Note to readers from Mark Glennon re: Ukraine
May 6, 2026
3 Comments
Everybody needs a side hustle these days, and mine is Ukraine, where I am now.
-- Connecting the dots between our economy, government and business --
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If this bill passes, say goodbye to local control over all Illinois parks and expect to see open drug and alcohol use, needles, no sanitation and fire hazards, but no ordinary park users.
Pension being paid first! City services not so much…….
At least some of you are starting to see the handwriting on the wall.
Writing on the wall:
https://www.chicagobusiness.com/commercial-real-estate/suburban-chicago-office-properties-sold-steep-discounts
A venture of the Phoenix, Arizona-based real estate investment trust Orion Office sold an empty [suburban ] 197,300-square-foot office building to an unnamed buyer for about $2.5 million, Crain’s reported. It last sold in 2011 for $44.3 million, which means Orion lost about 95 percent of its investment. It’s also the latest reminder of the diminishing value of office properties in need of upgrades renovations.”
More writing on the wall:
https://therealdeal.com/chicago/2023/01/04/orion-takes-huge-loss-on-northbrook-office-sale/
The main tenant of the property at 2211 Sanders Road, CVS Caremark, vacated the space early last year, which likely drove the price down further.
The news comes just after Los Angeles-based UNICOM Global bought The Martingale in suburban Schaumburg for $7.4 million. Its previous ownership, New York-based LXP Industrial Trust and Davidson Kempner Capital management, spent $30 million renovating the property prior to selling it for a steep loss. The 342,000-square-foot property will be renamed UNICOM Innovation Park and house a global innovation lab for the company.
Even more writing on the wall:
Not lovin’ it! McDonald’s warns it will slash many of its 200,000 corporate staff in coming months, as Chicago-headquartered burger giant tackles inflation and upcoming recession
https://www.dailymail.co.uk/news/article-11609467/McDonalds-CEO-Chris-Kempczinski-warns-slash-200-000-corporate-staff.html
Class B Suburban office buildings, in upper middle class areas of the Chicago suburban market, are selling for less than $13 a sq foot. That is completely insane. How long before this destruction works its way up to downtown Chicago office buildings? Those buildings on LaSalle are going into foreclosure, which is why they are desparate to convert them into low income housing, because if they sell at auction, like these buildings, it will be cheaper for tenants to buy the entire building from the lender than to rent it from the landlord…. This is an existential crisis. “Orion Office… Read more »
Whoa!!
Foreclosure suit hits LaSalle Street landlord
The 129-year-old building at 19 S. LaSalle St. could be a candidate for conversion to a residential or other use as the city tries to bring more foot traffic to the heart of the Loop.
https://www.chicagobusiness.com/commercial-real-estate/foreclosure-suit-hits-lasalle-street-landlord
Will this building sell for less than $13 per sq foot, given that the area has high crime and is about to go low income residential?
“Chicago Woes Are Over-hyped”
https://www.economist.com/united-states/2023/01/05/chicagos-woes-are-over-hyped?utm_medium=social-media.content.np&utm_source=twitter&utm_campaign=editorial-social&utm_content=discovery.content
why is this only being covered in Chicago Defender??
One for the history books. They money will be in Punta Gorda Fl. before you can blink an eye.