Saturday, June 13, 2009
Tuesday, November 11, 2008
Trump sues Deutsche Bank over Chicago tower
NEW YORK (Reuters) - Luxury hotel and resort developer Donald Trump sued Deutsche Bank and several other banks on Monday, demanding $3 billion in damages, claiming they broke agreements in the construction and financing of Trump International Hotel and Tower in Chicago.
The unfinished 92-story complex that would be the second-tallest building in the United States behind Chicago's Sears Tower was due for completion in mid-2009.
Trump has been trying to extend a $640 million construction credit from a group of lenders led by Deutsche Bank, The Wall Street Journal reported last Friday.
They include a unit of Merrill Lynch & Co, Union Labor Life Insurance Co, real-estate investment trust iStar Financial Inc, and a division of Highland Capital Management LP.
The unfinished 92-story complex that would be the second-tallest building in the United States behind Chicago's Sears Tower was due for completion in mid-2009.
Trump has been trying to extend a $640 million construction credit from a group of lenders led by Deutsche Bank, The Wall Street Journal reported last Friday.
They include a unit of Merrill Lynch & Co, Union Labor Life Insurance Co, real-estate investment trust iStar Financial Inc, and a division of Highland Capital Management LP.
Friday, September 5, 2008
Some Kenilworth residents tell group to stick to real estate
The residents this week sent a letter to 427 Realtors, notifying them of what they consider to be the "intrusive" activities of the North Shore-Barrington Association of Realtors in hopes that individual Realtors would apply pressure to the group and curtail its involvement at the local level, said Ed Burkhardt, a former Kenilworth trustee who helped organize the letter-writing campaign.
"We'd like to know whether individual Realtors are actually behind this effort or whether their trade group is simply running amok," he said. "I happen to think it's the latter."
Howard Handler, North Shore-Barrington Association of Realtors government affairs director, said Realtors have a long history of advocating for private property rights, and his group's involvement in local issues has been driven by its 4,500 members. The residents' letter will make no difference, he said.
"We'd like to know whether individual Realtors are actually behind this effort or whether their trade group is simply running amok," he said. "I happen to think it's the latter."
Howard Handler, North Shore-Barrington Association of Realtors government affairs director, said Realtors have a long history of advocating for private property rights, and his group's involvement in local issues has been driven by its 4,500 members. The residents' letter will make no difference, he said.
Friday, July 11, 2008
Real estate problems not exclusive to Michigan
I thought all my commercial real estate friends in Ann Arbor and elsewhere would enjoy this.
While I was in Chicago last weekend, I snapped a photo of this sign outside of Sears Tower, the tallest building in the Western Hemisphere - a structure that houses 3.8 million square feet of office space.
Rest assured, local landlords, vacancy rates aren't just a problem in Michigan.
While I was in Chicago last weekend, I snapped a photo of this sign outside of Sears Tower, the tallest building in the Western Hemisphere - a structure that houses 3.8 million square feet of office space.
Rest assured, local landlords, vacancy rates aren't just a problem in Michigan.
Thursday, June 19, 2008
Buck Co. to acquire Deerfield complex
Despite a real estate market severely restricted by financial fears, John Buck Co. has agreed to buy a Deerfield office complex for about $169 million, say people familiar with the transaction. Such megadeals have become rare as the credit crisis and worry about the future of commercial real estate have slowed sales.
So far this year, just nine such sales valued at $100 million or more have closed. That's down from 21 deals recorded at this time a year ago in greater Chicago, according to Real Capital Analytics, a research firm. Chicago's biggest deal this year was the $540 million sale of the 50-story UBS tower at 1 N. Wacker Drive disclosed in February.
So far this year, just nine such sales valued at $100 million or more have closed. That's down from 21 deals recorded at this time a year ago in greater Chicago, according to Real Capital Analytics, a research firm. Chicago's biggest deal this year was the $540 million sale of the 50-story UBS tower at 1 N. Wacker Drive disclosed in February.
Saturday, May 10, 2008
Chicago commercial real estate
It is no secret that downtown Chicago commercial real estate is weaker today than it was a year or two ago. But the situation in the suburbs is worse, according to recent surveys.
MB Real Estate, a diversified real estate firm, said its analysis shows that the overall vacancy rate for downtown increased from about 11.7 percent in the final three months of 2007 to 12.3 percent in the first quarter of 2008. Those numbers, while not exhilarating, are certainly better than Chicago saw in the early 1990s when vacancies soared. But in the suburbs, MB Real Estate found, the vacancy rate rose from 16.1 percent in the last quarter of 2007 to 17.3 percent in the first quarter of this year.
MB Real Estate, a diversified real estate firm, said its analysis shows that the overall vacancy rate for downtown increased from about 11.7 percent in the final three months of 2007 to 12.3 percent in the first quarter of 2008. Those numbers, while not exhilarating, are certainly better than Chicago saw in the early 1990s when vacancies soared. But in the suburbs, MB Real Estate found, the vacancy rate rose from 16.1 percent in the last quarter of 2007 to 17.3 percent in the first quarter of this year.
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