Core Spaces has lured brothers who are veterans of private equity to jump into fundraising for real estate development, Cushman & Wakefield scored a leasing assignment for a Humboldt Park office project, and a Northbrook-based construction firm is welcoming back a familiar face.
Here’s more on the latest Chicago-area real estate career moves.
➤ Chicago-based multifamily developer Core Spaces is tapping into talent from private equity giant Apollo Global Management.
The developer hired brothers Tom and John Dine to lead its new global wealth management platform aimed at high-net-worth individuals to inject capital into Core’s student housing portfolio.
“We saw an opportunity for individual investors to join us in greater scale as we continue to execute the same investment strategies that have historically proven successful,” Core Spaces Chief Investment Officer John Wieker said. “There is no better time to launch this platform, and we’re thrilled to have Tom and John onboard to lead this new endeavor.”
The Dines will hire and develop a team of industry professionals to further advance the platform.
Prior to their last two years at Apollo, the brothers previously worked together at real estate firm W.P. Carey Inc.
➤ Gary Pachucki’s development firm IBT Group chose Cushman & Wakefield to lease and manage The Terminal, a three-building, 235,000-square-foot research and office facility in Chicago’s Humboldt Park neighborhood.
Cushman’s Karoline Eigel, Steve Milenkov and Caroline Buck scored the assignment for the IBT Project at 1334 North Kostner Avenue, which is also financially backed by Joe Mansueto’s investment firm Mansueto Office.
The Terminal is an adaptive-reuse development that converted the former Pyle-National generator and railroad-equipment manufacturing facility into research and development and office space. The project includes tenants EeroQ and NuMat, and about 160,000 square feet is available, including a 4,000-square-foot spec lab space.
“The Terminal’s horizontal footprint, concrete walls and in-place infrastructure make it the ideal destination for Chicago’s innovators, and ownership has committed to delivering affordable, flexible lab space in a growing market with virtually no economical spec space available,” Eigel said.
➤ KC Downer is returning to Mosaic Construction.
Downer, who previously worked with the Northbrook-based commercial construction and design firm, is back with Mosaic, where he spent two years as a specialist in building out spaces for cannabis companies from 2018 to 2020.
His new role will be a sales executive, and he returns with a focus on the commercial and multifamily sectors, where he will strike up relationships with developers and owners throughout the country.
Based in Mosaic’s Northbrook office, Downer brings more than 18 years of experience in facility management, design-build, general contracting and sales. He specializes in delivering diverse construction projects across varying sizes and sectors including cannabis, retail, commercial, light industrial, office and manufacturing.
Prior to rejoining Mosaic, Downer held development, consulting and construction management roles for multiple construction, commercial real estate development and real estate investment firms in the Midwest, Northeast and Mid-Atlantic regions.
Editor’s note: KC Downer’s new role has been updated in this story.
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