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So far Chicago has created 105 blog entries.

Cushman & Wakefield Brokers $40 Million Sale of 13thirteen Randolph Street Lofts in Chicago’s Fulton Market

CHICAGO, Nov. 6, 2019 – Cushman & Wakefield’s Midwest Multifamily Advisory Group has brokered the $40,150,000 sale of 13thirteen Randolph Street Lofts, a 74-unit mixed-use property at the southwest corner of Randolph and Elizabeth streets in the West Loop’s Fulton Market District. The per-unit price is one of the highest paid so far this year in Fulton Market, according to CoStar data. Todd Stofflet and Jason Stevens, managing directors of Cushman & Wakefield’s Midwest Multifamily Advisory Group, represented the seller, JP Morgan Asset Management, in the sale of the asset to RDG Funds LLC, a Chicago-based private equity firm. “The sale reflects the continued popularity of Fulton Market, particularly among investors in search of stabilized assets that stand to benefit from the neighborhood’s favorable long-term fundamentals,” said Stofflet. “As leading employers continue to establish and expand operations in the West Loop, demand for well-located rental communities like 13thirteen Randolph will [...]

Cushman & Wakefield Launches Asian and Pacific Islander Employee Resource Group

CHICAGO, November 5, 2019 - Cushman & Wakefield announced today the launch of the firm’s Asian and Pacific Islander employee resource group. Asians and Pacific Islanders in Real Estate (ASPIRE) is one of seven groups at Cushman & Wakefield that are comprised of employees linked by social factors such as culture, gender, sexual orientation, or by a common interest or goal within an organization. These employee-led groups foster diverse and inclusive workplaces aligned with the firm’s values, objectives, and business practices. ASPIRE aims to celebrate the Asian and Pacific Islander culture by building a global community that is committed to the advancement and development of its members while serving as champions of diversity and inclusion. Co-founders Annie Canada and Hanna Kim Yoon, who are based in Cushman & Wakefield’s Los Angeles office, will serve as co-chairs of the ASPIRE national leadership council. “To aspire is to seek to attain or [...]

Cushman & Wakefield’s New Report Shows Real Estate Leaders Continue to See Value in Coworking

CHICAGO, November 4, 2019 – Cushman & Wakefield (NYSE: CWK), a leading real estate services firm, has released a report that reveals corporate perceptions of the value of flexible workspace and coworking strategies. Cushman & Wakefield partnered with CoreNet Global, a worldwide association of corporate real estate executives, to survey more than 550 key commercial real estate (CRE) executives at organizations around the world. Participants were asked about their general perceptions of the coworking sector, the pros and cons of using coworking, expected impacts on cost, and past and future employee utilization of flexible office spaces. Key findings of the report include: Nearly two-thirds of companies utilize coworking to some degree, and many respondents expect to double their commitment to coworking over the next five years. “The results show that corporate leaders have a generally positive view of coworking and see flexible space as a growing part of their occupancy strategy,” [...]

Creative Office Building Breaks Ground as Gateway to Chicago’s Historic Fulton Market District

CHICAGO, Oct 30, 2019 - Global real estate leaders and joint venture partners Thor Equities and QuadReal, together with leading real estate services firm, Cushman & Wakefield, and global design firm Skidmore, Owings & Merrill, introduced the city to 800 W Fulton on Tuesday, with an official groundbreaking ceremony. The project was dedicated by Chicago Alderman Walter Burnett, Jr., (Ward 27) along with executive leadership from the groups involved in the project. Located at the eastern entrance to the historic Fulton Market district at 800 W. Fulton Market, the soon-to-be 19-story mixed-use building is designed to enrich its setting with a lively program of public and commercial spaces. The trophy property is expected to activate the burgeoning neighborhood with more than 450,000 square feet of office space, public amenities, retail and food and beverage outlets.  Occupying a full city block, bounded by North Green, West Fulton Market, Wayman, and Halsted [...]

Cushman & Wakefield Fills Out Chicago Capital Markets Platform with Additions of Jeff Altenau and Zach Yarnoff

CHICAGO, October 21, 2019 – Cushman & Wakefield has further strengthened its Capital Markets team in Chicago with the additions of Jeff Altenau as Executive Managing Director, and Zach Yarnoff as Managing Director. Both come to Cushman & Wakefield from Eastdil Secured, where they worked on notable transactions including Willis Tower, River Point, 150 North Riverside, Easton Town Center and Wells Fargo Center Minneapolis. Altenau will lead the firm’s Debt Capital Markets platform for Chicago and the Midwest. Yarnoff will partner with Altenau in growing the company’s business and execution of large, highly complex structured real estate financings as well as middle market financings across all asset types and service lines. Altenau has nearly 20 years of experience in the institutional real estate debt capital markets with an extensive background working across various parts of the capital stack, including first mortgages, B-notes, mezzanine financings and preferred equity, as well as [...]

Chicago Downtown Office Leasing Activity Reaches Decade High

CHICAGO, Oct. 14, 2019 -- Chicago’s downtown office leasing activity reached a decade high in the first three quarters of 2019, with transactions totaling 7.8 million square feet, a 7.4% increase over the same period last year. Activity slowed in the suburbs, however, with year-to-date leases totaling just over 3 million square feet, a 9% decline from 2018, according to the newly released “Chicago Q3 Office Market Snapshot” from Cushman & Wakefield. Chicago CBD Office Stats: Robust absorption of Class A space lowered the overall vacancy rate to 13.1% in the third quarter, from 14.2% in third-quarter 2018. Fueled by an ongoing wave of corporate relocations, the West Loop was the most active submarket, with 4.5 million square feet of lease transactions executed so far in 2019, up 35.9% from the first three quarters of 2018 and accounting for 57.8% of total CBD leasing this year. The third quarter’s top [...]

Fulton Market in Chicago Named to Top 20 “Cool Streets” in North America by Cushman & Wakefield

CHICAGO, October 11, 2019 – A new wave of urban, experiential and independent retail concepts catering to changing consumer demands has led to the rise of 100 “Cool Streets” across the U.S. and Canada, according to a report released this week by global real estate services firm Cushman & Wakefield.  Included in the report’s top 20 is Chicago’s own Fulton Market District, which has evolved into one of the city’s premier live, work, play neighborhoods in recent years. The firm’s much-anticipated Cool Streets of North America report explores what’s driving the rise of the hottest retail districts across the U.S. and Canada. In addition to Fulton Market, the report outlines the top 20 Cool Streets in depth, including: Portland (whole city); Austin (whole city); Denver (whole city);  Boise (Downtown); Los Angeles (Arts District); Buffalo (Downtown); Manhattan (Bond Street/NoHo); Montreal (Mile End); Honolulu (Kaka’ako); Indianapolis (Massachusetts Avenue Arts District); Boston (South [...]

Chicago-Area Industrial Market Maintains Momentum in Third Quarter

CHICAGO, October 9, 2019 – The Chicago-area industrial vacancy rate continued to decline in the third quarter even as developers bring more supply to market, suggesting long-term fundamentals remain despite lingering economic and geopolitical uncertainty, according to the newly released “Chicago Q3 Industrial Market Snapshot” from Cushman & Wakefield, the top industrial agency leasing firm in Chicago. “As we head into the final months of 2019, signs point to yet another year of growth for Chicago-area industrial activity,” said Jason West, vice chair, on Cushman & Wakefield’s Chicago industrial team. “Firms like Crate & Barrel, which recently reported that nearly half of its sales are now online, continue to drive demand for large-scale distribution centers with easy access to consumers. We’ve already seen more of these big-box deals in 2019 than during the same period last year, and with several others expected to close by year’s end, we’re confident in [...]

Cushman & Wakefield Representing Owner in Sale of Iconic Murphy Auditorium in River North

CHICAGO, Oct. 4, 2019 – Cushman & Wakefield has been retained by the American College of Surgeons (ACS) for the sale of the iconic Murphy Auditorium, at 50 E. Erie St., in Chicago’s River North neighborhood. Constructed in 1926 as a memorial to one of the organization’s founders, Dr. John B. Murphy, the 32,193 square foot (sf) French Renaissance style building has served as a premier events space for galas, fundraisers, weddings and corporate events. Erected as a replica of La Chapelle de Notre Dame de Consolation in Paris, the building’s distinct feature is the pair of bronze doors that dominate the front entrance. The property includes a three-story auditorium which seats 500+ and is highlighted by a tall backlit multicolored stained-glass window with an additional one-and-a-half floors of office space above and restrooms and service areas on the garden level. “It’s a rare opportunity that a historic venue like [...]

Industry Leader Josh McGee Joins Cushman & Wakefield’s Growing Investor Platform in Chicago

CHICAGO, October 1, 2019 – Cushman & Wakefield has announced the addition of Josh McGee as managing director with Corporate Capital Markets. He brings over 20 years of experience in capital markets investments, and will provide advice, analysis and execution to Cushman & Wakefield’s institutional clients in the disposition of single-tenant assets and sale leasebacks. Additionally, McGee will provide credit analysis for single tenant sales as well as multi-tenant sales where one tenant represents a significant part of the rent roll. Prior to joining Cushman & Wakefield, McGee was executive director with JP Morgan’s Asset Management High Yield business unit for four years, where his team managed the JP Morgan High Yield Mutual fund, the JP Morgan Disciplined High Yield ETF, as well as significant institutional investor mandates. Throughout his career, McGee has been directly involved in raising both debt and equity capital for public companies as well as private [...]