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General Growth Properties Inc. Chief Executive Officer Adam Metz and President and Chief Operating Officer Thomas Nolan will leave the company Dec. 22, sources familiar with the matter said on Friday.
The moves had been expected. Get the full story »
From the Chicago Sun-Times | City planners Thursday endorsed a mixed-used development on the site of the old Lincoln Park Hospital on the North Side in a rare move to override the wishes of the local alderman. The proposal by Sandz Development Co. calls for a Fresh Market store on the 3-acre site at Halsted and Webster. It also includes a medical office building, about 160 residences and public parking. Get the full story>>
John Byrne | Clout Street | Mayor Richard Daley has put together a group of business leaders and university officials to advise the city on turning the vacant Michael Reese Hospital site into a technology park for businesses.
Daley has discussed the possibility of a tech park on the Near South Side lakefront parcel since shortly after the city’s 2016 Olympics bid failed. The Michael Reese site had been tapped to be the Olympic Village for athletes, and the city paid $91 million to acquire it.
From Globe St. | Tishman Speyer has completed its purchase of a 1.2 million-square-foot office tower at 353 N. Clark for $385 million, about $35 million less than it cost seller Mesirow Financial to build the tower completed in October 2009. Mesirow had owed roughly $374 million from construction loans that were coming due. Get the full story>>
Sears Holdings Corp. signed a deal with retailer Work ‘N Gear to operate uniforms shops inside Sears and Kmart stores.
The shops, called Scrubology, are range from 600 to 1,500 square feet and sell uniforms for healthcare professionals including doctors, nurses, veterinarians and lab technicians. Get the full story »
The Irvine Co. is close to an agreement to buy the 49-story Hyatt Center in Chicago for about $625 million from the Pritzkers, the storied family whose business empire includes a majority stake in the Hyatt Hotels Corp. chain, according to people familiar with the deal.
The sale of the curved tower at 71 S. Wacker Drive in Chicago, which contains about 1.5 million square feet of office space, could close as early as Friday, people said. The deal could still collapse, but if completed, the building would be one of the largest Windy City properties to trade this year. Get the full story »
Crain’s Chicago Business | The Chicago Plan Commission is scheduled Thursday to consider plans for a 4,600-square-foot Chick-fil-A restaurant in the parking lot of the Home Depot on Elston Avenue.
From Crain’s Chicago Real Estate | A Wal-Mart Stores Inc. executive has told a North Side alderman that the retail giant has not signed an agreement to lease a store in the Lakeview neighborhood.
“Wal-Mart has not executed a lease or a letter of intent with the developer to locate a store on the property known as Broadway at Surf,” Maggie Sans, a Wal-Mart vice-president of public affairs and government relations, said in a statement. Get the full story>>
Crain’s Chicago Business | Chicago fashion designer Ikram Goldman, known for her ties to First Lady Michelle Obama, is moving her boutique from Rush Street to larger quarters on Huron.
From the Chicago Sun-Times | Target is in the final stages of talks for a deal to anchor the former Carson Pirie Scott store at 1 S. State, a Chicago landmark designed by Louis Sullivan. Target has been interested in the old Carson’s building, now called Sullivan Center, for months. Two sources said a lease is close to be completed, but details could not be learned. Get the full story>>
Children's Memorial Hospital, pictured here in Lincoln Park, is relocating to Streeterville, around Northwestern Memorial Hospital. (E. Jason Wambsgans/Chicago Tribune)
Children’s Memorial Hospital said Thursday that it is studying whether its property up for sale in Lincoln Park could “qualify as a Tax Increment Financing district.”
Setting up the six-acred property that is for sale at Fullerton Parkway and Lincoln Avenue would result in the allocation of “future increases in property taxes from a designated area to pay for improvements within that area,” officials from Children’s said. “The program typically lasts up to 23 years after the creation of the TIF district.” Get the full story »
From the Chicago Sun-Times | Mayor Richard Daley is proposing a property tax break to bring a secod Costco to Chicago, this time to the Near South Side at 14th and Ashland Avenue. Daley said the project would create 600 construction jobs, 125 full-time jobs and 125 part-time positions. — in a move that could set a precedent for Wal-Mart and other big-box retailers. Costco currently has a store on Clybourn and Division in Lincoln Park. Get the full story>>
Google has signed a deal to buy a huge Manhattan building, where it is a tenant, for $1.8 billion in one of the largest sales of a single building this year, according to a person close to the transaction. Get the full story »
Pedestrians walk down State Street past an empty store front in the Block 37 Shops. (Keri Wiginton/Chicago Tribune)
Joseph Freed and Associates will no longer own the star-crossed Block 37 mall in the heart of downtown Chicago, a Cook County Circuit Court ruled Friday, bringing to close a year-long effort by banks to foreclose on the troubled property.
The Chicago-based developer has been ordered to turn over ownership of the high-profile shopping center to a group of banks led by Bank of America on Dec. 17, after documents related to the sale of the property are presented to the court and approved, according to Freed spokeswoman Jayne Thompson. Get the full story »
