Business Services Industry
Real estate deal-breakers. (suspension or termination of major deals suggest Chicago, IL, commercial real estate market may be heading for downturn)
Crain's Chicago Business, September, 1998 by Strahler, Steven R.
IBM, 33 W. Monroe, Woodfield pacts hit by industry's swoon Chicago's commercial real estate market is starting to act a lot like the stock market: The bubble is bursting. Major deals are being put on hold or canceled outright. Investors and lenders are getting cold feet. And the road ahead is rocky.
Prime Group Realty Trust last week backed out of a $239-million agreement to buy IBM Plaza - just one of several sales that have been caught in real estate's downdraft. The IBM deal was characteristic of the big appetite of Chicago-based Prime Group and other real estate investment trusts (REITs) for showcases that would appeal to individual investors attracted to a long-term inflation hedge. Prime Group blames the breakdown on the failure of IBM Plaza's owner to...
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