Rachel Herzog

Chicago

Commercial Real Estate Reporter at Crain's Chicago Business

Reporter covering commercial real estate for @crainschicago / [email protected]

Articles

Left Bank apartments in West Loop for sale

1 week ago | chicagobusiness.com | Rachel Herzog

Another downtown residential high-rise is up for sale, testing what investors will pay for big apartment buildings in Chicago as rents have room to grow. New Jersey-based PGIM Real Estate has hired brokerage Jones Lang LaSalle to seek a buyer for Left Bank, a 37-story, 451-unit rental tower at 300 N. Canal St., according to marketing materials. PGIM co-developed the property with Chicago-based Fifield Cos. and completed it in 2006.
Owner of West Loop student housing complex facing suits from would-be buyer, mortgage agency

1 week ago | chicagobusiness.com | Rachel Herzog

The owner of a West Loop student housing complex is facing trouble on multiple fronts, with both a lawsuit from the property’s would-be buyer alleging that the firm is trying to back out of a deal and a $38 million foreclosure suit from Fannie Mae filed this month. The government-backed mortgage agency filed to foreclose on the Letterman, a 482-bed property at 410 S.
Streeterville apartment tower hits market at 420 E. Ohio

1 week ago | chicagobusiness.com | Rachel Herzog

A 41-story apartment tower in Streeterville is up for sale, becoming the latest downtown high-rise to hit the market in recent weeks. Oregon-based investor Green Cities has hired brokers at real estate services firm CBRE to seek a buyer for the 263-unit property at 420 E. Ohio St., according to marketing materials.
City taps developer for $48M Roseland housing and retail project

1 week ago | chicagobusiness.com | Rachel Herzog

The city has tapped a developer for a project to transform two acres of vacant land it owns on the Far South Side into affordable housing and retail space. Chicago Neighborhood Initiatives has been selected to develop a $48.3 million mixed-use project that includes 58 affordable apartments and 23,000 square feet of commercial space at the corner of 115th Street and Michigan Avenue in Roseland, Mayor Brandon Johnson announced earlier this month.
Developers get $69M construction loan for South Loop tower

1 week ago | chicagobusiness.com | Rachel Herzog

The developers of a 19-story South Loop apartment building scored a $69 million construction loan for the project, injecting some life into downtown Chicago’s stalled development pipeline. A joint venture of Chicago-based firms DAC Developments and Melrose Ascension Capital received the financing for its project at 626 S. Wabash Ave. from New York-based real estate lender BridgeCity Capital, according to Cook County property records.
Texas firm buys Scott Residences in Near North Side

2 weeks ago | chicagobusiness.com | Rachel Herzog

A Texas buyer picked up a Near North Side apartment building for about $32 million, a sign of out-of-state investor interest in Chicago’s supply-constrained rental market. Houston-based Exposition Residential bought the six-story, 71-unit Scott Residences at 211 W. Scott St., principal Rachel Kramer confirmed. The seller was a joint venture of local real estate firms JDL Development and Harlem Irving Companies, according to Cook County property records records.
Parisian handbag retailer Polène opening in Gold Coast

2 weeks ago | chicagobusiness.com | Rachel Herzog

A Parisian handbag retailer is coming to Oak Street, adding to the upscale offerings on the Gold Coast shopping strip. Polène has signed a 10-year lease for the building at 116 E. Oak St., with plans for a 6,000-square-foot store slated to open in early 2026, landlord Fred Latsko confirmed. “They fell in love with the building,” he said. Home to luxury brands including Loewe, Prada and Bottega Veneta, Oak Street is Chicago’s ritziest shopping corridor and has very little storefront vacancy.
Toca Madera, a Mexican steakhouse, coming to Fulton Market

2 weeks ago | chicagobusiness.com | Rachel Herzog

Modern Mexican steakhouse Toca Madera is coming to Chicago, with plans to open in Fulton Market next year. The restaurant has leased space at 939 W. Fulton Market, a spokesperson for the Texas-based restaurant group Noble 33 confirmed. “We’re looking forward to joining Fulton Market District’s growing food scene while bringing an energy and flavor that is distinct to Toca Madera,” Noble 33 co-founder Tosh Berman said in a statement.
What's next for the Hancock's 95th floor? A new view is coming to the old Signature Room.

2 weeks ago | chicagobusiness.com | Rachel Herzog

The operator of the observation deck at one of Chicago’s most iconic skyscrapers is expanding the experiential attraction and adding an event space on top. 360 Chicago will become the city’s first multilevel observation deck, taking up the 95th floor in the former John Hancock Center at 875 N. Michigan Ave., as well as the 94th, which it currently occupies, the company announced Wednesday.
Gold Coast boutique space run by TV's Marcus Lemonis and wife hits the market

2 weeks ago | chicagobusiness.com | Rachel Herzog

A Gold Coast retail property leased to a celebrity-owned boutique is up for sale, offering investors a chance to get a piece of real estate in the ritzy shopping district at a lower price point. The longtime owner of the 3,712-square foot retail space at 110 E. Delaware Place has hired brokerage SVN Chicago Commercial to seek a buyer for the property, according to a brochure.