June Archives - VRJ Properties

Tishman Speyer Closes On First NYC Office Buy Since 2019 (June 3, 2025)

VRJwebmaster — Tue, 03 Jun 2025 17:24:39 +0000

Tishman Speyer has completed its first office acquisition in its hometown since before the pandemic.

The New York City office giant, which owns Rockefeller Center and The Spiral, spent $105.5M on a fully leased, 12-story office building in Lower Manhattan.

148 Lafayette St., a fully-leased office in Lower Manhattan, which became Tishman Speyer’s first NYC office acquisition in more than half a decade this week.

Tishman Speyer acquired the 153K SF building, which was built in 1913 and renovated in 2017, from EPIC, it announced Monday. The boutique office tower is Tishman’s first U.S. office purchase since 2021 and its first in New York since 2019.

Current tenants in the building include venture capital firm General Catalyst and cosmetics and beauty company Charlotte Tilbury. The acquisition was partially funded by a $68.3M loan from Blackstone Real Estate Debt Strategies.

A Newmark team led by Adam Spies and Avery Silverstein represented EPIC. It’s unclear who represented Tishman Speyer.

TOP SALES

The Hotel Bossert has changed hands for $100M, Commercial Observer reported. The 282-key, 1909-built hotel at 98 Montague St.’s new owner is Nashville-based developer SomeraRoad, which plans to convert it into housing. The trade marks the end of a chapter for the historic, troubled Brooklyn property, which Chetrit Group lost control of in February after lender Beach Point Capital acquired it in a foreclosure action. Chetrit had owned the Hotel Bossert since 2012, when it bought it in a joint venture agreement with Clipper Realty before buying Clipper out in 2019. But Chetrit then defaulted in 2022, eventually leading to the foreclosure. Beach Point acquired the $112M note for the building last year.

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Clipper Equity has acquired 1800 Park Ave., a vacant Harlem lot owned by The Durst Organization since 2017, for more than $50M, The Real Deal reported. The 680K SF plot has changed hands four times in recent years: Vornado Realty Trust bought it for $39.5M in 2007 and sold it to Continuum Cos. for $66M in 2013. But Continuum, which had planned a 700-unit apartment building, fell behind on its loans, leading to the Durst Org. swooping in and buying $100M of the building’s debt. The Dursts then acquired the lot itself for $91M a few years later but failed to kick off its own plans to build housing before the 421-a tax break expired.

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A Midtown office building has sold from one Milanese family to another for $22.4M, Commercial Observer reported. Pierluigi Tortora, founder of PLT Energia, bought 30 W. 56th St. from Massimo and Alberta Ferretti, who own luxury fashion brand Ferrim USA. The sale price is a whopping $19M above the $3.8M that the Ferretis paid for the 22K SF office building in 1994, PincusCo reported. PLT Energia plans to take over the building and use it for its own offices.

TOP LEASES

Atlantic Terminal, where Nike signed a 16K SF retail lease this week.

Nike has signed a 16K SF retail lease at Atlantic Terminal and Center adjacent to the Barclays Center, according to a release. The retail space with a street-facing entrance adds the athletic apparel maker to the roster of brands nearby, including Sephora, Uniqlo, and Dave & Buster’s. Inline Realty’s David Alani represented Nike, while Atlantic Terminal and Center ownership was represented by Cushman & Wakefield’s Alan Schmerzler, Diana Boutross and Ian Lerner.

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Consulting engineering firm Jaros, Baum & Bolles has signed a 68K SF lease in the Financial District at 55 Water St., Commercial Observer reported. The firm will relocate to the 53-story tower, which is owned by Retirement Systems of Alabama, from 80 Pine St., according to Colliers’ May Manhattan office report. The tenant roster at Jaros, Baum & Bolles’ new digs includes The Legal Aid Society, the New York City Board of Education Retirement System and human resources service Justworks.

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Fisher Brothers signed tenants to 67K SF at 299 Park Ave., a 1.3M SF office tower in Midtown East, according to a release. Investment firm One William Street Capital Management has added 15K SF to its existing 30K in the 42-story building, bringing its total footprint to 45K SF. One William, which relocated from 1290 Sixth Ave. in 2018, was represented by Scott Gottlieb, Andrew Sussman, Ben Friedland and Lewis Gottlieb of CBRE. Private equity investment firm P10 Intermediate Holdings, expanded its space by 9K SF with representation from CBRE’s Silvio Petriello. Consulting firm Tailwind Management is moving to the building in a 14K SF deal. Tailwind was repped by Savills’ Greg Taubin. Newmark’s David Falk, Peter Shimkin, Andrew Sachs and Eric Cagner repped the landlord in all three deals, along with Fisher Brothers’ Marc Packman and Clark Briffel.

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AI-driven marketing intelligence firm AlphaSense is moving its NYC headquarters to the Hudson Yards neighborhood, New York Business Journal reported. The firm, which supports tech companies, signed a 10-year lease for 50K SF at CommonWealth Partners’ 441 Ninth Ave., relocating to the 25-story office building from its current home at 24 Union Square E., Commercial Observer reported. Savills’ Allyson Bowen and Erik Schmall repped AlphaSense.

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Elderserve Health, a senior care nonprofit that does business as RiverSpring Health Plans, renewed its 15K SF Midwood office lease, Commercial Observer reported. The nonprofit first moved into the Brooklyn office space at 1630 E. 15th St. in 2020. Asking rents in the new deal were $45 per SF. The building was owned by Urban Edge Properties, but the property was put into foreclosure in 2023 and last year was handed over to the special servicer of the CMBS trust that holds the mortgage. The tenant was repped by Cresa’s Bert Rosenblatt, Peter Sabesan and Alex Gerome. Ownership was represented by Michael Taylor of Lincoln Property Co.

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Law firm Foster Garvey has signed a 10-year, 11K SF lease at Jack Resnick & Sons’ One Seaport Plaza, according to a release. The landlord intends to renovate the 1.1M SF tower later this year. Other tenants include WeWork, Seaport Entertainment and insurance firm Allied World Insurance. Foster Garvey was repped by Savills’ Nicholas Farmakis and Steve London. The landlord was repped in-house by Brett Greenberg and Adam Rappaport and by John Cefaly, Ethan Silverstein, Stephen Bellwood and Rachel Rosenfeld of Cushman & Wakefield. The law firm plans to relocate from 100 Wall St. to the 35-story 199 Water St. building in the fall, Commercial Observer reported.

TOP FINANCING DEALS

222 E. 34th St., in Kips Bay, where owner the Hakim Org. scored a $99.8M refinancing deal from Northwestern Mutual Life Insurance Co. this week.

The Hakim Organization nabbed a $99.8M refi for 222 E. 34th St., a 480-unit residential building in Kips Bay, from Northwestern Mutual Life Insurance Co., PincusCo reported. The capital replaces a loan for the same amount from the same lender, with an extended maturity date of June 15, 2030.

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Rockrose Development scored an $80M loan for 110 Horatio St., a 10-story, 94K SF West Village multifamily property, according to a release. The financing — a 10-year, fixed-rate loan — was provided by investment manager AXA IM Alts, which was acting on behalf of its clients. The 152-unit property, which is a mix of studios, one- and two-bedroom units and five penthouses, is 99% occupied. A JLL team that included Geoff Goldstein, Steven Klein and Chris Pratt arranged the financing.

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Pro-H Development notched a $77M loan from Urban Standard Capital to finance a 101-unit condo project at 842 Sixth Ave., Commercial Observer reported. The vacant lot was once expected to become a 26-story hotel, but last year 842 Enterprises sold the lot to Pro-H for $30M after the planned hotel wound up facing a $33M preforeclosure action from lender Avana Capital. Now, the 27-story condo tower that will take the would-be hotel’s place is slated for completion late next year. A Ripco Real Estate team of Adam Hakim, James Murad and Alexander Korolik arranged the financing.

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New York Life Insurance Co. has loaned $60M to Altitude Capital Management for the 273-room Courtyard by Marriott New York Manhattan hotel at 135 W. 30th St., PincusCo reported. The sum replaces a previous $60M loan from Voya Financial.

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Community Preservation Corp. provided a $44.1M mortgage to Lemle & Wolff Cos. for a residential development in Sunnyside, PincusCo reported. Lemle & Wolff is in partnership with nonprofit Elmcor Youth & Adult Activities for the 42K SF development, which will deliver 55 units at 43-12 50th St. The construction loan also replaces a previous $6.6M loan on the property from Webster Bank.

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John Catsimatidis’ Red Apple Group refinanced its 86-unit residential building at 670 Pacific St. for $38.1M with M&T Bank, PincusCo reported. The loan on the 84K SF Prospect Heights property replaces a $49.5M sum from the same lender that matured May 30. Red Apple was required to make a $5.1M principal payment and a note modification fee of $190K. Its new loan has to be no more than 80% loan-to-value based on a new appraisal, and has a new maturity date of Sept. 1, 2027.

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Elmord Management netted a $34.3M construction loan for a nine-story multifamily rental project in Astoria, Commercial Observer reported. The two-year bridge loan for 34-20 38th St. came from BridgeCity Capital. Elmord bought the five-parcel development site for $12M from the Pinto Family, PincusCo reported. The development, which is expected to deliver at the end of 2026, will include 89 units and 31 parking spaces.

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Chicago/Midwest People & Company News, week of June 28, 2024

VRJwebmaster — Thu, 27 Jun 2024 23:07:56 +0000

Kiser Group has promoted three team members, Jackson Medina, Noah Shutan, and Hunter Wern, from Associates to Advisors. This advancement recognizes their exceptional contributions and reflects their growth within the company. Medina will continue to underwrite new deal opportunities for properties with 100+ units in Illinois, manage client relationships, conduct on-site property assessments, and create marketing materials for deals. Shutan will focus on properties in the Indiana market and Wern has a focus on the Ohio market.

Lee & Associates announced that Brandon Pappas has joined the firm as vice president of data analytics and business development. In this role, Pappas will oversee all of the firm’s research initiatives and spearhead data-driven market analysis. Prior to joining Lee & Associates, Brandon worked at CoStar Group, Data & Analytics. He also has experience as a licensed commercial real estate broker.

The Missner Group (TMG), a Chicago-based general contractor and real estate developer, has appointed Jeremy Weisbach as the new director of asset management. Weisbach will oversee and manage the success of TMG’s real estate assets, focusing on portfolio management, financial oversight, lease management, acquisitions, and dispositions while mitigating risk. Before joining TMG, he held key positions at Dalfen Industrial, EXPANSIVE, and Newcastle Limited.

Friedman Real Estate’s Marc Hames recently completed the sale of properties at 8891 Pulaski Road, a 2,500-square-foot asset, and 12584 Wooden Road, a 25,000-square-foot building, in Michigan. Friedman represented the owner in these two cannabis receivership transactions.

Clayco has achieved an Experience Modification Rate (EMR) of 0.40. EMR is a number used to measure how safe a company is compared to others in the same industry. “Safety is our first priority at Clayco. From day one, we set out to be the leader in the industry for job site safety,” said Bob Clark, Executive Chairman and Founder.

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Return to Lender: Week of June 13, 2024

VRJwebmaster — Thu, 13 Jun 2024 15:52:55 +0000

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June 13, 2024

Austin-based commercial real estate lender Equity Secured Investments Inc. won the rights to the land at 151 E. Travis St. in down San Antonio a June 4 foreclosure auction, reported the San Antonio Business Journal. Harris Bay, a developer with offices in San Antonio and California, acquired the riverfront site in 2019 with plans to develop a boutique hotel. The developer took out a $2.1-million loan on the site as part of its plans, much of which it still owed as it defaulted on the loan.

Empire Capital Holdings and Namdar Realty Group struck a deal to buy the office property at 321 W. 44th St. for less than $50 million, Bloomberg News reported. That’s a 67% discount compared to the nearly $153 million paid by Related Fund Management in 2018. The deal represented a short sale, since the balance on the property’s mortgage exceeds $100 million. Such sales have become increasingly common in the office sector as property values are underwater.

Brooklyn Tower’s foreclosure auction has been postponed in favor of settlement talks with the developer. The auction scheduled for 9 DeKalb Ave. at 10 a.m. Monday was called off by lender Silverstein Properties, reported Crain’s New York Business. Following the postponement, Silverstein said it was in settlement talks with developer JDS Development, which defaulted on a $240-million loan this past March.

The Houston Business Journal reported that Jetall Capital, the Houston-based investment firm run by Ali Choudhri, is facing another legal dispute stemming from alleged financial problems facing a property the company owns. The latest dispute saw a federal bankruptcy judge throw out a temporary restraining order that sought to block a lender from foreclosing on 50 Briar Hollow Lane. The two-building, 193,615-square-foot complex is near the intersection of Post Oak Boulevard and Briar Hollow Lane just inside the Interstate 610 Loop near Houston’s Uptown/Galleria area.

A combination Mobil gas station, Budget car rental center and Firestone tire repair shop west of Boynton Beach has been targeted in a $5.55-million foreclosure lawsuit, reported the South Florida Business Journal. Miami-based City National Bank of Florida filed a foreclosure complaint June 6 against West Boynton Auto Services, Spanish River Service, J&L Services of Palm Beach and loan guarantor Jay Charles Seewald of Pompano Beach, over the 6,192-square-foot gas station and service center at 7450 Boynton Beach Blvd.

Chelsea Pacific Holdings has defaulted on a $30-million loan against the Chancery Building, a 59,100-square-foot office property in San Francisco, Trepp reported. The Belvedere Tiburon, CA company, which purchased the property in 2009 for $9.2 million, has been behind on its debt payments since November and owes $1.5 million against it. JPMorgan provided the financing in 2018. A foreclosure sale can take place after Sept. 2, if the default goes unresolved.

The $140-million CMBS loan on Westfield Main Place in Santa Ana, CA has transferred to special servicing, Morningstar Credit reported. The borrower had requested a 120-day maturity extension which was denied at that time by the servicer. Having now hit its June 2024 maturity, the loan is now in special servicing as expected. The servicer notes an expected resolution date in September 2024, so a loan extension may be in the works.

Inside The Story

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

◦Sale/Acquisition
◦Financing

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Chicago/Midwest People & Company News, week of June 3, 2024

VRJwebmaster — Thu, 06 Jun 2024 22:47:01 +0000

JLL has hired Kristen Vosmaer as a managing director for its growing Data Center Work Dynamics business. In this role, Vosmaer is responsible for data center growth initiatives, building strong relationships and guiding high-performing teams dedicated to delivering exceptional client experiences.

Bradford Allen has added Angela Burnett, LEED AP, as director of operations, and Sean Kenny, as director of engineering, to the company’s management services business. They will work out of the firm’s downtown Chicago headquarters. Burnett will work with on-site property management teams on operational processes, efficiencies, delivery of high-level tenant experience and execution of capital projects. Kenny will work across the same portfolio, leading on-site property management, engineering and maintenance teams on building procedures and overseeing operations and maintenance of all plumbing, electrical, mechanical, structural and life safety equipment and systems.

Matterhorn Venture Partners (MVP) announced the addition of real estate private equity veteran Tina Ramos as Co-Founder and Chief Operating Officer. As a co-founder alongside Scott McKibben and Matt Kay, Ramos will be responsible for building out MVP’s network of capital sources and for creating and implementing business lines. During her career, Tina has capitalized over $7 billion of real estate. Previously, she served as CIO of The Missner Group and as an SVP of Pacific Coast Capital Partners.

Hilco Redevelopment Partners, a subsidiary of Hilco Global, has changed its name to HRP Group (HRP). The change is part of a rebranding effort in anticipation of a spinoff from Hilco Global in the coming months. HRP is a vertically integrated, multi-strategy real estate investment firm specializing in complex redevelopment projects.

BWE, a Cleveland-based commercial and multifamily mortgage banking company, has secured two loans totaling $70,900,000 to refinance Accent Southrail, a 304-unit, mid-rise multifamily development in Charlotte, North Carolina, and Sedgefield Apartments, a 280-unit multifamily development in Marietta, Georgia.

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Beltline Boutique Hotel Launches in June

VRJwebmaster — Thu, 29 Feb 2024 14:32:44 +0000

New City will soon open Forth, a 196-room hotel and social club along Atlanta’s Eastside Trail. The $150 million tower will open this June. Forth becomes the first hotel with direct access to the BeltLine.

Morris Adjmi Architects designed Forth. Method Co. will operate Forth.

The 16-story Forth includes 39 furnished apartments for extended stays. FORTH Atlanta’s food and beverage offerings will include a lobby café and bar, a rooftop cocktail lounge, an Italian steakhouse, and a poolside restaurant and bar. Additional amenities include an event venue, a 350-seat coworking space, a members-only social club, and a 2,300-square-foot outdoor pool.

The private club, called The Forth Club, spans several floors. It includes a fitness center, pilates and yoga studios, outdoor pool, restaurants and a lounge. Membership rates have not yet been released.

In 2016, New City tore down an aging Kroger store and built office building 725 Ponce.

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This Week’s LA Deal Sheet (June 6, 2023)

VRJwebmaster — Fri, 02 Jun 2023 20:33:28 +0000

Jamestown sold Malibu Village for $81.5M, or about $1,600 per SF, to Stan Kroenke, according to The Real Deal, which cited an anonymous source. The deal represents a big discount from the $120M, or $2,300 per SF, Jamestown paid for the retail center in 2014. The purchase of the retail property is Kroenke’s third in the last year or so in the LA area. His other two were in the San Fernando Valley, both previously owned by Unibail-Rodamco-Westfield.

Malibu, California

PEOPLE

Skanska USA Civil West has announced James Bailey has been promoted to executive vice president of the West Coast region and Ryan Clayton will be promoted to senior vice president and general manager, a role formerly held by Bailey. Clayton was senior vice president of operations for the Northwest region. Bailey replaces previous Executive Vice President Mike Aparicio, who will take on the role of senior vice president of operations as he transitions toward retirement.

SALES

Boston-based King Street Properties expanded to San Diego. King Street acquired 5825 Oberlin Drive in San Diego’s Sorrento Mesa neighborhood. The roughly 4-acre site holds a 62K SF flex office building. King Street plans to reposition the asset into move-in-ready research and development suites. The sale price wasn’t disclosed and hasn’t yet been posted in public records.

LEASES

NAI Capital Commercial Executive Vice President Tina LaMonica represented Pasadena Child Development Associates in the completion of a 16K SF lease for two adjacent buildings, one at 790 East Green St. and the other at 118 South Oak Knoll in Pasadena. Both freestanding buildings are located in Pasadena’s central business district and are within walking distance of shopping, dining and business service amenities on Lake Avenue.

FINANCING

Byline Bank’s commercial real estate team provided a $13.7M construction loan to Charlotte, North Carolina-based Madison Capital Group. Madison Capital will use the funds to develop a self-storage property at 15932 Minnesota Ave. in Paramount. The project will include the demolition of an existing industrial property on the site and the construction of a new ground-up building for the storage facility. The project will feature 845 units, 841 of which will be temperature-controlled. It will be managed by Madison Capital Partners’ self-storage brand Go Store It.

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JLL Capital Markets arranged the $12M refinancing of Mission Promenade, a 106K SF dual-grocery-anchored shopping center in Oceanside. JLL represented the borrower, Milan Capital Management, to secure the 10-year loan through a regional bank.

Built in 1972 and renovated in 1999, Mission Promenade at 1527-1547 Mission Ave. is 97% occupied by a diverse tenant group including Latino supermarket chain El Super and a 22K SF DD’s Discounts store. The JLL team that represented the borrower was led by JLL Senior Managing Director Jeff Sause and Managing Director John Chun.

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This Week’s Chicago Deal Sheet (June 6, 2021)

VRJwebmaster — Tue, 22 Jun 2021 19:15:42 +0000

The office sublease market may finally be cooling off. The amount of sublease space in Chicago’s Central Business District increased by 75% between Q1 2020 and Q1 2021, hitting a historic high of 5.7M SF, but the market has begun to contract, according to MBRE.

There is now 5.4M SF of available sublease space, which is 287K SF less than there was at the end of Q1 2021, the firm reports.

Merchandise Mart

A few new blocks of sublease space were added to the market. At the Merchandise Mart in River North, 89K SF of Velocity EHS’ space became available, according to MBRE. But other large blocks, such as Groupon’s 293K SF at 600 West Chicago Ave., also in River North, have been removed.

The West Loop remains king of the sublease market. There are 124 spaces available for sublease, totaling more than 2.3M SF, roughly 44% of the downtown’s available space. The Central Loop comes in second, with 75 spaces available totaling about 1M SF.

EXECS

Chicago real estate executive Jim McGill launched Stotan Industrial, a private investment firm specializing in the acquisition and development of industrial properties critical to the U.S. supply chain and e-commerce distribution. McGill will initially focus on markets such as Chicago, Columbus, Indianapolis, Cincinnati, Louisville and Charlotte, and plans to deploy between $250M and $300M of capital in the next 18 months. He was previously an executive vice president with CA Industrial, a subsidiary of Chicago-based CA Ventures. Prior to joining CA Ventures, McGill was the managing director of capital deployment for Prologis’ central region.

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Stage Equity Partners, a Chicago-based healthcare real estate investment firm, hired Alex Katz as managing director of development and Justin Kleifield as senior associate – acquisitions and asset management. Before joining Stage Equity, Katz served as a partner with a privately held real estate company that developed retail and medical properties in the Chicago area. He also previously served as director of acquisitions for Skokie, Illinois-based Next Realty. Kleifield previously worked as an asset manager at Chicago-based Dayton Street Partners.

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Courtesy of Sterling Bay

Jesse Van Dyke

Sterling Bay hired Jesse Van Dyke as its first director of national leasing. Van Dyke will supervise the firm’s leasing efforts across all outside markets, including Miami, Dallas, Portland and Washington, D.C., and supplement its efforts in Chicago. Sterling Bay intends to have expanded to another three U.S. markets by the end of 2021. Van Dyke began his career at CBRE in 2000, specializing in tenant representation, and in 2008, Van Dyke joined JLL, where he worked with tenants in the tech and finance sectors.

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Kiser Group promoted Austin Parker from associate to adviser after nearly two years with the company. He will focus on helping investors buy and sell multifamily properties between two and four units throughout Chicago. As an associate, Parker focused on the South Side market. In addition to Parker’s promotion, Kiser Group hired Ben Goldman as a new associate.

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Chicago-based Waterton hired Aaron Sheppard as vice president of capital programs. He will oversee construction and development for Pathway to Living, Waterton’s senior housing arm. He was previously an account director at Cushman & Wakefield as well as director of operations at Ascension Senior Living.

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Michael Tenuta founded Naperville, Illinois-based Strategic Project Advisors. The firm will represent owner interests in all aspects of project planning and construction management in Chicagoland and across the U.S. Most recently, Tenuta headed up project management at Avison Young’s Chicago office.

Courtesy of JLL

101 West

SALES

Monroe Residential Partners sold 101 West, an apartment community at 101 West Liberty St. in northwest suburban Barrington, to HP Ventures Group for $20.7M. 101 West totals 63K SF of rentable space, consisting of 64 one- and two-bedroom units. Marty O’Connell, David Gaines and Kyle Butler of JLL Capital Markets represented the seller.

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Woodland Hills, California-based NewMark Merrill Cos. purchased Bricktown Square, a 292K SF retail center at 6420 West Fullerton Ave. on Chicago’s Northwest Side, from Bonnie Investment Group. NewMark Merrill owns and operates three other retail properties in the Chicagoland area, including Stony Island Plaza in Chicago and Stratford Crossing in northwest suburban Bloomingdale. NewMark Merrill was represented in-house by Sandy Sigal, Jim Patton, Brad Pearl, Sandra Kist and Susan Rorison. The sellers represented themselves. The center was financed by ReCap, a subsidiary of RGA Real Insurance Group of America.

LEASES

WFLD, the local Fox-owned and -operated television station, signed a multiyear lease restructure and extension for 64K SF in Michigan Plaza at 205 North Michigan Ave., where it has been since 1985. Savills’ Robert Sevim and Kelly Givens negotiated the deal for WFLD, while MB Real Estate’s Mark Buth, Steve Hennessy, Ellen Trager and Ashley Harrison represented the owners of Michigan Plaza.

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Wolf Point East, a new 698-unit luxury apartment building in River North, hit the 95%-leased milestone and has exceeded pro forma rents, according to Luxury Living Chicago Realty, which leases the tower. Wolf Point East was designed by Pelli Clarke Pelli Architects in partnership with Pappageorge Haymes Partners.

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American Bear Logistics, an ocean freight transportation company, signed a lease for 57K SF at 1475 Thorndale Ave. in northwest suburban Itasca. Nick Krejci of Darwin Realty/CORFAC International represented the tenant.

FINANCING

Associated Bank completed a $26.7M loan to Shorewood Development Group for the acquisition and revitalization of the Market Meadows Shopping Center, a 148K SF Jewel-anchored shopping center at 1201 South Naper Blvd. in west suburban Naperville. The developer will also construct a new three-tenant building of nearly 7K SF at the northwest corner of 75th Street and Naper Boulevard as well as a Lock-Up self-storage facility on the property. Daniel Barrins of Associated Bank’s Commercial Real Estate group handled the loan arrangements and closing.

Courtesy of Premier Design + Build Group

Premier’s new Buffalo Grove headquarters

CONSTRUCTION AND DEVELOPMENT

Premier Design + Build Group began designing a 52K SF facility in Buffalo Grove that will serve as its new corporate headquarters. The firm outgrew its previous headquarters and temporarily relocated to a Schaumburg building. In addition, the company will open a downtown Chicago office this summer to serve clients in the central business district.

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June Archives - VRJ Properties

Tishman Speyer Closes On First NYC Office Buy Since 2019 (June 3, 2025)

Chicago/Midwest People & Company News, week of June 28, 2024

Return to Lender: Week of June 13, 2024

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National CRE News In Your Inbox.

Inside The Story

About Paul Bubny

Chicago/Midwest People & Company News, week of June 3, 2024

Beltline Boutique Hotel Launches in June

This Week’s LA Deal Sheet (June 6, 2023)

This Week’s Chicago Deal Sheet (June 6, 2021)