Every day, The Real Deal rounds up Chicago’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day, starting at 10 a.m. Please send any tips or deals to tips@therealdeal.com
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West Monroe Partners is doubling space and staff. The consulting company inked a 12-year lease with Sterling Bay to occupy 208,000 square feet in 311 W. Monroe Street. It will be the new HQ for West Monroe Partners, which moves from 222 W. Adams Street. The deal includes naming rights for the building, which will be called “West Monroe Partners HQ.” [Crain’s]
Angelo Gordon CEO Michael Gordon and Broadstone chair Amy Tait (Credit: Google Maps)
Angelo Gordon offloaded an industrial and office property for a big profit. The company sold the two for a total of $94 million, which was $65 million more than it had paid. The buyer for both properties was Broadstone Real Estate. The warehouse was in Streamwood and the office building was in Hoffman Estates. [TRD]
J.B. Pritzker is giving Illinois Governor’s Mansion a facelift. Pritzker, the billionaire governor, is paying for the $850,000 work out of his own pocket. The tile on the first floor will be repaired, plumbing updated guest bedroom and bathrooms redone. The mansion will be closed until Nov. 23 for the renovations. [Sun-Times]
Developer Wind Creek Hospitality is bidding to build a casino on the border of Homewood and East Hazel Crest. Its plan includes a 64,000 square-foot casino floor and a 251-room hotel. The deadline for casino plan submissions to the board is Oct. 31. [Sun-Times]
Illinois is the least tax-friendly state, especially for homeowners. That’s according to a Kiplinger report, which found that its high property taxes, along with high food and drug taxes have contributed to residents leaving the state. [Curbed]
50 Erie Street (Credit: Google Maps)
The Murphy auditorium event space is on the market. The American College of Surgeons is selling the French-Renniassance-style property at 50 Erie Street. The 32,193-square-foot building, built in 1926, seats 650 people. Cushman & Wakefield, is the listing broker, but no price has been announced. [Crain’s]
Chicago has halted the demolition of La Casa Puertorriqueña community center. After possible asbestos was found in the building, the Department of Public Health ordered work stopped on the project in Humboldt Park. Hispanic Housing Development Corporation plans to build an affordable housing complex at the site at 1237 N. California Ave. [Block Club]
Co-working company Convene opened a new location in The Loop. The 50,000 square-foot space at the Citadel Center, at 131 Dearborn Ave., has 23 office spaces and 12,000 square space of common area. [RE Journals]
The stock market sell-off is a boon for homebuyers. Fixed rates on 30-year fixed mortgages are down to 3.62 percent, a 1.25 percent year-over-year change. That means a savings of $225 a month for a $300,000 mortgage. [CNBC]
Retail stocks take a hit after Forever 21 files for bankruptcy (Credit: iStock, Phillip Pessar via Flickr)
Forever 21’s bankruptcy was bad news for mall stocks. Macerich, Simon Property Group, Brookfield Property Partners, Taubman Centers and Vornado Realty Trust all saw their stocks take a hit after the news. The fast-fashion retailer said it would close 178 stores this year. [TRD]
It’s worse than initially thought for Bed Bath and Beyond. The houseware retailer will shutter 20 more stores than previously expected, bringing the total to 60. A full list of closures has not been released. [NYDN]
Embattled New York City retailer Barney’s may have found a lifeline. A group of fashion executives led by Sam Ben-Avraham plan to make a $220 million offer. While Barney’s tries to stave off liquidation during bankruptcy, the judge extended the deadline for offers until October 11. [WSJ]
WeWork CEO Adam Neumann (Credit: Getty Images)
It’s tough to get an apartment in New York City — and even tougher if you’re Adam Neumann? The WeWork founder, whose firm’s attempt at an IPO imploded, was reportedly rejected by at least three different co-op boards, despite the entreaties of Mark Lapidus, his former head of real estate. Neumann and Lapidus deny the account. [NYP]