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CoStar Market Insights: Chicago Region’s Total Employment Approaching 25-Year High

Chicago Seeing Slow by Steady Employment Growth Since the Chicago region employment market bottomed in January 2010, the region has added nearly 300,000 jobs, reducing the U-4 unemployment rate from a high of 12.1% to a near-record low of 4.1%, just 0.2% above the region’s record low of 3.9%.

Despite the fact that Chicago is nearing its 25-year high in total employment with 3.59 million workers employed, the trailing four-quarter employment growth…

J.V. Secures $150 Million Refi for MILA Chicago

The John Buck Co., Becker Ventures and funds managed or advised by Partners Group secured $150 million in refinancing for the venture’s MILA apartment tower located at 200 N. Michigan Ave. in Chicago.

The 41-story, 402-unit high-rise delivered in May 2016 at the corner of Michigan Ave. and Lake St. adjacent to the Hard Rock Hotel – Chicago and within three blocks of the CTA – State & Lake and Randolph & Wabash stations.

MILA consists of studio…

Nearly a Dozen States Compete for Planned $1.6 Billion Toyota-Mazda Assembly Plant

Elected officials and business recruiters in at least 11 Midwestern and southern states are wooing Japanese automakers Toyota Motor Corp. and Mazda Motor Corp., which announced a joint venture to build a $1.6 billion U.S. factory to produce Toyota Corollas and cross-over models that Mazda plans to introduce to the North American market.

Pending approvals and authorization by government agencies, the companies will begin to examine detailed plans…

Office Lease Up (August 14) Northern Trust Inks 462,000-SF Lease for New Employment Hub at “Big Red”

Chicago-based Northern Trust (NYSE: NTRS) has signed a lease with The John Buck Co. and Morgan Stanley to occupy 462,000 square feet in the venture’s 333 S. Wabash Ave. tower in Chicago’s East Loop.

The John Buck Co. and Morgan Stanley paid $108 million back in March 2016 to acquire “Big Red,” a 1.2 million-square-foot, 45-story high-rise that for the last 45 years has served as the headquarters of CNA Financial (NYSE: CNA).

For Northern Trust…

Northern Trust Inks 462,000-SF Lease for New Employment Hub at “Big Red”

Chicago-based Northern Trust (NYSE: NTRS) has signed a lease with The John Buck Co. and Morgan Stanley to occupy 462,000 square feet in the venture’s 333 S. Wabash Ave. tower in Chicago’s East Loop.

The John Buck Co. and Morgan Stanley paid $108 million back in March 2016 to acquire “Big Red,” a 1.2 million-square-foot, 45-story high-rise that for the last 45 years has served as the headquarters of CNA Financial (NYSE: CNA).

Prior to the sale…

GGP Relocating HQ to 168,000 SF at River North Point

General Growth Properties (NYSE: GGP) has signed a lease to relocate its corporate offices from 110 N. Wacker Dr. to 168,000 square feet at River North Point in Chicago.

The retail real estate company expects to move Q1 2018 to the 15-story, 1.3 million-square-foot office tower at 350 N. Orleans St. in Chicago’s River North area. GGP will occupy the full fourth floor, and parts of the third and fifth floors.

GGP had fully occupied the 226,750…

M&R Development Completes The Residences at Hamilton Lakes

M&R Development has wrapped up development on The Residences at Hamilton Lakes, a new 297-unit apartment complex located at 1133 N. Arlington Heights Rd. in Itasca, IL.

The result of a joint venture comprised of M&R Development, Hamilton Partners and POB Capital, The Residences delivered on a 10.7-acre site adjacent to the Hamilton Lakes Business Park – home to more than three million square feet of office space as well as restaurants and two hotels…