Blackstone and Equity Office’s $500M Willis Tower Transformation cements commitment to Retail Construction and Chicago

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Retail in Chicago, especially high-street retail, has performed very well in recent years. While rents have increased steadily, major new retail construction in the central business district has been limited. 

That is all changing with a massive $500 million investment made by The Blackstone Group and Equity Office at the iconic Willis Tower. This is the largest investment Blackstone has ever made to reimagine one of its properties. 

The total investment will transform and reconfigure 460,000 square feet of existing space within the Tower, adding 300,000 square feet of best in class new retail, dining and entertainment space to the building’s base. Continue reading

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Condo Deconversions Heat Up in Chicago

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Clark Place, a 133-unit property at 2625 N. Clark St., closed in December as Chicago’s largest condo deconversion sale to date. 

As the rental market continues to perform well in Chicago, investors and owners are looking for alternative ways to enter the market and the latest answer has been condo deconversions. 

Already, Chicago has seen several marquee deals, with the largest transaction of this type closing last December at the 133-unit Clark Place

Sam Haddadin, who recently joined CBRE as a condo deconversion specialist, sees many more opportunities on the horizon, as investors are actively targeting condo associations in desirable locations that could benefit from a deconversion transaction. Continue reading

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CBRE Extends Partnership with World Champion Chicago Cubs

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CBRE has extended its partnership with the World Champion Chicago Cubs for the 2017 season and will once again host the annual CBRE Charity Bash at Wrigley Field this July, with numerous Cubs players and celebrities attending.

CBRE will also continue promoting its brand with digital signage inside the Friendly Confines at all 81 regular season home games plus the postseason, and will again host a number of additional unique, behind-the-scenes events and experiences for CBRE employees, clients and partners at the historic ballpark.

“Our partnership with the Cubs was an absolute home run last year,” said Jim Carris, senior managing director of CBRE in Chicago. “Coming together with the Cubs during their incredible championship season provided a tremendous lift to our brand and created countless memories that our people, our clients and our partners will carry with them for a lifetime. We’re looking forward to another exciting season.”

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Chicago Ranks Fourth in U.S. for Amount of New Warehouse Construction Since 2010

The rapid growth of e-commerce fulfillment networks in recent years has resulted in a steady increase in the height and volume of warehouses and distribution centers, likely necessitating a shift to three-dimensional measurement of industrial space, according to a new research report from CBRE Group, Inc.

Chicago added 1,419,581,500 cubic feet and 43,346,000 square feet of warehouse inventory from 2010-2016, making it the fourth largest market in the country in terms of new warehouse construction activity in that time period.

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Coming Soon: Workplace360 Oak Brook

CBRE’s Workplace360 office in Oak Brook is only a few months away from completion. This will transform how our firm does business in the suburbs. Check out the progress.

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Video: Chicago’s Office Development Pipeline

With a slew of new office projects in development and dozens in the planning stage, Chicago’s office market is evolving.

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First ‘L’HAANG Spring Mixer Brings Employees Together

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The Hispanic & Latin Business Resource Group (HLBRG) and the African American Network Group (AANG) hosted the first “L’HAANG Spring Mixer” at CBRE’s downtown Chicago office last week. A collaborative effort of the Chicago chapters of CBRE’s HLBRG and AANG internal network groups, the acronym ‘L’HAANG’ conveniently merges the two names to form the Latin and Hispanic, African American Network Group.

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