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August 2, 2023

JLL Ups The Ante In CRE’s Artificial Intelligence ‘Arms Race’ With In-House ChatGPT

Chicago CRE Legends Mike Reschke And Quintin Primo III To Discuss The Future Of The Loop At Chicago State Of The Market On Aug. 29

JLL is the first major commercial real estate brokerage to launch its own large language model artificial intelligence product, announcing Tuesday the firm deployed “JLL GPT” to its brokers around the world.

Similar in name and function to ChatGPT, the large language model, or LLM, that has taken the world by storm, JLL GPT harvests information from the company’s proprietary databases and offers it up in bespoke responses to questions posed by its users.

JLL Ups The Ante In CRE’s Artificial Intelligence ‘Arms Race’ With In-House ChatGPT

“This is just the beginning. I’m very excited for all the things we are going to build. I think it’s going to be a game-changer,” JLL Chief Technology Officer Yao Morin told Bisnow Tuesday. “I think this is really the technology that is going to change CRE, how we work.”JLL…

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Vornado CEO Roth: Investors Have 'Short-Sighted And Emotional' View Of Office

Vornado continued to sell properties and restructure its debt in the second quarter of the year as it reviews its portfolio amid toughening economic conditions.

Vornado CEO Roth: Investors Have 'Short-Sighted And Emotional' View Of Office

“If an asset is overleveraged or not refinanceable, we will support the asset only if we have sufficient terms for the asset or markets to recover,” Vornado President and Chief Financial Officer Michael Franco said on the firm’s earnings call Tuesday morning.Vornado is working with lenders to push out maturities for anything coming due…

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Student Housing Developers Are Running Out Of Viable Markets

Student Housing Developers Are Running Out Of Viable Markets  

Without the backing of billion-dollar funds, developing student housing is like threading a needle right now — and developers are running out of needles.

The flood of institutional capital into the sector has flowed primarily toward universities in Power 5 athletic conferences, and longtime student housing developers like The Michaels Organization and Campus Apartments have been priced out, executives from both companies said at Bisnow’s Higher Education and University Development…

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Developer Raises $68M On CrowdStreet To Fund Huge Boston-Area Project

Developer Raises $68M On CrowdStreet To Fund Huge Boston-Area Project  

Two retail properties near Assembly Square were purchased in part using the largest CrowdStreet fund-raise to date, and the buyer is planning a major mixed-use project.

A joint venture between  Cabot, Cabot & Forbes and Normandy Opportunity Zone Fund LP, a fund sponsored by Cannon Hill Capital Partners, bought 65-75 Mystic Ave. in  Somerville for $142M, according to public records. The partnership said in a press release that the deal was made possible with $68M in…

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