CHICAGO-High-powered real estate partnership that includes Lakeside East backers Magellan and Near North gets big construction loan from a group of banks led by Bank of America. The Grand Plaza will be built on the last remaining parcel of the AMA's formerly huge near-north land holdings.
CHICAGO-Millbrook Properties will lease 10-acres at its Millbrook Business Center to Plexus as well as lease a build-to-suit facility to the electronic products manufacturer. The last five acres of the 20-year-old, 90-acre park will likely be breaking ground next year.
CHICAGO-Developer says it expects to be breaking ground in 2001 on another 17-story high-tech office building in River North. Sources say Alter Group will soon be unveiling a major high-tech development partnership in conjunction with other developers and financial interests.
SKOKIE, IL- Following its merger earlier this year with Monsanto, drug giant Pharmacia Corp. is unloading nearly 1 million-sf of properties formerly occupied by G.D. Searle and Co., which itself was acquired by Monsanto in an earlier deal.
CHICAGO-Investment SVP at the city's largest industrial developer sees problems ahead for telecom hotels as the telecommunications industry finds it harder to raise money for network expansions. The industrial REIT is scouting major sites locally for Exodus Communications.
CHICAGO-Office vacancy rates hit an 18-year low Downtown last quarter, while vacancy rates in the suburbs rose after falling sharply in the first half.
ORLAND PARK, IL-Davis Street Land and Opus North are close to a deal with Orland Park officials that will allow their Main Place shopping center to move forward. Ground breaking is expected in the spring for the 460,000-sf project.
CHICAGO- Details of the city's $3 billion O'Hare Airport expansion project will be unveiled tonight. The city said it is raising its air ticket travel tax by $1.50 to $4.50 per ticket in order to help fund the massive development.