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February 16, 2023

Bears Close On Arlington Heights Property As Soldier Field's Prospects Dim

EQT Exeter MD & Head Of U.S. Multifamily Asset Management Tammy Kelly Talks Suburban Multifamily March 21
The Chicago Bears finalized a deal to acquire the former Arlington International Racecourse in Arlington Heights, Illinois, in another blow to lingering hopes the Chicago Bears might be wooed to remain at their longtime Soldier Field home.

Bears Close On Arlington Heights Property As Soldier Field's Prospects Dim

In an open letter released on Twitter late Wednesday afternoon, the team said it closed on the 326-acre property last week. While finalizing the $197.2M purchase does not guarantee the Bears will leave the city, the team said, “it is an important next step in our ongoing evaluation of the property.”There…

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Slowing Rent Growth, Shrinking Profits Show Multifamily REITs Coming Back To Earth

Historic levels of apartment construction and weaker renter demand have brought multifamily landlords’ financial performance more in line with historical levels, coming down from the fevered high of 2021. But despite the relative softness in the market and the economic headwinds that have buffeted the real estate sector, the largest publicly traded owners of multifamily properties have reported continued profits and growing rents in their fourth-quarter earnings calls with analysts in recent weeks.

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Energy-Intensive Life Sciences Labs Haven’t Discovered Transparent ESG Reporting

Lab spaces, one of the fastest-growing classes of commercial real estate, can be energy hogs, using 10 times more than similarly sized offices. While major developers say they’re trying to improve sustainability, details on those efforts are sparse. Efforts to reduce energy usage and invest in more sustainable, energy-efficient spaces to experiment and discover are growing as the industry booms, including all-electric labs and on-site energy generation. But reporting around carbon footprints and longer-term strategies to cut emissions from existing buildings can be seen as lacking. “The bottom-line metric is how much carbon you’re putting in the atmosphere,” said Matthew Fickett, a managing principal at HDR Boston and an expert in sustainable lab construction. “If you were to buy a car, it's nice that it won a bunch of awards. It's very cool. It's got a great warranty. But you want to know how many miles per gallon it gets. To pick an absolute metric for labs, just how much carbon are you using per SF? There's no A for effort, because the climate doesn't give you an A for effort.”

Energy-Intensive Life Sciences Labs Haven’t Discovered Transparent ESG Reporting

Developers are putting forth good effort, Fickett said, and he doesn’t believe any firm or company is dodging the issue. But lab buildings are very complicated, and it can be especially challenging to limit energy consumption in a research space. “No one wants to be the one who wrote a regulation…

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