PR shop Edelman flirts with 125K sf move, Lightfoot issues property tax ultimatum to legislature: Daily digest

A daily round up of Chicago real estate news, deals and more for October 18, 2019.

TRD CHICAGO /
Oct.October 18, 2019 05:30 PM

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 [email protected].

 

Public relations firm Edelman is working on a deal to move its Chicago headquarters out of the Aon Center to a 125,000-square-foot space at 111 N. Canal St., a source told the Tribune. The PR shop’s current lease on about 170,000 square feet in the 83-story tower, where it’s called home for more than 25 years, doesn’t expire until 2024. But it does have a termination option to leave early. [Tribune]

 

Mayor Lori Lightfoot claims she’ll likely be forced to raise property taxes if Springfield doesn’t support her requests for a graduated real estate transfer tax and a casino gambling fix. Under former Mayor Rahm Emanuel, property taxes more than doubled with a $588 million increase, the largest in Chicago history, for police and fire pensions and school construction. [Sun-Times]

 

Adam Kimmel is the sixth executive to resign from WeWork in the last month. Kimmel joined the company in 2017 as chief creative officer after a career in fashion, and designed the WeWork San Francisco office. The company is considering laying off as many as 2,000 people in the coming weeks. [Bloomberg]

 

Bank OZK’s construction lending is up. The Arkansas-based bank reported that its third quarter construction loan portfolio grew to $6.68 billion from $6.49 billion year over year. It originated $2 billion in loans during that period. The bank has more than $23 billion in assets and is one of the most active construction lenders in New York, Chicago, Los Angeles and Miami. [TRD]

 

Commercial brokerage CBRE is under the microscope after procuring $2.4 million in tax credits for its client, a natural grocery distributor in Long Island City. Emails from a former CBRE director suggest the firm left out information to make its client’s application more attractive to New Jersey’s economic development office. [WSJ]

 
Donald Trump (Credit: Getty Images)

Donald Trump (Credit: Getty Images)

President Donald Trump is trying to spur grassroots contributions from supporters by offering them the chance to win a “VIP trip” to his Oct. 28 fundraiser in Chicago. He says supporters who donate any amount before Oct. 23 will be entered to win lunch and a photo with him, as well as airfare and lodging. Those who aren’t selected for the giveaway can access the fundraiser, likely to be held at Trump Tower, through three levels of donations: $2,800 for a lunch ticket, $35,000 per couple for a photo with Trump and $100,000 for an exclusive roundtable sit-down with the president. [Tribune]

 

The City of Chicago has approved property tax abatements for the spouses of first responders, including firefighters, police officers, paramedics and active soldiers, who died in the line of duty. The spouses are able to apply for property tax exemptions, which would begin next year, to have Chicago’s portion of their property tax bill waived as long as they remain unmarried and live in the same house. [Curbed]

 

The Waukegan City Council voted to send three out of four proposals for the Lake County casino to state regulators, leaving them to decide which will get the more than $15 million license. The Illinois Gaming Board will now weigh the bids from Full House Resorts, North Point Casino and Rivers Casino Waukegan. [Sun-Times]

 

Chicago-based JLL Income Property Trust recently launched a 1031 tax-deferred exchange program providing investors the opportunity to defer taxes on gains from the sale of appreciated real estate. The JLL Exchange program offers a series of private placements through the sale of interests in Delaware statutory trusts holding real properties sourced from Income Property Trust’s portfolio or from third parties. [RE Journals]

 

A college dorm in Pilsen that’s provided housing to low-income students of color since 2012 has shut down due to low participation and lack of funding. A co-founder of the nonprofit developer, The Resurrection Project, wants to convert the building into some kind of housing in the next few years but he doesn’t think it’ll reopen as a dorm. [Sun-Times]

 

In the past five years, at least 20 people have died of overdoses at two single room occupancy hotels owned by the same man on the West Side of Chicago. Willie Dunmore, who owns J.R.’s Plaza Hotel and J.R. Plaza II, says his SROs have rules against drug dealing and will kick out anyone who comes in under the influence, but he can’t discriminate against people who appear to use drugs. [Tribune]


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