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August 14, 2024

Illinois Is Investing Huge In A Quantum Future. Why Should CRE Care?

Illinois is racing to establish itself as a global hub for quantum research and ponying up the big bucks in a quest to beat out other states to become what Illinois Gov. J.B. Pritzker has touted as the “Silicon Valley of quantum development.”

The stakes are high, the dollar figures going into the tech’s development are dizzying, and for commercial real estate, it could be the next big thing, akin to the semiconductor, life sciences and data center booms. 

Another salient point: Remote work is not an option in the quantum industry, meaning built-out spaces should remain stable for years.

Illinois Is Investing Huge In A Quantum Future. Why Should CRE Care?

The state’s push to lead the way on quantum research kicked into full gear when state leaders unveiled plans for a massive quantum campus on the site of the former U.S. Steel South Works site in South Chicago in late July. The Illinois Quantum and Microelectronics Park aims to be…

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Mag Mile Building Sells For Nearly $100M Less Than Its 2016 Price

A Chicago investor purchased a four-story mixed-use building on the Magnificent Mile at a two-thirds discount from when the property last traded hands in 2016.

Mag Mile Building Sells For Nearly $100M Less Than Its 2016 Price

North American Real Estate scooped up the 85K SF retail and office building at 605 N. Michigan Ave. for a reported $47M from Brookfield Propertiesaccording to CoStar. Mall owner GGP, which…

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State Street Retail Property Set For Foreclosure Auction, Appraised 80% Lower Than 2013 Valuation

The retail portion of the building at 1 N. State St. is set for a foreclosure auction next week on the heels of a beating in its most recent valuation as Chicago's downtown retail faces significant headwinds.

State Street Retail Property Set For Foreclosure Auction, Appraised 80% Lower Than 2013 Valuation

The 170K SF retail space will go to auction on Monday, according to new CMBS data from Morningstar. An August appraisal valued the property at $19.9M, a 20% reduction from the previous appraised value of $25M in 2023 and…

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This Week's Chicago Deal Sheet: Downtown Building Lands City's Largest Law Firm Lease Of The Year

This Week's Chicago Deal Sheet: Downtown Building Lands City's Largest Law Firm Lease Of The Year  

Barnes & Thornburg renewed and expanded its lease at One North Wacker in what Savills said was the largest Chicago law firm lease transaction of 2024.

The national firm will expand its footprint by 30% at One North Wacker to 96K SF and will occupy floors 42 through 45 in the Irvine Co.'s trophy tower.  SavillsJohn GoodmanEric Feinberg, Brandon Nasatir and Isabel Preskill represented the…

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