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Playboy Enterprises Inc. is looking to sublease its headquarters space at 680 N. Lake Shore Drive.
The company confirmed this morning that it hired real estate firm Cushman & Wakefield to sublease the 15th and 16th floors of the building because the space “is too big for us,” said spokeswoman Martha Lindeman.
Lindeman said the company has not started looking for a new home to relocate its 245 full-time employees. “We haven’t made any plans at all,” she said. Get the full story »
Three years after it was hired for work at the Chicago Spire site, a Des Plaines-based company’s effort to get paid $512,000 may be the final unraveling of Shelbourne Development Group’s plan to build what was supposed to be the tallest U.S. skyscraper.
Earlier this month, Anglo Irish Bank Corp., Ltd., the bank that gave Shelbourne funds to acquire the property at 400 N. Lake Shore Drive, filed a foreclosure lawsuit against Shelbourne. Anglo Irish said Shelbourne defaulted on its $77.3 million loan.
The bank is asking the court, among other things, to order a judgment of foreclosure and sale, and to put its claims ahead of all others. In the past two years, numerous firms that have worked on the project have placed liens against it, claiming they are owed more than $46 million for completed work.
United Airlines has started moving its operations center employees into a new home — the Willis Tower in Chicago, formerly known as the Sears Tower.
United, which formally combined with Continental on Oct. 1 to form the world’s largest airline, is moving the first 280 employees into the skyscraper on Monday. This is the first phase of the move of more than 2,500 people who currently work at the company’s operations center in the suburb of Elk Grove Village. Get the full story »
By Chris Jones | A group of investors have purchased the Mercury Theatre at 3745 N. Southport Ave., and plan to reopen it for live entertainment. The theater has been closed since its owner suffered a serious stroke in January.
General Growth Properties Inc. on Tuesday named the nine members of the board of the company that will emerge from bankruptcy protection and take the No. 2 U.S. mall owner forward.
General Growth said Bruce Flatt, chief executive of Brookfield Asset Management, will be the chairman upon emergence from bankruptcy in early November. Get the full story »
Anthropologie is opening a store at 111 E. Chicago Ave., the former site of the American Girl store just west of Michigan Avenue. Get the full story »
Wal-Mart Stores Inc. is planning an aggressive push into urban markets with a new small format that’s a fraction of the size of its supercenters.
The expansion is aimed at pumping up sluggish U.S. sales. The retailers is expected to spell out more details next month at a meeting with analysts. Get the full story »
Children’s Memorial Hospital has hired Chicago-based commercial real estate firm U.S. Equities Realty to market the land and building at its current tony Lincoln Park location.
Calling it “one of the most desirable neighborhoods in the Midwest,” hospital officials are hoping the prime six-acre real estate site will fetch a large sum.
Hospital officials would not disclose or speculate on what the sale of the property may raise but it is certainly worth tens of millions of dollars even in the current down market for real estate, say Chicago real estate observers. Get the full story »
General Growth Properties Inc. says it will pay $230 million to some of the heirs of moviemaker and aviation mogul Howard Hughes to settle a dispute over a Las Vegas development. Get the full story »
Chick-fil-A is bringing its fried chicken sandwiches and waffle fries to downtown Chicago next spring.
Although the lease has yet to be signed, John E. Featherston Jr., Chick-fil-A’s senior director of real estate, said that a Chick-fil-A restaurant will open near Water Tower Place.
“I’ve been to a lot of intersections downtown, and this is the first one where I want to plant the flag,” Featherston said. “Hopefully this will lead to others.” Get the full story »
New York’s bedbugs don’t discriminate. They’ve infested dorm rooms as well as posh offices on Park Avenue, as Winston & Strawn discovered this week.
The Chicago-based law firm is dealing with an infestation of bedbugs at its New York office at 200 Park Ave., the MetLife Building. As of Friday morning, the landlord had not resolved the problem. Get the full story »
From the Chicago Sun-Times | Christopher Kennedy, president of the Chicago Merchandise Mart, said Thursday the massive art-Deco office building on the Chicago River is not for sale, contradicting a report last week in Crain’s Chicago Business. Get the full story >>
The leaders of General Growth Properties Inc. will stay on for up to one year following completion of the company’s restructuring, which is expected in October, the company said Tuesday.
Chief Executive Officer Adam Metz and President and Chief Operating Officer Thomas Nolan have agreed to remain in their roles to oversee General Growth’s emergence from the largest real estate bankruptcy in U.S. history. Get the full story »
There will be no seventh annual Chicago Luxury Home Tour this fall.
Greenspring Media Group, the Midwest Home magazine offshoot that organized the annual event, is mothballing the tour for a year because it couldn’t secure enough high-end new homes to make it worth consumers’ while. Get the full story »
