Chicago Illinois Real Estate Blog

Firm chosen for new hotel’s eateries
An Atlanta-based restaurant company has been hired to develop and run the restaurants in theWit, including a rooftop eatery atop the 27-story hotel under construction at State and Lake streets. Concentrics Restaurants also will develop a first-floor traditional, American-style restaurant and a second-floor Italian restaurant, according to a press release. Lincolnshire-based ECD Co. is developing the theWit, which is scheduled to open in May 2009. The Chicago locations will be the first outside the South for Concentrics, which currently operates 10 restaurants.

Laramar buys Fla. property
Chicago-based apartment investment firm Laramar Group said Monday that it bought a 160-unit condo conversion project in Boca Raton, Fla., that had been in foreclosure and plans to renovate it as a luxury apartment complex. Laramar bought the note on the property from the senior lender and negotiated with the mezzanine lender and the owner “to complete an amicable foreclosure process,” Laramar said in a release. Laramar will extensively renovate the two-building waterfront property, which was built in 1967, according to the release. Related story: Chicago apartment investor buys 3rd Florida property

Linens ‘n Things closing 2 more area stores
The parent company of Linens ‘n Things is adding two more stores to the list of four Chicago-area locations the company plans to close. On Monday, Clifton, N.J.-based Linens Holdings Co. said it would close stores in the west suburban River Forest Town Center and Hawthorne Fashion Square in north suburban Vernon Hills. The six Chicago-area locations include the high-profile store at 600 N. Michigan Ave. Yet in a twist, Linens said Monday it now plans to close 30 fewer stores than planned nationwide because of an improved outlook. When the company filed for bankruptcy protection in May, it said would close the 120 stores, and later announced a second wave of 87 locations to be shuttered. Now, the company says only 57 additional stores will be closed.

Citadel adds space in NYC
Citadel investment Group signed a nine-year deal for an additional 30,500 square feet at 153 E. 53rd St. in New York City, bringing its total there to nearly 95,000 square feet. The Chicago-based hedge fund, which has $20 billion under management, will soon take over the 48th floor of the building — better known as the Citigroup Center — between Lexington and Third avenues. Citadel already occupies the 44th and 45th floors. Asking rents at the building range from $105 to $150 a square foot. Jones Lang LaSalle represented building owner Boston Properties Inc. CB Richard Ellis Inc. This item is from Crain’s sister publication Crain’s New York Business
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