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September 12, 2023

This Week's Chicago Deal Sheet
More Chicagoans Are Returning To The Office. Learn What's Driving The RTO Momentum Oct. 19

Waterton, a Chicago-based national real estate investor and operator, launched its Outbound Hotels brand, a collection of hotels offering lodging options for travelers looking for outdoor-inspired experiences in boutique settings. 

This Week's Chicago Deal Sheet

The hotel company has locations near California's Yosemite National Park; Jackson Hole, Wyoming; Mammoth Lakes, California; and Vermont’s Green Mountains.Waterton landed its first hotel in the brand when it acquired The Virginian Lodge in Jackson Hole in 2020, now rebranded as The Virginian Lodge, an Outbound Hotel. In 2021, the…

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Top Stories on Bisnow.com
Site Technologies Raises $10M In Funding Led By Prologis Ventures Site Technologies Raises $10M In Funding Led By Prologis Ventures
Chinese Property Market Now A Bigger Credit Risk Than U.S., EU, Survey Says Chinese Property Market Now A Bigger Credit Risk Than U.S., EU, Survey Says
Activist Investor Litt Renews Attack On Healthcare REIT Ventas Activist Investor Litt Renews Attack On Healthcare REIT Ventas
Yardi, 18 Real Estate Firms Accused Of Rent Fixing In Class-Action Lawsuit Yardi, 18 Real Estate Firms Accused Of Rent Fixing In Class-Action Lawsuit
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Aon Center Valuation Cut In Half Amid Lower Occupancy, Increased Real Estate Taxes

The Aon Center lost nearly half of its value since the property’s last valuation in 2018 as the prominent skyscraper struggles with increased vacancy, rising real estate taxes and a hefty loan balance. 

The 2.8M SF office tower at 200 East Randolph St. reported a new value of $414M, down from a valuation of $780M when JPMorgan Chase lent $536M for the property in 2018, per a Morningstar email alert. The loan moved to special servicing in February, but the borrower negotiated a modification and three-year extension this summer. 

Aon Center Valuation Cut In Half Amid Lower Occupancy, Increased Real Estate Taxes

The loan entered special servicing in February due to a technical default caused by borrower The 601W Cos. leasing 4.5% of net rentable area to Blue Cross Blue Shield Association without lender consent, according to DBRS Morningstar.Special servicer…

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LEED Volume Program: A Faster Way To Achieve Portfolio-Wide LEED Certification
PRESENTED BY:   Cyclone Energy Group
 
LEED Volume Program: A Faster Way To Achieve Portfolio-Wide LEED Certification  

Across the business landscape, organizations operating company-owned buildings are actively seeking solutions to allow them to become better environmental stewards.  One of the best ways to accomplish their sustainability goals is by getting their buildings LEED-certified. For owners with multiple properties, however, achieving certifications for all of their buildings can…

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In Case You Missed It...
Illinois Secures $2B EV Battery Plant In One Of State's Largest Industrial Deals In Decades Illinois Secures $2B EV Battery Plant In One Of State's Largest Industrial Deals In Decades
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Property Manager Piles Up $15M In Rodent-Related Tickets As Chicago Battles Rat Capital Reputation Property Manager Piles Up $15M In Rodent-Related Tickets As Chicago Battles Rat Capital Reputation
White Sox VP Denies Team Close To Decision: Billions To Build New Ballpark ‘Doesn’t Fall Out Of The Sky’ White Sox VP Denies Team Close To Decision: Billions To Build New Ballpark ‘Doesn’t Fall Out Of The Sky’
 
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15 Years After Lehman Went Under, Its Real Estate Loan Book Still Isn’t Unwound
15 Years After Lehman Went Under, Its Real Estate Loan Book Still Isn’t Unwound  

Friday marks the 15th anniversary of Lehman Brothers filing for bankruptcy.

But the event that rocked markets and set off a chain of events leading to the Global Financial Crisis still echoes: A trio of zombie loans written at the peak of the last boom remain undead. 

Three loans with €239M (£205M, $255M) outstanding that were written in 2007 remain in default more than eight years after they were due to be repaid. 

Lehman sold the loans to bondholders in 2007 in its scramble to offload real estate exposure as the financial crisis ramped up and values in the sector dropped. 

Commercial real estate played a major part in the collapse of the investment bank, which in turn caused a credit crunch that saw CRE values in the U.S. and Europe fall by as much as 45%.  Before its collapse in 2008, Lehman had $33B of real estate assets on its…

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