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Melrose Park’s legendary Kiddieland amusement park may be history, but the site on the northwest corner of North and First Avenues could become home to a long-rumored Costco store. Washington-based Costco’s Chief Operating Officer and Senior Executive Vice President, Dick DiCerchio, has confirmed rumors about the prime site’s potential use.  According to DiCerchio, “The plans […]

Dubai World has entered into discussions with its banks to restructure its $26 billion worth of debt, including $3.5 billion owed by its property unit, Nakheel.  Dubai World is Dubai’s flag bearer in global investments.  As a holding company it operates a highly diversified spectrum of industrial segments and plays a major role in the […]

Chicago’s high-profile skyscraper, the 92-story Trump International Tower & Hotel,  is now the world’s sixth tallest building – a step up from its previous status as the seventh.  The reason?  The Chicago-based Council on Tall Buildings and Urban Habitat, the group that sets height standards  for buildings, changed its measurement criteria. The discarded standard required […]

The commercial bond market may be opening up slightly as Bank of America (BofA) prepares to sell $460 million worth of bonds collateralized by properties owned by Fortress Investment Group. The bonds that BofA is arranging are ineligible for TALF, another positive sign that the commercial mortgage market might finally be showing signs of improvement. […]

As well-known national retailers like Circuit City and Linens ‘n’ Things go out of business, one high-profile merchant saw its profits fall just one percent during the third quarter of 2009.  Venerable Tiffany & Co. — renowned for its signature blue box – recently raised its year-end forecasts after reporting an uptick in domestic and […]

Homeowners facing foreclosure will soon be able to rent their homes from the government controlled Fannie Mae. Called Deed to LeaseTM,  the program lets homeowners transfer ownership of their home to Fannie Mae. They then sign a one-year lease, with the option of month-to-month extensions available.  Fannie Mae will try to sell the homes during […]

When President Bill Clinton signed legislation to repeal the Depression-era Glass-Steagall Act in 1999, he handed Wall Street  a victory that likely contributed to the recent financial meltdown. Glass-Steagall’s repeal eliminated barriers between normal banking activities – deposits and lending – and riskier areas such as derivatives trading. “The capital-market rules are going to change,” […]

A new study conducted by the University of San Diego and CB Richard Ellis Group Inc. (CBRE) has found that tenants in green buildings experience fewer sick days and have increased productivity.  Furthermore, researchers determined that green buildings have higher rental rates and lower vacancies. Overseen by Dr. Norm Miller of the University of San […]

There’s a rather odd correlation between the New York Yankees winning the World Series and Wall Street.   A Yankee win historically has coincided with a bull market.  An analysis by Standard & Poor’s Capital IQ reveals an average of double-digit yearly returns from stocks when the Yankees win the World Series.  By contrast, the stock […]

Omaha billionaire Warren Buffett’s purchase of the Burlington Northern Santa Fe Railroad (BNSF) is a $34 billion bet on the future of the nation’s economy.  BNSF’s acquisition by Berkshire Hathaway, Inc. is significant because it is the country’s second largest railroad and the primary hauler of food and coal, which makes it a barometer of […]