Regions Midwest
Economic Update - Seismic Shifts in Auto Industry Have CRE Implications
Jun 02, 2009
Monday was an historic day in Detroit, and arguably for the entire U.S.
manufacturing sector, even though GM's formal announcement of
bankruptcy, along with President Obama's promise for more than $30
billion for a company in which the U.S. Government will soon own a
controlling interest, weren’t surprises . A little more surprising
(only a little) was the quick approval by Chrysler's bankruptcy judge
of the sale of most of its assets to a group led by Fiat SpA, meaning
that the Detroit automaker will continue to exist in one form or
another, albeit with Italian bosses. But the fact that both events
happened the same day is an unusual coincidence indeed.
Economic Update - Fast-Track Chrysler Reorganization Stalls
Jun 09, 2009
The Chrysler reorganization and sale to Fiat, which
was to have been a model of a quick turn-around, has hit a snag in the
form of a court order by U.S. Supreme Court Associate Justice Ruth
Bader Ginsburg. Pension funds that hold some of Chrysler’s secured loan
are objecting to the goings-on, claiming it isn’t fair to them, and so
petitioned Justice Ginsburg for the measure. It isn’t clear how long
the temporary stay will delay the sale, or whether it will kill the
sale, or whether the full court will reverse the stay in a few days.
It’s unlikely, though, that the legal wrangling will affect the fate of
the Chrysler dealerships slated for closing, or change the amount of
real estate their closing will put on the market.
Chicago
BOMA Chicago Initiates Country's First Office Building Smart Grid Program
Aug 07, 2009
The Building Owners and Managers Association of Chicago has launched an effort to develop the country's first commercial office building smart grid program, delivering a utility-scale, clean, virtual generator through implementation of smart grid technology in more than 260 commercial buildings in downtown Chicago. With the potential to provide as much as 200 megawatts of demand response capability, the program would lower costs and avoid the need to construct expensive new generation plants. It requires upgrading the buildings' electric metering infrastructure, with significant building-level upgrades. To help address the estimated $185.4 million program cost, the city's BOMA chapter filed an application for $92.7 million in matching funds from the U.S. Department of Energy's Smart Grid Investment Grant Program, which was formed under the recently passed American Reinvestment and Recovery Act.
ProLogis Continues to Pay Down Debt, Remains Active in Chicago
Jul 21, 2009
Like all commercial property players, industrial REIT ProLogis has had
to deal with the challenges of the sagging economy and sluggish leasing
market. Despite the tumultuous environment though, the firm is still
getting deals done—including some very sizable transactions, like a
250,000-square-foot lease the firm recently inked with Roosevelt Paper
Co. near Chicago. That deal was the largest splash made by ProLogis in the region during
the second quarter, during which it racked up a total of nearly 600,000
square feet in leases.
Sears Tower Officially Renamed
Jul 16, 2009
Sears Tower, the tallest building in the Western Hemisphere, became Willis Tower yesterday in a ceremony featuring Joseph Plumeri, chairman & CEO of insurance broker Willis Group Holdings, and Chicago mayor Richard Daley. Willis will occupy more than 140,000 square feet in the 36-year-old building this summer in a consolidation of 500 associates from five area offices. The site will join New York City and London as one of the company's largest offices.
Detroit
Economic Update - Fast-Track Chrysler Reorganization Stalls
Jun 09, 2009
The Chrysler reorganization and sale to Fiat, which
was to have been a model of a quick turn-around, has hit a snag in the
form of a court order by U.S. Supreme Court Associate Justice Ruth
Bader Ginsburg. Pension funds that hold some of Chrysler’s secured loan
are objecting to the goings-on, claiming it isn’t fair to them, and so
petitioned Justice Ginsburg for the measure. It isn’t clear how long
the temporary stay will delay the sale, or whether it will kill the
sale, or whether the full court will reverse the stay in a few days.
It’s unlikely, though, that the legal wrangling will affect the fate of
the Chrysler dealerships slated for closing, or change the amount of
real estate their closing will put on the market.
Economic Update - Seismic Shifts in Auto Industry Have CRE Implications
Jun 02, 2009
Monday was an historic day in Detroit, and arguably for the entire U.S.
manufacturing sector, even though GM's formal announcement of
bankruptcy, along with President Obama's promise for more than $30
billion for a company in which the U.S. Government will soon own a
controlling interest, weren’t surprises . A little more surprising
(only a little) was the quick approval by Chrysler's bankruptcy judge
of the sale of most of its assets to a group led by Fiat SpA, meaning
that the Detroit automaker will continue to exist in one form or
another, albeit with Italian bosses. But the fact that both events
happened the same day is an unusual coincidence indeed.
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