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AcquisitionsIllinoisMidwestOffice

Cushman & Wakefield Brokers Sale of 41-Story Office Tower in Chicago

by Kristin Harlow

CHICAGO — Cushman & Wakefield has brokered the sale of 121 W. Wacker, a 41-story office tower overlooking the Chicago River. The buyers, Chicago-based investors Ken Buckman and Robert Castillo, intend to invest substantial capital to re-energize the nearly century-old building. Planned enhancements include a significant upgrade to the outdoor amenity terrace and 24th-floor conference center, a remodeled restaurant and bar managed by a Chicago hospitality firm and a refreshed main lobby. Ware Malcomb will oversee all interior and exterior architecture, with Ameritus continuing as the building’s property manager. Completed in 1930 and designed by Chicago architects Holabird & Root, the 441,030-square-foot property stands as one of the city’s most recognizable Art Deco skyscrapers. Originally known as the LaSalle-Wacker Building, the tower is located at the gateway to Chicago’s historic LaSalle Street corridor. The building is now included within the West Loop-LaSalle Street Historic District on the National Register of Historic Places. United Airlines and McDonald’s both maintained offices at the property previously. Cody Hundertmark and Tom Sitz of Cushman & Wakefield represented the seller, Chicago-based Ameritus. Cushman & Wakefield has been retained as the leasing agent for the property, with Mason Taylor and Paige Krueger leading leasing efforts. According …

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IllinoisMidwest

Eisenberg Foundation Selects 1901 Project in Chicago as Development Site for 2027 Real Estate Challenge

by Kristin Harlow

NORTHBROOK, ILL. — The Harold E. Eisenberg Foundation is partnering with the United Center joint venture and its development site The 1901 Project for the foundation’s 18th Annual Real Estate Challenge on April 10, 2027. The Annual Real Estate Challenge is a competition welcoming college and university teams from across the country. Teams will create and present a development plan for a future phase of The 1901 Project, a $7 billion neighborhood investment on Chicago’s West Side that is dedicated to transforming the area surrounding the United Center. Spearheaded by the Reinsdorf and Wirtz families, The 1901 Project will enhance infrastructure and create economic opportunities for West Side residents. The owners of the Chicago Bulls and Blackhawks will convert 55 acres of land surrounding the arena, much of which is currently surface parking lots, into an integrated district comprising housing, retail, entertainment venues, public spaces and a hotel. Challenge teams are tasked with presenting a comprehensive analysis, vision and conclusion of how to maximize the potential of the site from both a financial and feasibility standpoint. A panel of industry leaders will serve as judges. The Northbrook-based foundation will award first, second and third place winners in both the graduate …

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AcquisitionsHospitalityIllinoisMidwest

Hunter Advisors Brokers Sale of 262-Room Embassy Suites Hotel in Metro Chicago

by Kristin Harlow

LOMBARD, ILL. — Hunter Advisors has brokered the sale of the Embassy Suites by Hilton Chicago Lombard Oak Brook, a 262-room hotel in Lombard. Spencer Davidson and David Perrin of Hunter Advisors brokered the transaction. Endeavor Hotels acquired the asset. The 10-story, all-suite property was built in 1989 and is located at 707 E. Butterfield Road. Amenities include 5,875 square feet of meeting space anchored by the 2,016-square-foot Butterfield Ballroom, a complimentary breakfast and evening reception, Stacks Grilled Cheese & Bar, an indoor pool, a fitness center and business center.

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DevelopmentIllinoisIndustrialMidwest

LogiPropCo to Build 1.3 MSF Industrial Facility in Joliet, Illinois

by Kristin Harlow

JOLIET, ILL. — Logistics Property Co. LLC (LogiPropCo) has purchased a 74-acre site at 23960 S. Houbolt Road in Joliet. Located in the I-80 corridor, the site offers immediate proximity to BNSF’s Logistics Park Chicago Intermodal and Union Pacific’s Global 4 Intermodal Terminal. Construction will commence in spring 2027. When complete, the project will total 1.3 million square feet and feature a clear height of 40 feet, cross-dock loading and ample car and trailer parking. Through the Houbolt Road extension, the site also has direct access to I-55 and I-80. Ben Fish and Vince Pergande of LogiPropCo worked with Ryan Klink of Cushman & Wakefield on the transaction. Klink, alongside colleagues Jason West and Sean Henrick, will serve as the project’s leasing representatives. The spec building, also available as a build-to-suit, is expected to deliver in spring 2028. Architects Plus Design is the project architect, and Jacob & Hefner Associates is the civil engineer.  

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AcquisitionsIllinoisIndustrialMidwest

Newmark Brokers Sale of 79,540 SF Industrial Building in Aurora, Illinois

by Kristin Harlow

AURORA, ILL. — Newmark has brokered the sale of a 79,540-square-foot industrial building located at 3615 Exchange Ave. in Aurora. Corey Chase of Newmark arranged the sale. Situated within Meridian Business Park, the property sits on 4 acres and offers convenient access to I-88. The buyer plans to utilize the facility to support the expansion of its U.S. operations, using the property for warehousing, storage and distribution. The seller was a private entity.

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AcquisitionsIllinoisMidwestOffice

Cushman & Wakefield Arranges $115M Sale of Chicago Office Tower

by Kristin Harlow

CHICAGO — Cushman & Wakefield has brokered the $115 million sale of 225 W. Wacker Drive, a Class A office tower overlooking the Chicago River in downtown Chicago. Prime Finance and Hines purchased the property from Spear Street Capital. The 31-story, 651,000-square-foot building is situated where Chicago’s West Loop and River North neighborhoods converge. Tenants include Cushman & Wakefield, which will remain an anchor tenant under the building’s new ownership. Cody Hundertmark, Tom Sitz, Jeremiah Olsen and Kelsey Berry of Cushman & Wakefield represented the seller. Jeff Altenau of Cushman & Wakefield advised Prime Finance in sourcing acquisition financing. Cushman & Wakefield is also expected to be retained to oversee property management and agency leasing on behalf of Prime Finance. During Spear Street Capital’s tenure, the property underwent significant capital improvements, including a lobby renovation, upgraded conferencing and collaboration spaces, a hospitality-driven tenant lounge, fitness facilities and an outdoor rooftop terrace. The new ownership plans additional investments, including a re-envisioned lobby-level restaurant and bar.

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DevelopmentIllinoisMidwestMultifamily

R2 Cos., Lagfin Complete Office-to-Residential Conversion Project in Chicago

by Kristin Harlow

CHICAGO — R2 Cos. and Lagfin, the building’s owner, have completed development of the office-to-residential conversion at 79 W. Monroe in downtown Chicago’s Loop. Ware Malcomb’s Chicago office provided architecture and interior design services for the renovation of the historic 14-story building, which included transforming seven upper floors of vacant office space into 76 market-rate and 41 affordable housing units. Built in 1905 and historically known as the Rector Building, the masonry high-rise is the oldest surviving commercial structure by Chicago architect Jarvis Hunt. The project marks the first completed under the city’s LaSalle Street Reimagined initiative. The new residential floors offer a mix of studio, one- and two-bedroom units. Rooftop amenities include an indoor tenant lounge, a fitness center and outdoor areas. Leopardo Cos. and GMA Construction Group were the general contractors.

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AcquisitionsIllinoisMidwestMultifamily

JLL Arranges $25M Sale of FourNorth Apartments in Metro Chicago

by Kristin Harlow

ARLINGTON HEIGHTS, ILL. — JLL Capital Markets has arranged the $25 million sale of FourNorth Apartments, a 76-unit boutique community in Arlington Heights. Completed in 2024, the property offers studio, one- and two-bedroom floor plans averaging 796 square feet. Amenities include a fitness center, resident lounge area, entertainment space, rooftop terrace and onsite management office. The five-story, pet-friendly building is 95 percent occupied. Bill Baumann, David Gaines and Sam Grohe of JLL represented the seller, Benchmark Developers. A private investor was the buyer.

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DevelopmentIllinoisIndustrialMidwest

Meridian Constructs 50,463 SF Industrial Build-to-Suit Project in Bartlett, Illinois

by Kristin Harlow

BARTLETT, ILL. — Meridian Design Build has completed a 50,463-square-foot truck maintenance and tire storage facility for Pava Logistics within Blue Heron Business Park in Bartlett. The building marks the third build-to-suit project that Meridian has constructed within the park, which is owned by Abbott Land & Investment. The building features a clear height of 24 feet, two loading docks, 12 drive-in doors and accommodations for truck maintenance. Harris Architects provided architectural and structural design services, while Mackie Consultants handled the civil engineering design.

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IllinoisMarket ReportsMidwestMidwest Market ReportsOffice

The New Divide in Suburban Chicago’s Office Market

by Kristin Harlow

By Jim Adler, NAI Hiffman For decades, suburban Chicago’s office market was defined by abundance. Corporate campuses, office parks and multi-building complexes supported a workforce that spent most of its week in the office. Today, hybrid work has reshaped office demand, while investors and landlords have become increasingly selective about where they deploy capital. Well-located, amenity-rich properties continue to attract investment and tenants, while aging buildings face growing pressure to compete. Recent market performance reflects this divide. While suburban vacancy remains elevated at 26.7 percent, Class A properties posted 43,337 square feet of positive absorption during the third quarter, while Class B buildings recorded negative absorption of 26,098 square feet. Reinvestment and winners Despite elevated vacancy rates, leasing activity is healthier than many headlines suggest. Class A office leasing in suburban Chicago increased 16.6 percent year over year to 644,228 square feet through third-quarter 2026, up from 552,698 square feet a year earlier.  Although Class A leasing remains down 11.3 percent year to date, its share of third-quarter leasing rose to 57.3 percent from 54.3 percent a year ago. The shift suggests that larger tenants are increasingly exploring higher-quality buildings they may have overlooked previously. Inland Real Estate Group’s approximately …

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