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Chicago Cheat Sheet: Ferrara Candy officially moving to West Loop…& more
Also, Irvine Co. recovers from Hyatt departure with new leases at 71 South Wacker
Ferrara Candy moving into Old Main Post Office
Ferrara Candy Company made it official Thursday, announcing it will move its corporate headquarters to 601W Companies’ Old Main Post Office complex. The move from Oakbrook Terrace — planned for next year — has been expected since November, and will see 400 employees working out of the sprawling West Loop office building. New York-based 601W is in the midst of an $800 million overhaul of the 2.8 million-square-foot complex at 433 West Van Buren Street, which will also count Walgreens as a tenant. [Chicago Tribune]
New leases at 71 S. Wacker nearly erase Hyatt departure
Irvine Company has inked seven companies to leases totaling 218,000 square feet at the former Hyatt Center at 71 South Wacker Drive. The additions help fill the 230,000-square-foot hole left when the hospitality giant moved last year to Riverside Investment & Development’s 150 North Riverside Plaza. Since Hyatt’s departure, California-based Irvine launched more than $15 million in renovations at the tower. [Crain’s]
Land Pulte eyed for luxury subdivision could become park instead
The Oak Brook Park District is close to a deal for 34 acres of McDonald’s-owned property in suburban Oak Brook, which Pulte Homes had eyed for a new subdivision. The park district board is scheduled to vote next week on a deal to buy the property commonly known as the McDonald’s soccer fields at Kensington Road and Jorie Boulevard. Voters in November backed a $17.9 million bond issue to buy the property, which Pulte also wanted for a gated community with 170 luxury townhomes. [The Doings]
FPA Multifamily buying suburban rental complex
San Francisco-based FPA Multifamily is buying the Commons at Town Center apartment complex in Vernon Hills for about $25 million. The 85-unit property at 1225 Town Center Road is the first of three that Inland Residential Properties Trust plans to sell as part of a liquidation plan. Inland Residential raised just $50 million for acquisitions in three years. It was aiming for $1 billion. [Crain’s]
Fifield’s 727 West Madison welcomes first residents
Fifield Companies is welcoming the first tenants at its 45-story, 492-unit apartment tower at 727 West Madison Street in the West Loop. The nearly 500-foot-tall elliptical building is the tallest west of the Kennedy Expressway. Rents starts at $1,750 per month. [Curbed]