Chicago Real Estate News

Powered by Crains Real Estate Daily and Costar

CoStar’s People of Note (Week of May 26) Tanger Promotes Two from Senior Management Team

It’s time to update those contact managers with CoStar’s People of Note, reporting news on significant new CRE hires and promotions. This week’s issue includes the following markets: North Carolina, St. Louis, Dallas / Ft. Worth, Washington DC, Orlando, New York City, Chicago, Ohio, Houston, Southern California, Baltimore, South Florida and Richmond / Hampton Roads.
Tanger Factory Outlet Centers Names New President
By CoStar News…

Amtrak, Chicago Leaders Pick Developer for $1 Billion Union Station Redevelopment

Chicago and Amtrak officials have tapped Riverside Investment & Development Co. to serve as master developer for a massive renovation and expansion of Chicago Union Station along with properties owned by the passenger railroad service surrounding the largely underground facility.

The $1 billion+ project to remake the nation’s third-busiest rail terminal will total out at about 3.1 million square feet at full build-out. Construction, which is expected…

Hoffmann Commercial Real Estate Names New CEO

Hoffmann Commercial Real Estate, a division of Osprey Capital, has tapped Greg Hoffmann as chief executive officer of the company, effective immediately. He will be based in the firm’s Clayton, MO office.

Hoffmann previously served as principal to the company and has been intimately involved with the company’s notable expansions into Naples, FL, Beaver Creek, CO and Chicagoland suburbs, helping the company expand nearly five-fold under his direction…

Zeller Realty Under Contract to Sell N. Michigan Ave. High-Rise for $370 Million

Zeller Realty Group has entered into negotiations to sell the 35-story, 737,308-square-foot office tower at 401 N. Michigan Ave. in Chicago to Walton Street Capital for $370 million, or approximately $502 per square foot, in a deal first reported by Crain’s Chicago.

The Magnificent Mile high-rise made headlines back in 2015 when Cupertino, CA-based Apple (NYSE: AAPL) disclosed plans to relocate its longtime location at 679 N. Michigan to a new…

MB Real Estate Elevates Flynn to CFO

Eileen Flynn has been promoted to CFO at MB Real Estate in Chicago.

Flynn is the senior vice president and managing director of accounting services and corporate for MBRE. The 18-year veteran of the firm was also recently appointed to MBRE’s executive committee.

In her new role, Flynn will be responsible for financial operations of all third-party managed assets, including commercial office, healthcare and government properties.


WPD Management Sells 370-Unit South Side Portfolio

One of the largest owners and third-party managers on Chicago’s South Side trimmed its holdings in the area with the sale of 21 apartment buildings to an undisclosed buyer for $29 million, or approximately $78,000 per unit.

WPD Management noted it elected to sell a portion of its portfolio to capitalize on a surge in investor interest brought on by a number of new developments including The Obama Library and the redesigning of the Jackson Park…

Gebrüder Weiss Expands U.S. Network, Signs 77,000-SF Lease in Des Plaines

Gebrüder Weiss has signed a lease in Des Plaines, IL as the Austria-based transportation and logistics company looks to expand its network of air and sea freight locations.

The company will occupy 77,450 square feet of warehouse space at 251 Wille Rd. located within the Des Plaines Business Center in greater Chicago’s O’Hare Industrial submarket. The rest of the 411,438-square-foot building is occupied by Learjet.

Completed in 2005, the property…