Danny Ecker

Chicago

Reporter at Crain's Chicago Business

Reporter, Crain's Chicago Business

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Articles

Pandemic-era appeals shifted $1.9 billion in property taxes to homeowners: study

1 week ago | chicagobusiness.com | Danny Ecker

Commercial landlords won such drastic reductions from appealing their property assessments in recent years that it shifted more than $1.9 billion of the Cook County property tax tab onto homeowners — with low-income and minority residents bearing the worst of the pain.
New York firm buys distressed Oak Brook office building at steep discount

2 weeks ago | chicagobusiness.com | Danny Ecker

An East Coast real estate firm has purchased a distressed Oak Brook office building for 71% less than it traded for a dozen years ago, kicking off a plan to renovate it and refill it with tenants. A venture of New York-based Ashley Capital paid $10 million last week for the six-story office building at 2001 York Road in the western suburb, according to DuPage County property records.
Wacker Drive office tower hits the market, setting up a nasty blow for seller

2 weeks ago | chicagobusiness.com | Danny Ecker

One of Canada's largest public pension funds has put its office building across the street from Willis Tower up for sale, setting up what will likely be a hefty financial loss on a property it bought before the COVID-19 pandemic. A venture of Quebec City-based CDPQ has hired Jones Lang LaSalle to seek a buyer for the 31-story office building at 125 S. Wacker Drive, according to people familiar with the offering.
Law firm Perkins Coie lists nearly half of its Wacker Drive office space for sublease

2 weeks ago | chicagobusiness.com | Danny Ecker

Companies are no longer rushing en masse to list office space for sublease like they were during the COVID-19 pandemic. But a new Wacker Drive offering shows the run of secondary market additions isn't done yet. Law firm Perkins Coie is trying to unload almost half of its 100,000-square-foot office at 110 N. Wacker Drive, according to a flyer from real estate services firm Cushman & Wakefield.
Sterling Bay seeking buyer for Loop office building as loan deadline looms

2 weeks ago | chicagobusiness.com | Danny Ecker

Sterling Bay is trying to unload a Loop office building as it runs low on time to pay off a nearly $83 million mortgage, one of many last-ditch efforts by landlords to salvage their investments as remote work and elevated interest rates crush office property values. The Chicago developer is seeking a buyer for the 15-story building at 311 W. Monroe St., according to sources familiar with the matter, who say real estate services firm Eastdil Secured has been helping market the property.
Oak Brook investor seizing shuttered Northbrook Crowne Plaza hotel

2 weeks ago | chicagobusiness.com | Danny Ecker

An Oak Brook investor is seizing a hotel next to Allstate's former Northbrook headquarters from a Texas hospitality company that bought it just before the insurance giant announced it was selling off its campus. An affiliate of St. Cloud, Minn.-based Stearns Bank is foreclosing on the 318-room Crowne Plaza Chicago-Northbrook hotel at 2875 N. Milwaukee Ave. in the northern suburb after submitting the highest bid in a recent judicial sale, according to Cook County property records.
Bally's is juggling both Chicago and federal politics with its revised casino IPO

3 weeks ago | chicagobusiness.com | Danny Ecker

Bally's is relaunching its plan to sell ownership shares of its new Chicago casino to women and minority investors, making a tweak it's wagering will win over both progressive Chicago officials and a Trump administration hellbent on crushing diversity requirements. The gambling giant today announced it has restructured its initial public offering of ownership shares in the $1 billion-plus casino and entertainment complex under construction in the River West neighborhood.
Chicago developer set to buy riverfront office building from Sam Zell estate

3 weeks ago | chicagobusiness.com | Danny Ecker

Chicago real estate developer Craig Golden is nearing a deal to buy a riverfront office building that late real estate mogul Sam Zell owned for five decades, joining the herd of investors picking up office properties on the cheap and betting brighter days are in the business of owning workspace. Golden confirmed his Chicago-based real estate firm, Blue Star Properties, is under contract to acquire the 26-story office building at 2 N. Riverside Plaza.
Bears' Arlington Heights stadium push hits 'significant milestone'

3 weeks ago | chicagobusiness.com | Danny Ecker

Arlington Heights officials are kicking off a formal review of the Chicago Bears' plan for a $5 billion stadium-anchored campus on the former Arlington International Racecourse property, a step that comes as the NFL team shifts its focus to the northwest suburb from its slow-moving push toward a new venue south of Soldier Field.
Chicago developer plans 149-unit apartment building in River North

3 weeks ago | chicagobusiness.com | Danny Ecker

Zev Salomon is planning a $50 million, 149-unit apartment building on a big River North surface lot that other developers have eyed but left untouched over the past decade. A venture of Salomon's Chicago-based development firm, ZSD, paid $9 million earlier this month for the parking lot at 320 W. Huron St. stretching a full city block along Huron Street between Orleans and Franklin streets, according to Cook County property records.