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December 13, 2023

Google Unveils First Look At Its Plans For Chicago's Thompson Center

Harrison Street, Sterling Bay And More Share Their Outlook For The Chicago Life Sciences Industry

Google released new renderings and details of its plans to redevelop the James R. Thompson Center into its Chicago headquarters Wednesday, revealing it aims to maintain the historic building’s iconic design while making contemporary improvements.

Google Unveils First Look At Its Plans For Chicago's Thompson Center

The company will work with the building’s original architects at Jahn to help modernize the building while keeping its original character. The tech giant confirmed that the Thompson Center’s signature 17-story, light-filled atrium will remain. “When we set out to redevelop the Thompson Center with

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Fed Projects Cuts In 2024 As It Holds Steady On Rates

Fed Projects Cuts In 2024 As It Holds Steady On Rates  

The Federal Reserve is holding interest rates steady to close 2023, but most members of the Federal Open Market Committee foresee rate cuts in 2024. The federal funds rate will remain where it has been since July, at 5.25% to 5.5%. It marks the third straight meeting at which the central bank…

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Investors Bank Billions, Setting Up CRE Secondary Spending Spree

Investors Bank Billions, Setting Up CRE Secondary Spending Spree  

Major investors are gearing up for a year they expect to be flush with advantageous deals on real estate’s secondary markets, raising funds with billions of dollars at the ready for buying up partial interests in portfolios or recapitalizing troubled properties, among other options.

Ares Management, Blackstone and Goldman Sachs have all launched funds aimed at investing in secondaries, a segment of the CRE market expected to gain prominence in 2024. Secondaries are generally considered investments in existing assets that can bring in fresh capital, change up ownership structure or extend financing timelines.

“We share the strong enthusiasm of our investors and believe that the current real estate market dislocation and volatility provides a highly attractive environment for scaled and experienced secondary managers,” Michelle Creed, partner and co-head of Ares Real Estate Secondaries, told Bisnow in an email. The flight to secondaries is…

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Capitals, Wizards To Move To Virginia, Anchor Massive New Entertainment District

Capitals, Wizards To Move To Virginia, Anchor Massive New Entertainment District  

D.C.’s NHL and NBA teams have reached a deal to move from the District to Virginia — just a 6-mile trip southwest, but one that has historic implications.

Ted Leonsis, owner of the Washington Wizards and Capitals, announced Wednesday morning the teams plan to vacate the 26-year-old Capital One Arena in downtown D.C. in favor of a $2B mixed-use entertainment district planned in Alexandria’s Potomac Yard neighborhood.

The plan, still pending final approval by the Virginia General Assembly, would have the teams move into the new arena in 2028, according to a release from Monumental Sports & Entertainment, the entity that owns the teams.   The agreement would be a public-private partnership between Monumental, the…

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