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January 3, 2023

This Week's Chicago Deal Sheet

Announcing Future Of The Chicago Suburbs March 21

Workspace Property Trust announced its second phase of acquisitions from Griffin Realty Trust, totaling $170.4M and 1M SF across six Class-A suburban office buildings throughout the country. The sale includes one 283K SF suburban Chicago property at Three Overlook Point in Lincolnshire.

This Week's Chicago Deal Sheet

This deal adds to the 53 properties Workspace acquired from Griffin in August 2022, bringing the total acquisition to $1.3B for 59 properties. “Investing in the suburban office market has evolved quickly from a contrarian play into a sought-after, mainstream and competitive sector as the suburbs continue to perform well, characterized…

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You’re Probably Going To Lose Money In 2023. But There’s Light At The End Of The Tunnel

You’re Probably Going To Lose Money In 2023. But There’s Light At The End Of The Tunnel  

If 2022 was the year a genuine downturn finally came to commercial real estate after a bull run of more than a decade, then what of 2023?

To be the bearer of bad news, CRE in '23 is likely to bring subdued liquidity, price falls and not a small amount of distress, as increased debt costs continue biting and economic growth slows around the world. 

But — and it’s still only a small but  — it could also be the year interest rates peak and investors gain enough confidence to start making new investments in a sector that has shown resilience compared to the last major financial downturn, cementing its place in the hearts of institutions across the world.

“We’re seeing price adjustments, but we’re not going to rush in to invest during a volatile period in the market,” Ivanhoé Cambridge head of Europe and Asia-Pacific Karim Habra told Bisnow. “We have strong convictions on markets supported by structural trends. So with that respect, we are a long-term investor…

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Twitter Sued By San Francisco Landlord For Not Paying Rent After Musk Takeover

Twitter Sued By San Francisco Landlord For Not Paying Rent After Musk Takeover  

Twitter is being sued by its landlord after it allegedly failed to pay rent at one of its San Francisco offices. The social media behemoth owes approximately $136,260 in unpaid rent at 650 California St., Columbia Property Trust alleges in a >

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Goldman Sachs To Lay Off Up To 4,000 In January

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Banking giant Goldman Sachs, which as recently as November predicted the U.S. would narrowly elude a recession, is poised to cut nearly 10% of its workforce in the next month, citing slowing economic conditions for the pullback. Heading into the new year, the firm plans to eliminate…

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