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Old November 2nd, 2010, 08:41 PM   #1301
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^http://www.chicagobreakingnews.com/2...announced.html
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Old November 9th, 2010, 11:15 PM   #1302
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Eleven S LaSalle - Edition Hotel

Another partial conversion of an office building. This one will also have a restaurant/bar on the first floor and possibly a rooftop bar.

http://www.chicagorealestatedaily.co...w-luxury-hotel

Q&A with Michael Reschke on new luxury hotel
By: Colleen Lobner November 04, 2010


...Where does the 11 S. LaSalle project stand?
It's another historic building that we're looking at doing a conversion of that building to a luxury boutique hotel. It'd be smaller, it'd only be 240 rooms. And it would have far less meeting and ballroom space. It'd be more of a luxury boutique hotel.

Has that been on hold?
No, it's not on hold. We're working with the city and our alderman right now on project approvals.

What about financing for that project?
The equity has been committed. We expect that the project will be financed with 50% debt and 50% equity, and myself and my German partner are committed to fund the equity. We'd hope to start construction by second quarter of 2011 with an opening in 2013. That one we think we can hit right at the peak of the market.
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Old November 9th, 2010, 11:29 PM   #1303
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^ Hmmm... LaSalle St looks to be gradually turning into something different than an office corridor, isn't it..?
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Old November 10th, 2010, 05:09 PM   #1304
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Office building planned for site owned by Old St. Pat’s

By: Eddie Baeb November 10, 2010


(Crain’s) — Alter Group Ltd. has teamed with two former Fifield Cos. executives in a bid to develop the city’s next office building.

Alter and White Oak Realty Partners LLC, a new firm headed by Richard Blum and Tom Saletta, are courting tenants for a proposed 20-story building at 625 W. Adams St. in the West Loop, a site now owned by Old St. Patrick’s Church that’s currently a parking lot at the southeast corner of Adams and Des Plaines streets.

The project would include as much as 490,000 square feet of office space, a 400-car parking garage and a community center for Old St. Pat’s on the first two levels that could seat as many as 800 people...

http://www.chicagorealestatedaily.co...by-old-st-pats
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Old November 10th, 2010, 05:31 PM   #1305
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Don't care for the design (obviously) but its better than nothing and its in the west loop!!! So this and a 26 story building will both occupy that section?? I know office towers are taller than residential so I wonder how many feet would they both come out around...
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Old December 21st, 2010, 12:04 AM   #1306
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http://featuresblogs.chicagotribune....e-street-.html

A new lighting system in store for State Street
By Blair Kamin


The Chicago Loop Alliance, formerly known as the Great State Street Council, is planning a new lighting system that will span nine blocks on the downtown portion of State Street, from Congress Parkway to Wacker Drive, Tribune arts reporter Lauren Viera tells me.

The alliance has hired a Chicago landscape architecture and urban design firm, Site Design Group, to design the project.

...It sounds like the architects don't have a big budget--who does these days?---but they are hopeful that they can work some magic with inexpensive LED lights, some of which might go in sidewalks.
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Old December 30th, 2010, 09:29 PM   #1307
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http://www.chicagorealestatedaily.co...#axzz19clJ6q1b

Hong Kong firm plans hotel at former IBM Plaza
By: Thomas A. Corfman December 30, 2010


A Hong Kong real estate company has acquired the lower floors of the former One IBM Plaza, with plans to open just the third upscale Langham Hotel in the country.

Langham Hotels International is a unit of Great Eagle Holdings Ltd., which on Wednesday bought the second through 13th floors of the 52-story building at 330 N. Wabash Ave. from a joint venture that included LaSalle Hotel Properties Inc. and Chicago-based Oxford Capital Group LLC.
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Old December 31st, 2010, 12:52 AM   #1308
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More info

http://www.prnewswire.com/news-relea...112674039.html

Luxury Langham Hotel to Anchor 330 North Wabash Redevelopment on Chicago's Riverfront

...A 9,000 square foot distinguished chef-driven restaurant will also be featured, as well as a wine room, fitness center, indoor pool and Langham's signature Palm Court and award winning Chuan Spa.
---

Afternoon tea in a Mies lobby? Sounds splendid.
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Old January 12th, 2011, 08:30 PM   #1309
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79 W Monroe just Sold, Oldest Firehouse to become Art Studio, Costco 1400 s Ashland

http://www.suntimes.com/business/325...r-farbman.html

The building at 79 W. Monroe is no landmark in the records of City Hall, just in the hearts of many Chicagoans. It’s the Weather Bell building, the former home of Bell Federal Savings & Loan, and it’s been looking a little weather-beaten.

The lighted bell sign needs work, although a building engineer still changes it colors to signal the weather forecast. And the building itself is mostly vacant, prompting Loop pedestrians with a few years on them to wonder how much longer before the sign disappears.

But it looks like brighter days are ahead for the bell and the building. They have been sold for just under $10 million to Farbman Group of Southfield, Mich., which promises to bring new tenants to the 13-story building and to renovate the sign.

“We have a soft spot for the Weather Bell,” said Chief Financial Officer Andy Gutman. “We are talking to companies to see who qualifies to work on it as a restoration.”

Bank of America Corp., successor to Bell Federal, sold the building and used to be its biggest tenant. The 200,000-square-foot building is about 70 percent empty.

Nevertheless, the building still came cheap because it sits on a ground lease. The land itself remains under the control of David Friedman, president of F&F Realty Ltd., who in the past has eyed the site for a new office high-rise.

That appears unlikely unless Farbman Group got on board. President Andy Farbman said speculative development isn’t his business. He also said the lease has nearly 100 years to go and that Friedman has no right to cancel it. Friedman could not be reached for comment.

Farbman called the building a “plug and play property” whose interior space is in excellent shape. He said Bank of America made substantial improvements to its floors and even left the furniture behind. Farbman can offer more than 100,000 contiguous square feet to a company that wants lower-cost space in the Loop.

In the fall of 2009, the Daley administration discussed buying the building so it could consolidate city offices now in rented space. The worsening state of city finances sidelined the plan.

GETTING IT DONE: Because of action last week by two City Council committees, Ald. Robert Fioretti (2nd) can herald progress for a couple of projects in his ward. One is large and the other is small but cool.

The big one is a Costco due to be built in the 1400 block of South Ashland. The City Council on Thursday is expected to ratify a tax break for the site, where Costco Wholesale Corp. proposes to build a 150,000-square-foot store on 16 acres leased from the Illinois Medical District. The break lowers the tax bill for 12 years. Costco plans to break ground in spring 2012 on its $48.5 million building, which puts vacant land on the tax rolls. It promises 250 jobs, half of them part-time.

The council also is expected to sign off on the $320,000 sale of a former firehouse at 1123 W. Roosevelt to Jason Nowak and Jessica Beauchemin. They plan to turn it into a community art studio with kilns, glass ovens and a commercial kitchen. The station, built in 1873, is the city’s oldest fire station and used to be the home of Engine Company 18. It will get solar panels and a green roof with, of all things, a walking path. Work will start this spring and some classes will be offered there in the fall, Fioretti said.

SALE IS DONE: As 2010 closed, so did the sale of 300 S. Riverside Plaza, a 23-story, 1.08-million-square-foot building for about $190 million. Brookfield Real Estate Opportunity Fund sold the building to private investors led by Joseph Mizrachi and David Werner. Jones Lang LaSalle Inc. brokered the deal and also arranged $120 million in financing from UBS.

Brookfield has owned the glass-curtain-wall building since September 2006, when it paid $135 million for it. It brought the building from a 76 percent occupancy rate to 97 percent.

CALENDAR NOTES: Alison Fisher, assistant curator of architecture at the Art Institute of Chicago, holds forth Jan. 20 on the merits of Bertrand Goldberg’s Prentice Women’s Hospital at 333 E. Superior. Northwestern Memorial Hospital is transferring the site to Northwestern University and it could be demolished. Preservationists think it should be saved. Landmarks Illinois hosts the Fisher presentation at 12:15 p.m. at the Cultural Center, 77 E. Randolph.

The Chicago Association of Realtors serves up commentary on the residential and commercial markets in 2011 on Jan. 20. It starts at 3:30 p.m. at the Holiday Inn Mart Plaza, 350 N. Orleans.

ON THE MOVE: Urban Partnership Bank, the reconstituted ShoreBank, named Levoi Brown its director of commercial real estate. Brown, 33, is a former director of asset management at General Electric Real Estate and is a South Shore resident.

DOING THE DEALS: Premiere Metals Recycling Inc., in a move from 1550 N. Cleveland, leased 168,000 square feet at 4330 S. Racine. Chady Real Estate Corp. and Paine/Wetzel Oncor International were the brokers. ... Magellan Development Group LLC. confirmed that J.P. Morgan Asset Management spend $182 million for a majority stake in the 474 apartments at the Aqua tower, 225 N. Columbus. The proceeds let Magellan pay off the tower’s construction loan. ... Harrison Street Real Estate Capital, a private equity firm, is branching into the securities business by acquiring a unit of Transwestern Investment Co. that analyzes real estate investment trusts. Harrison Street said the analysts will keep a significant equity position in certain REITs.
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Old March 9th, 2011, 12:32 AM   #1310
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Interesting article:

Lawyers and real estate experts talk office space
Chicago Lawyer

by Amanda Robert
Tuesday, March 8, 2011

Lawyers who walk the floors of older, conventional buildings see odd partner and associate office sizes, interior spaces that seem to hold more paper than people, and once vital, now outdated amenities like libraries and secretarial stations.

As they approach the end of their leases, they must decide if they want to trade in these traditional offices for something more modern, efficient and flexible. Some law firms choose to simply re-sign their leases, but in recent years, more firms answered the call to revolutionize their current offices or to move to other spaces.

Several such large law firms as Jenner & Block, Kirkland & Ellis and Baker & McKenzie led a growing trend in the law firm real estate market as they each became or are soon-to-become anchor tenants in their new, high-rise office buildings.

In 2009, Jenner & Block moved from the IBM Building at 330 N. Wabash Ave. to a new 45-story, 1.1 million-square-foot tower at 353 N. Clark St. Kirkland & Ellis moved from the Aon Center at 200 E. Randolph Drive to a new 60-story, 1.3 million-square-foot tower at 300 N. LaSalle St. Baker & McKenzie plans its own move for 2012 from One Prudential Plaza at 130 E. Randolph St. to the newly expanded 57-story 2.3-million-square-foot Blue Cross Blue Shield Tower at 300 E. Randolph St.

In a recent roundtable discussion, Donald Resnick of Jenner & Block, Jeffrey Sheffield of Kirkland & Ellis and Michael Smith of Baker & McKenzie considered their decisions to move, design elements unique to their new office spaces and lessons learned throughout the process...

http://www.chicagolawyermagazine.com...al-estate.aspx
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Old March 16th, 2011, 05:31 PM   #1311
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http://www.chicagorealestatedaily.co...g-on-the-block

Office portion of Oriental Theatre building on the block
By: Colleen Lobner March 16, 2011


The vintage building that houses the Ford Center for the Performing Arts/Oriental Theatre is for sale, testing investors’ appetite for redevelopment projects in the Loop.

...The Oriental Theatre building is being pitched as a rare redevelopment opportunity by CB Richard Ellis, which was hired in January to market the space. Potential uses include apartment, hotel, student housing and senior housing as well as office.

The building’s central Loop location, directly opposite the Block 37 mixed-use development, makes it well-suited for a boutique hotel, says Susan Tjarksen, managing director of consultant Stabilized Asset Resources LLC, or STAR Resources.
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Old March 28th, 2011, 04:58 PM   #1312
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Looks like Willis Tower is starting their "green upgrades" they announced a while back:

Quote:
Chicago’s iconic Willis Tower (formally the Sears Tower) is set to become a massive solar electric plant with the installation of a pilot solar electric glass project. The high-profile project on the south side of the 56th floor will replace the windows with a new type of photovoltaic glass developed by Pythagoras Solar which preserves daylighting and views while reducing heat gain and producing the same energy as a conventional solar panel. The project could grow to 2 MW in size — which is comparable to a 10 acre field of solar panels — turning North America’s tallest building into a huge urban vertical solar farm.
http://inhabitat.com/chicagos-willis...al-solar-farm/
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Old July 29th, 2011, 01:52 AM   #1313
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203 North Wabash

203 N Wabash was bought last year and the new owners said at the time that they would continue to operate it as an office building. However, it now looks like they may be trying to convert it into an apartment building with 185 units and retail space.
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Old July 29th, 2011, 09:30 AM   #1314
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Quote:
Originally Posted by Flubnut View Post
Looks like Willis Tower is starting their "green upgrades" they announced a while back:



http://inhabitat.com/chicagos-willis...al-solar-farm/
I'll have to make sure and keep an eye out for any results they post, thanks for the heads up.
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Old January 30th, 2012, 05:25 PM   #1315
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anyone know what the proposed section of of grand park renovation is supposed to look like?
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Old January 31st, 2012, 11:42 PM   #1316
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http://www.suntimes.com/photos/galle...te-ribbon.html
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Old February 1st, 2012, 03:27 AM   #1317
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Quote:
Originally Posted by yosisays View Post
anyone know what the proposed section of of grand park renovation is supposed to look like?
If you walk in the pedway at Block 37 there are exhibits on display.
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Old February 4th, 2012, 10:27 AM   #1318
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