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This Week's Chicago Deal Sheet (May 5, 2021)


Delinquent rent in Chicago could now exceed $1B, according to a survey released last week by the Neighborhood Building Owners Alliance, a group of small and midsized Chicago landlords.
The high level of delinquency brought about by the coronavirus pandemic is leading to neighborhood disinvestment. With their revenue plunging to historic lows, 65% of landlords surveyed said they expect to make fewer capital improvements. In addition, nearly half expect to cut down on repairs and maintenance.
“With so much delinquent rent, many housing providers lack the funds to continue to maintain their properties,” NBOA President Michael Glasser said in a press release. ....

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New tenant lounge at 444 N. Michigan Avenue opens


New tenant lounge at 444 N. Michigan Avenue opens
April 30, 2021
CIM Group and Golub & Company have announced the opening of The Front Room, a new 5,000-square-foot tenant lounge on the third floor of 444 N. Michigan Avenue. Designed by Huntsman Architectural Group, The Front Room was completely reimagined as part of a larger building repositioning program. The design language for the building’s public areas is rooted in hospitality and focuses on a welcoming experience “from street to suite.”   
CIM Group and Golub & Company have owned 444 N. Michigan Avenue since 2018. The 36-story, 517,000-square-foot office building with ground floor retail is located in the heart of Chicago’s Magnificent Mile, and directly across the street from another CIM/Golub joint venture, the Tribune Tower redevelopment. ....

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