012 and 2015 gathering to Orlando. Chicago has hosted the Society of the Plastics Industry Inc.’s national show, which is produced every three years, since 1971. The decision, ... Hyatt's offer taken by only 6 fired Boston housekeepers(Reuters) — Just six of the 98 Boston housekeepers fired by Hyatt Hotels Corp. in August have taken up its offer of alternative employment, and few have responded to overtures by phone or mail, a Hyatt manager said. "We've made countless attempts" to contact workers, Philip Stamm, general ... Standard Parking closes stock offering(AP) — Standard Parking Corp. said Monday it closed its previously disclosed secondary offering of 6.6 million shares of its common stock priced at $16 each. The offering was made by GSO Special Situations Fund LP, GSO Special Situations Overseas Master Fund Ltd., GSO Special Situations ... Freed, B of A in settlement talks over Block 37(Crain’s) — Block 37 developer Joseph Freed & Associates LLC is in settlement talks with Bank of America Corp. over the bank’s foreclosure lawsuit on the new State Street mall. Sources say the two sides have had extensive “settlement conference” meetings over the past week that have ... In brief: Mezuzah ruling | Revlon renewal | North Side dealCourt: Mezuzah ban may violate law The full 7th U.S. Circuit Court of Appeals ruled in favor of residents in the “mezuzah condo case,” saying the condominium association of a North Sheridan Road building can be sued under Fair Housing Act for barring the Jewish religious symbol from doorposts. ... |
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