REAL ESTATE: Get ready for higher prices and fiercer bidding wars. PAGE 3

NOTABLES: Chicago’s top residential real estate brokers. PAGE15 CHICAGOBUSINESS.COM | APRIL 5, 2021 | $3.50

It was always going to be a tough Lightfoot gets a sell, but now the ghost of Block 37 $2 billion boost looms New federal rescue plan CHICAGO’S SHARE gives city far more than Here’s how much money Chicago received from the three federal it got in prior bailouts spending bills. American Recovery & Reinvestment Act BY A.D. QUIG 2009, $831 billion total $515 million Lori Lightfoot is about to get Coronavirus Aid, Relief & Economic the biggest windfall any Chicago Security Act mayor has received in modern 2020, $2.2 trillion total memory, if not ever: nearly $2 $1.2 billion billion in federal money, with rel- American Rescue Plan Act atively few strings attached. 2021, $1.9 trillion total How Lightfoot spends the $1.9 billion money will help shape not only the course of Chicago’s COVID Source: Crain’s reporting, Civic Federation recovery, but also the city’s long- term nancial condition and her Perhaps most important to city own political future. E ective al- taxpayers and a mayor expected location of so much money could to face voters again in 2023, the advance Lightfoot’s priorities to federal dollars could ease pres- invest in neighborhoods outside sure for another tax increase. of downtown, reduce poverty “Getting a pile of money? and protect workers, while bol- stering her re-election chances. See WINDFALL on Page 35 Ready to eat out again? JOHN R. BOEHM R. JOHN So is everyone else. Reservations are hard to snag as restaurants endure HOW THE PANDEMIC MADE operating at 50% capacity and vaccinations speed up BY ALLY MAROTTI people are out and about right A BAD SITUATION WORSE now,” says Sunny Mehra, own- Finding restaurant reservations er of Japanese steakhouse Roka is becoming more challenging as Akor, which has Chicago-area lo- diners start venturing out after a cations in River North, Oakbrook AT THE THOMPSON CENTER year of eating mostly at home. and Skokie. “It is overwhelming.” Bookings made at Chicago-ar- As of press time, 15.2 percent of BY DANNY ECKER ea restaurants on OpenTable were Chicago residents have been fully up 48 percent the week of March 1, vaccinated, and 29.8 percent have hen Gov. J.B. Pritzker Two years and one global pan- “IT’S A REAL PUZZLE compared to the rst week of Feb- had one shot. signed a bill allowing demic later, the odds appear long ruary.  e increase comes partly As the COVID-19 vaccine roll- W the state to sell the of nding anyone to buy the prop- OF WHAT ONE WOULD from a steady easing of restric- out gains speed, more people feel  ompson Center, developers erty anytime soon. tions, but restaurant operators say comfortable dining indoors. It is salivated over the prospect of  e state of Illinois this month DO WITH IT, AND the spike in demand is driven by also one of the few options new- overhauling a full city block in the will begin soliciting bids from WHAT IT WOULD COST.” another key component: People ly vaccinated people have for a heart of the Loop as companies want to eat out again. were pouring into downtown. See THOMPSON on Page 35 John Buck, developer “With all of these vaccinations, See RESERVATIONS on Page 34

NEWSPAPER l VOL. 44, NO. 14 l COPYRIGHT 2021 CRAIN COMMUNICATIONS INC. l ALL RIGHTS RESERVED TECH TAKEAWAY YOUR VIEW Here’s how Immigrant one executive entrepreneurs rode out the can fuel Chicago’s pandemic. recovery. PAGE 6 PAGE 10 2 APRIL 5, 2021 • CRAIN’S CHICAGO BUSINESS

GREG HINZ ON POLITICS

BY GREG HINZ What’s the best approach to a ordable housing? undamentally, there are 60 percent of regional median two ways to motivate income. Fpeople and get them to To those who think that do what you want. might be a little rich, consider One is o er rewards, com- the cost of operating con- pensation or outright bribes, ventional public housing. Or aka “the carrot.” e other is consider that the Feigenholtz/ to swat that mule right on the Tarver bill would merely revive hindquarters or threaten to and expand the old Class 9 af- do so, “the stick.” But which fordable tax break that existed is the most e ective in that im- under former Cook County portant but somewhat arcane Assessor Jim Houlihan. But aspect of endeavor known there is a problem: Experts say as creating and maintaining the measure would generate

a ordable housing? only about 15,000 more af- GROUP COSTAR A whole series of bills and fordable units countywide, not The Hilton Chicago Downtown hotel on Michigan Avenue proposals now pending in nearly enough. Springeld and Chicago take Another, similar carrot-style both approaches to the prob- bill would provide rent sub- lem. ere is general agree- sidies by doubling the ling Unpaid property taxes reveal ment that there is a problem. fee for recording a deed to $18 ere’s not nearly enough from $9 now. at’s certainly a ordable housing in this less than the direct tax on landlords’ pain during pandemic town or in the suburbs, and real estate sales Lightfoot the situation has only become once pushed (the real estate Outstanding bills illustrate the commercial real estate sector’s woes and give clues worse amid the COVID-19 transfer tax) but still might not pandemic. e question is, provide enough revenue. about which building owners may be giving up their ght to weather the storm which approach ought to Ergo, the Really Big Stick pass? plan, o ered by Rep. Will BY DANNY ECKER through Oct. 1. And with those paid either of the past two bills One proposal, from Mayor Guzzardi, D-Chicago, to lift payments still owed, another $1.1 also give some clues about own- Lori Lightfoot, would make the state’s ban on local rent Nearly eight months after bills billion is outstanding for 2020 ers that may be giving up their developers of high-end hous- control laws. Guzzardi insists were due, Cook County is still property tax bills that were due ght to weather the storm and ing downtown and in wealth- locals ought to have the right awaiting close to $200 million of in early March—more than one- hold onto their properties, choos- ier neighborhoods pay a pre- to talk about doing something its commercial property tax col- third of the total amount billed— ing perhaps to let their lenders mium if they need something and wouldn’t necessarily lections for the second half of though property owners can still or other parties deal with them from the city, such as a zoning repeat the mistakes of ocials 2019 as COVID-19 keeps stran- pay those without penalty before down the road. change, a grant, or approval in New York City and San gling economic activity. May 3. Among the prominent down- of a land purchase. Under Francisco, where middle-class According to data from Cook e delinquencies highlight town properties whose owners her new plan, developments housing has all but disap- County Treasurer Maria Pappas, the pain still aicting major have not paid their 2020 bill and covered by the ordinance peared. But his bill has picked landlords have yet to pay about commercial properties more are still delinquent on their 2019 would have to make at least up some momentum. 6 percent of commercial proper- than a year into a pandemic that second installment: the Hilton How much if ty taxes that were originally due has devastated many commer- ANY PLAN COULD EFFECTIVELY BE any of this is going last August, with late fees waived cial landlords. ose that haven’t See TAXES on Page 7 to pass remains UNDONE BY ASSESSOR FRITZ KAEGI. uncertain. e two carrot bills seem to 20 percent of units available have the most backing at the at a ordable, below-market moment, as does Lightfoot’s rates, up from 10 percent now. plan to sti en requirements And instead of buying their under the city’s a ordable way out as they currently can housing ordinance. by contributing to a develop- e irony is that whatever ment fund, builders would passes and whatever good is accomplished could e ec- have to provide at least half of wintrust.com/privateclient those a ordable units on site, tively be undone by Cook mixing up people of di erent County’s new reform-minded economic backgrounds. assessor, Fritz Kaegi. Not surprisingly, develop- Kaegi has begun reassess- NEW NAME SAME GREAT SERVICE ers are squawking that the ing the county one third at price is so high the market a time, and initial results will die. On the other hand, are that his biggest pro- as my colleague Alby Gal- posed hikes are not on oce lun pointed out, they also buildings or factories or sin- Let us re-introduce ourselves. We’ve renamed our Wintrust Wealth Services group to Wintrust squawked about the original, gle-family homes but for-rent Private Client. We want to make sure you know that we’re dedicated to helping private clients 2015 a ordable-housing law, apartments, up a whopping which preceded a construc- 112 percent in northern manage day-to-day finances, strategies for growth, and solutions to protect wealth. With a high- tion boom. Still, should there Cook, far more than any other touch, white glove experience, you’ll work with experts in this space who craft custom solutions be a sti price to get a routine category except for property to meet your individual needs. zoning approval? owned by not-for-prots. A di erent approach is Kaegi’s oce replies that he’s being o ered by state Sen. just doing his job and deter- Sara Feigenholtz and Rep. mining the true market value of property, which is true. But Curtis Tarver, both Chica- Banking products provided by Wintrust Financial Corp. banks. go Democrats. It would cut if taxes on apartment build- property taxes by as much as ings go up a ton, guess what Securities, insurance products, financial planning, and investment management services o ered through Wintrust Investments, LLC (Member FINRA/SIPC), founded in 1931. Trust 35 percent on landlords who also rises: rents. and asset management services o ered by The Chicago Trust Company, N.A. and Great Lakes Advisors, LLC, respectively. keep enough units available I suspect the next phase of Investment products such as stocks, bonds, and mutual funds are: at a low enough rate, as low as this drama won’t be pretty. NOT FDIC INSURED | NOT BANK GUARANTEED | MAY LOSE VALUE | NOT A DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY CRAIN’S CHICAGO BUSINESS • APRIL 5, 2021 3 A cloud over weed Reported probe of GTI won’t help image upgrade

BY JOHN PLETZ A report that federal investiga- tors are probing possible corrup- tion at a leading Chicago-based marijuana company comes at a bad time for an industry on the rise. Green Thumb Industries’ im- age suffered a serious blow when the Chicago Tribune reported March 29 that the company is under federal investigation for possible “pay-to-play” viola- tions. The Tribune story, based on unnamed sources, didn’t say “THE CANNABIS INDUSTRY IS IN ITS INFANCY. THIS IS NOT HELPFUL TO WHAT THEY’RE TRYING TO DO.” Joseph Mello, an associate professor at DePaul University A TIGHT MARKET PHOTOS PROPERTIES GETTY AND / ILLUSTRATION CRAIN’S exactly what potential crimes the feds are investigating, only that they “have been scrutinizing campaign donations and other IS GETTING EVEN TIGHTER steps Green Thumb Industries took as it sought to secure grow- March set a record for homes under contract. Higher prices and  ercer “OBVIOUSLY THERE’S A ing and distribution licenses in Illinois and several other states.” bidding wars will likely follow. BY DENNIS RODKIN BOTTLENECK. MARCH IS No charges have been filed, REALLY THE BEGINNING and GTI accused the Tribune of THE LOW MORTGAGE RATES and pandemic-era hurst. She’s had six properties go under contract publishing “unfounded allega- changes in housing needs that have propelled a in recent weeks, which she says is more than OF THE REAL ESTATE tions.” In a statement, GTI said surge in home sales is about to deliver an even usual, though she declines to give speci cs. it “possesses absolutely no evi- bigger wave. In the years before the pandemic and low SEASON, AND WE’RE dence to corroborate claims that In March, Chicago-area homebuyers put interest rates juiced up the market, the most SEEING NO SIGNS OF there is an open investigation by 18,758 homes under contract, according to Mid- homes put under contract in a single month was federal authorities.” The Tribune west Real Estate Data.  at’s by far the highest 12,969, in April 2016, and in the current market INVENTORY LOOSENING said it stands by the story.  gure in any month in MRED’s records, which conditions, the most contracts in a month was Regardless of the outcome, date to January 2008. 14,252, in June.  at is, March contracts were 44 U P.” any hint of impropriety is “It’s been like a frenzy, and it’s exhausting,” Anne Rossley, agent, says Andrea Leu, an @properties agent in Elm- See CONTRACTS on Page 33 Baird & Warner See WEED on Page 13 Who loses in state’s war on consumer lenders? Faced with loan caps, high-rate lenders sharply reduce their o erings  SUPPLY AND DEMAND High-cost installment loans to Illinois consumers grew steadily in the years leading up to BY STEVE DANIELS of-state banks that many believe  e new law imposes a 36 per- are protected by federal law. cent cap on interest rates for a the COVID era. With Gov. J.B. Pritzker’s Caught in the middle are range of products, including au- ILLINOIS CONSUMER INSTALLMENT LOANS March 23 signature on the Pred- millions of Illinois consumers to-title loans, payday loans and Up to $4,000, between 36 percent and 99 percent interest atory Loan Prevention Act, Illi- who live paycheck to paycheck. longer-term unsecured install- nois now has, by most accounts,  ose with poor credit scores of- ment loans.  e latter category Number of loans Loan volume the nation’s most stringent state ten have no access to credit oth- has been the source of most of 500,000 $800 million law on what nonbank consum- er than through nonbank lend- the industry’s growth in recent 2015 441570 er lenders can charge. Lenders ers that market loans made over years, and some of the coun- $600 2016 442044 aren’t responding by lowering the internet or at retail locations. try’s largest players are head- 2017 460092 400,000 $400 their rates, though.  e industry says it serves as quartered in Chicago, including 482,013 2018 467837 2019 482013 Instead, they’re sharply re- lenders of last resort when, say, Enova International, Avant and $200 $619 million ducing their o erings in the a car breaks down or an unex- OppFi. 300,000 $0 market or assessing whether to pected health care bill hits, as Enova and OppFi serve 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 continue to charge higher in- well as a means for consumers consumers with FICO scores 441570 terest rates than the law allows to improve their credit and seek Source: Illinois Department of Financial & Professional Regulation 442044 through arrangements with out- better deals in the future. See LENDERS on Page 34 460092 467837 482013

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Samir JOE CAHILL Mayekar ON BUSINESS Airlines can x more than nances after COVID People are booking ights another. United permanently again, lling airline executives’ eliminated the fees last summer, heads with visions of a return to and rivals quickly followed suit. air travel as we knew it before e ne print: “basic economy” COVID-19. passengers still pay change fees. Major carriers report rising res- e coming travel recovery will ervations as expanding vaccine test the limits of airlines’ commit- availability started to release a ment to customer satisfaction. year’s worth of pent-up demand. Even as carriers try to make nice For airlines, increasing ticket with passengers, they face pres-

sales mark the start of a long sure from Wall Street to reclaim KARMANIAN KENDALL climb out of the nancial crater lost nancial ground. Airlines caused by a pandemic that sent have to deliver revenue and prot business down by 95 percent at growth to investors while paying one point last year. o billions in debt taken on to Adaptive leadership But a post-COVID rebound is survive the pandemic. more than an opportunity to re- Abandoning some of the pair airline nances. It’s also the practices that anger customers industry’s chance to x its chron- would cost airlines plenty of rev- lessons from the pandemic ically troubled relationship with enue and prot. e change fees customers. Passengers coming they’ve sworn o generated $2.8 Chicago Deputy Mayor Samir Mayekar talks about the skills that have been vital o a yearlong hiatus from ying billion for U.S. carriers in 2019, may be ready for a fresh start. according to the U.S. Department for civic and business leaders nding their way through the crises of the past year Carriers that show a real commit- of Transportation. at’s real ment to improving the air travel money, but far less than airlines BY EMILY DRAKE AND TODD CONNOR SM: Denitely, and specically in experience can start to erase get from another source of cus- three areas. e rst is the notion painful memories of past abuses tomer irritation—baggage fees. Chicago Comes Back is a weekly series on ChicagoBusiness.com pro- of truly aligning around equitable and build a lasting foundation of U.S. carriers collected $5.8 billion viding leadership insights to help your business move forward, written recovery and focusing on racial goodwill with customers. in baggage fees during 2019. by leadership consultants Emily Drake and Todd Connor. equity. ere’s a window right Provided, of course, that Uncomfortable, cramped seat- Drake and Connor facilitate Crain’s Leadership Academy. Drake is now of opportunity where corpo- they’re willing to give up the ing is a big customer complaint. a licensed therapist, owner of the Collective Academy and a leadership rate leaders across the world are practices that cause passengers But those skinny seats with inad- coach. Connor is the founder of Bunker Labs and the Collective Acade- paying attention—and we’re see- so much pain. Otherwise, a re- equate legroom allow airlines to my and is also a leadership consultant. ing that in Chicago. We had over cram more paying custom- Check out previous installments at ChicagoBusiness.com/comesback. 60 C-level executives sign a letter COMMITMENT TO CUSTOMER ers onto every ight. supporting inclusive economic Airlines execs would EMILY DRAKE: is week we con- together a multidisciplinary ap- growth and equitable recovery, SATISFACTION WILL BE TESTED. have to think long and hard nect with Samir Mayekar, Chica- proach, which we nd refreshing including Roger Hochschild, before curtailing these go’s deputy mayor for economic and have seen be very eective. the CEO of Discover Financial turn to pre-pandemic conditions practices that alienate custom- and neighborhood development. When we work with leaders, we’re who, a few weeks ago with Mayor will be a mixed blessing at best ers but boost bottom lines. And Samir, you bring a lot of relatabil- talking about teams and time. If Lightfoot, announced he’s going for travelers. Before COVID-19 they’d need a compelling reason ity and diversity in experience to you think about the time horizon to build a 1,000-person custom- struck, carriers often treated to do so. the role you have. And you cer- for Chicago coming back, how er care center in Chatham. at customers like bothersome cargo Here’s one: competition. Air- tainly picked an interesting time have you held both short- and might not have happened with- to be loaded, or fat cash cows to line competition has increased to get into city government, to long-term views the last year? out the events of 2020. e sec- be milked mercilessly. recently after years of decline say the least. I’ve heard you say, ond is, when you think about the For a decade or more, travelers following a series of mega-merg- though, that the mission of the SM: Mayor Lightfoot really chal- trajectory of cities, we will have a endured unexplained delays, ers that gave big carriers virtual work has never been clearer. Can lenged us to think not only about reinvention of the public realm. abrupt cancellations, shrinking monopolies on many routes. you elaborate? how to handle the immediate cri- You’re starting to see that with seats, vanishing legroom, over- Passengers with no real choice ses of the day, but preparing for outdoor dining, even in Chicago booked ights and a seemingly among airlines also had no SAMIR MAYEKAR: Our mission the future, too. Short term, it was winters, and I think you’re going endless cascade of extra charges. choice but to take any abuse a is focused on people, particularly all about PPE, testing, alternate to see it in the way people com- Airlines’ public image hit bottom monopoly carrier dished out. the people working and living in care facilities and other near term mute and the way people live in when people around the world As the gains from consolida- the city of Chicago. Parts of the crisis response eorts. en it was their neighborhoods. e third saw video of a bloodied tick- tion leveled o, however, major city were built to handle the chal- addressing how to responsibly area is the future of the work- et-holder dragged o an over- airlines seeking more growth lenges that the pandemic illumi- handle the shelter-in-place or- place. A lot of ink has been spilled booked United ight in 2017. started invading each other’s turf. nated, but many weren’t. at’s der to facilitate a swift reopening. on this, but having more exibil- Airlines are promising to treat At the same time, aggressive dis- where adaptive leadership really Alongside all of that, we launched ity for the workforce, I think, cre- passengers better. e sight of counters challenged full-fare car- came into play—making sure and then published the rst eco- ates a lot of opportunities for an all those empty seats during the riers in strongholds like Chicago’s you are shifting to the demands nomic recovery plan of any Amer- aordable city like Chicago that depths of COVID-19 apparently O’Hare International Airport. in front of you. And you can’t ican city, and that laid out the has vibrant neighborhoods and fostered a greater appreciation In that environment, custom- do that unless you have a great longer-term frame into how we a signicant infrastructure and for paying customers. At an er service started to become a team. e team is the baseline of focus on equitable recovery. So, access to transit. We are the No. industry conference last month, competitive dierentiator, a trend how I think. It’s also important to we were always holding two fu- 2 destination for relocation right United Airlines CEO Scott Kirby likely to continue after COVID surround yourself with outside tures in front of us. Again, adap- now. When people leave Califor- predicted not only a business abates. Carriers such as JetBlue support. In the early days of the tive leadership is what helped us nia, they come to Chicago. turnaround but a sea change in use an extra couple inches of leg- pandemic, we relied on project move the way we did. customer relations. room as marketing tools. South- managers and advisers from the ED: Outside of the professional “We’ve had a huge focus on west still doesn’t charge baggage Civic Consulting Alliance and TC: I hear a sense of bounded op- realm, and city government and changing the customer culture,” fees, something for American Bloomberg Associates who ad- timism with how you’re describ- policy thinking, where are you Kirby said. “We were going to do and United to think about as the vise mayors all across the world. ing your role—and I think that’s nding inspiration to continue that before, but the pandemic discount giant enters O’Hare for We had to make sure we had the such a core skill for leaders. To leading and growing yourself? gave us new opportunities to do the rst time. right people in the room. be condent and decisive, but i t .” A post-COVID demand surge also honor the crisis, the sheer SM: I look to inspiration from the One of those opportunities was likely will lift most, if not all, air- TODD CONNOR: I think a lot of scale of what we endured in arts. I grew up as a musician. I the fee United charged custom- lines for a while. Carriers hoping leaders will relate to that—how 2020. Keeping that in mind, and still am a percussionist. Artists ers for changing ights. Before for more than a short-term the pandemic surfaced who on knowing you are a startup CEO see fundamental truths about the pandemic, many carriers boost should give travelers a their team had what strengths, at heart, we have to ask about the the world and express them in charged passengers $200 or more better ride than they got before and sometimes, who no longer future, because I know you have ways that some of us in the busi- for switching from one ight to COVID. t. Even further, implementing a a vision. Has it become more as- ness community or policymaking network of teams that can work pirational? community just might not see. A deeper understanding of your business.

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21cb0108.pdf RunDate 4/5/21 FULL PAGE Color: 4/C 6 APRIL 5, 2021 • CRAIN’S CHICAGO BUSINESS PAID ADVERTISEMENT THE TECH TAKEAWAY DON’T LET YOUR BUSINESS GO UP IN FLAMES! Jim Ryan

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Welcome to > Um, gesundheit? Ha! It’s a very nice red burgundy wine ranging from $100 to $2,500 a bottle. The last ones I cracked open were in Sep- ISSUE 36 | MARCH/APRIL 2021 tember, when we ew down to our What is your luxury? Discover place in Kiawah. the market’s latest o erings in

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A favorite quote? It’s from the late Anita Roddick, founder of the Body Shop and a human rights activist. “Be bold. It’s the only place left uncrowded.” CRAIN’S CHICAGO BUSINESS • APRIL 5, 2021 7 Unpaid Cook County property taxes show commercial real estate’s COVID pain TAXES from Page 2 say the least. I look at it and I say, dramatically shrunk since the ‘How many more years will it take original Aug. 3 due date, when Chicago Downtown hotel on for this to come back?’ ” roughly one-third of the $3.3 Michigan Avenue and the W Ho- Pappas’ data spotlights the billion the county billed for that tel on Lake Shore Drive, as well as rough past 12 months for hoteliers, period was outstanding. The the Drake hotel on the Mag Mile with travel crushed by the pan- county has collected about $3.4 and a property at 330 E. Wacker demic and many owners facing million in late fees for those, as Drive owned by GEMS World possible foreclosure after missing taxpayers are subject to an in- Academy, a Dubai-based inter- loan payments. At the 1,544-room terest penalty of 1.5 percent of national school. Hilton Chicago and the W Hotel their bill for every month they In the suburbs, owners of the on Lake Shore Drive combined, are late. River Oaks Center mall in Calu- Tysons, Va.-based owner Park Ho- But now owners of some of met City and the defunct Lincoln tels & Resorts still owes more than the area’s best-known proper- Mall in Matteson are on the list $6.1 million for its 2019 tax bill on ties are once again taking ad- of landlords with both bills out- top of what it owes so far for 2020. vantage of the two-month grace

standing. A Park spokesman did not re- period for the 2020 first install- GROUP COSTAR As a comparison, about 7 per- spond to a request for comment. ment bills. River Oaks Center mall in Calumet City cent of 2019 rst installment com- Nor did a spokesman for the pan- at list includes Willis Tower, mercial property tax bills weren’t demic-stung mall owner Namdar where private equity rm Black- the 2020 property taxes that “What they’re doing by not pay- paid on time—or roughly the Realty Group, which still owes stone Group still owes nearly ownership is “participating in ing is putting stress on a taxing same share that is still outstanding 2019 taxes for River Oaks. $19.3 million in property taxes a program that is available to district that would have oth- for the 2019 second installment for its rst 2020 installment, and all commercial landlords and erwise gotten that money. . . eight months later. OVERDUE BILLS Wood eld Mall, where India- we will pay the taxes when they .That’s not what the (waived late at shows how bad things are Some properties under dis- napolis-based mall giant Simon are due.” fee) ordinance was intended for commercial landlords and tress are unsurprisingly on the Property Group has nearly $10.8 Some investors argue land- to do.” the daunting recovery ahead for list of 2019 delinquent bills, million outstanding. Other prop- lords are practicing sound fi- The two-month extension on downtown, says Pappas, who such as the Pittsfield Building erties with outstanding 2020 bills nancial management holding late fees will also apply to the laments the number of vacant at 55 E. Washington St., which include the oce towers at 300 onto cash as long as they can property tax bills due this Au- storefronts on high-pro le cor- is in receivership and also de- N. LaSalle St., 70 W. Madison St. without penalty, but Pappas gust, but Pappas says she plans ridors like Michigan Avenue and linquent on its 2017 and 2018 and 1 N. Wacker Drive; as well as rebuked any taxpayers that are to encourage the county board State Street. tax bills, county records show. A Northbrook Court, Old Orchard, able to pay but choosing not to to issue a statement promoting “ere are a number of com- 41-story Loop office tower at 105 Orland Square and Chicago until just before late fees are as- the honor system for paying by mercial buildings that (could) W. Adams St., where the owner Ridge malls. sessed. the deadline. go into foreclosure, and for me, of most of the property and its EQ Office Senior Vice Presi- “This was designed for those “If you can pay, pay,” she says. where I sit, that is a sad scenario,” lender are battling in court, also dent and Portfolio Director Da- in need due to COVID,” she “And the people who don’t, I’ll she says. “I spent 52 years working has an outstanding 2019 bill. vid Moore, who oversees Willis says citing commercial proper- just publish the list. I’m not go- to build this city and watching it The nonpayment total for the Tower on behalf of Blackstone, ty owners “with great financial ing to police them, I’ll just em- go into a downward spiral is sad to 2019 second installments has says in a statement regarding statements” who didn’t pay. barrass them.”

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FirstMidwest.com 8 APRIL 5, 2021 • CRAIN’S CHICAGO BUSINESS SPONSORED CONTENT  Aon CEO, execs got full WEALTH RETIREMENT PLANS DESIGNED FOR 2020 salaries after all EMPLOYERS AND EMPLOYEES Which Retirement Plan Is Right for Your Business? Salaries of rm’s senior leadership and directors were restored after they’d absorbed If you own a small business, there are many retirement plan alternatives available 50 percent cuts; rank and le had their pay reduced 20 percent in early COVID shock to help you and your eligible employees save for retirement. For most closely-held business owners, a Simplied Employee Pension Individual Retirement Account BY STEVE DANIELS (SEP IRA) was once the most cost-eective choice. en the Savings Incentive Greg Case Match Plan for Employees (SIMPLE IRA) became a viable alternative. Today you In the end, everyone got paid. may nd that a dened benet or 401(k) plan best Aon CEO Greg Case and other suits your needs. To make an informed decision senior executives, as well as di- on which plan is right for your business, review rectors, collected their full salaries the dierences carefully before you choose. and cash compensation last year after agreeing to a temporary 50 Simpli ed Employee Pension Individual percent reduction when Case im- Retirement Account (SEP IRA). is posed 20 percent salary cuts on plan is exible, easy to set up, and has low most of the insurance brokerage’s administrative costs. An employer signs a plan workforce in the early days of the adoption agreement, and SEP IRAs are set up for pandemic. each eligible employee. Case received his full $1.5 mil- JAY R. POCIUS lion salary, with the company de- e maximum an employer can contribute ciding to restore the executives’ Managing Partner each year is 25% of an employee’s eligible pay in November, according to Se- BLOOMBERG J.M.Equity Advisors compensation, up to a maximum of $290,000 curities & Exchange Commission (312)964-8557 for 2021. However, the contribution for lings. London-based Aon for decades Aon had a momentous 2020, [email protected] any individual cannot exceed $58,000 in Rank and le had their salaries was headquartered in Chicago and striking a transformational deal www.jmequityadvisors.com 2021. Employer contributions are typically restored July 1 after absorbing 20 still employs thousands here. e to acquire Willis Towers Watson, discretionary and may vary from year to year. percent reductions for two months salary cuts, announced just a few the world’s third-largest commer- for what Case at the time said was days before they went into eect cial insurance brokerage. e deal Jay R. Pocius is the Managing With this plan, the same formula must be used to is pending, as it’s under review in Partner at J.M.Equity Advisors. calculate the contribution amount for all eligible a precautionary step to avoid lay- May 1, upset many workers, and His multi-generational employees, including any owners. os due to the COVID-related eco- Aon struggled to ease the anxiety. Europe for how it could aect in- investment planning approach nomic shock. As it turned out, Case’s total surance-industry competition. allows him to build relationships Savings Incentive Match Plan for Employees “After four months of carefully 2020 pay package was his third Once it closes, which is expected with his clients’ families and (SIMPLE). If you want a plan that encourages monitoring the situation, the data highest at Aon since succeeding this year, Aon will be the world’s give them the clarity, confidence, employees to save for retirement, a SIMPLE tell us the worst-case risk has di- founder Patrick Ryan as CEO in largest insurance brokerage. and advice necessary to plan for IRA might be appropriate for you. In order to minished signi cantly and we no 2005, according to a March 26 For all the drama, Aon’s stock the responsible stewardship of select this plan, you must have 100 or fewer longer need the temporary 20 per- proxy ling. His compensation last year increased 1.4 percent in a family wealth over generations. eligible employees who earned $5,000 or more in cent salary reductions to protect totaled $20.2 million, with $2.2 year in which the S&P 500 soared compensation in the preceding year and have no our team,” Case wrote then. Rank- million in cash bonus on top of the 16.3 percent. Stock of archrival other employer-sponsored retirement plans to which contributions were made or and- le workers were reimbursed $1.5 million salary. Stock awards Marsh McLennan, currently the accrued during that calendar year. ere are no annual IRS lings and employer for the two-month reduction. totaled $15.9 million with extras world’s largest business insurance contributions are tax deductible for your business. Aon continued the pay cuts for such as housing and cost-of-living brokerage, went up 5 percent. Case and the other senior execs, allowances accounting for the rest. As of March 30, Aon’s stock was e maximum salary deferral limit to a SIMPLE IRA plan cannot exceed though. ose were restored Nov. An Aon spokeswoman declined up nearly 10 percent for the year, $13,500 for 2021. If an employee is age 50 or older before December 31, then an 1, according to lings. to comment. outpacing Marsh’s 3.3 percent. additional catch-up contribution of $3,000 is permitted. Each year the employer must decide to do either a matching contribution or non-matching contribution of 2% of an employee’s compensation. De ned bene t pension plan. is type of a plan may be a good solution for Naperville apartment complex a protable company with stable cash ow. It generally produces a much larger tax-deductible contribution for your business than a dened contribution plan; however, annual employer contributions are mandatory since each participant is promised a monthly benet at retirement age. Since this plan is more complex to could sell for $100 million administer, the services of an enrolled actuary are required. All plan assets must be held in a pooled account, and your employees cannot direct their investments. Ohio investor is looking to cash out as suburban rentals perform well during pandemic Certain factors aect an employer’s contribution for a plan, such as current value of BY DANNY ECKER cent at the end of 2020 from 95 ownership tenure, and a spokes- the plan assets, the ages of employees, date of hire, and compensation. e maximum percent a year earlier, according to woman did not provide a com- annual benet at retirement is the lesser of 100% of the employee’s compensation An Ohio real estate rm that has data from appraisal and consult- ment on the decision to sell. Con- or $230,000 per year in 2021. is plan design should only be considered with the picked up a handful of suburban ing rm Integra Realty Resources. nor re nanced the property in intention of signicant, annual funding for a minimum of 5 years. Chicago apartment complexes Rents rose over that period, too, 2019 with $50 million in new debt, over the past seven years is now helping fuel more supply in the when the complex was appraised 401(k) plans. is plan may be right for your company if you want to motivate putting one up for sale, hoping to works; Integra estimates devel- at $79.4 million, according to re- your employees to save towards retirement and give them a way to share in the cash out amid healthy demand for opers could complete more sub- search rm Real Capital Analytics. rm’s protability. 401(k) plans are best suited for companies seeking exible suburban rentals. urban apartments this year than e company, which owns and contribution methods. Miamisburg, Ohio-based Con- they have in any year since at least operates 43 apartment communi- nor Group has hired brokerage 1996. ties across 15 markets, has been When choosing this plan type, keep in mind that the employee and employer Newmark to sell the Glenmuir of among the most active apartment have the ability to make contributions. e maximum salary deferral limit Naperville apartment complex at FULL HOUSE buyers in the Chicago suburbs in for a 401(k) plan is $19,500 for 2021. If an employee is age 50 or older before 2064 Rockport Lane in the west- Against that backdrop, New- recent years. December 31, then an additional catch-up contribution of $6,500 is permitted. ern suburb, according to industry mark is marketing a 22-year-old After entering the market with e maximum amount an employer may contribute is 25% of the eligible newsletter Real Estate Alert, which Naperville property that is 98 per- the Naperville deal, Connor paid employee’s total compensation. Generally, IRS Forms 5500 and 5500-EZ must be reported the property could fetch cent occupied and has landed 11 $62.1 million in 2015 for an Auro- led each year. bids of around $102 million. new leases and 48 lease renew- ra apartment complex, bought a at price for the 321-unit prop- als with rent increases over the 586-unit apartment community in Once you have reviewed your business’s goals and objectives, you should check erty would tower over the $61.8 past three months, according to Arlington Heights in 2016, the 290- with J.M.Equity Advisors to evaluate the best retirement plan option for your million Connor paid in 2014, a tes- Real Estate Alert. e property in- unit Tapestry Glenview complex nancial situation. tament to a suburban apartment cludes 23 two-story buildings on in 2017 and a 306-unit Wheaton market that has performed well more than 22 acres, with average complex in 2018. during the COVID-19 crisis. monthly rents of $1,686, the news- Connor unloaded the Aurora While many other real estate letter reported. property in 2019 and now owns sectors have suered over the past It’s unclear how much capi- more than 1,500 units in the area, Investment Products and Services are oered through Wells Fargo Advisors Financial Network, year, the suburban multifamily tal Connor Group has put into including the Naperville property LLC (WFAFN), Member FINRA/SIPC. J.M.Equity Advisors is a separate entity from WFAFN. occupancy rate rose to 95.4 per- the Glenmuir property during its for sale.

P008_CCB_20210405.indd 8 4/2/21 12:37 PM CRAIN’S CHICAGO BUSINESS • APRIL 5, 2021 9 McCormick Place to lean on state to cover shortfall For the rst time since the Great Recession, the agency that runs the convention center will need taxpayers to chip in about $15 million to meet its debt obligation

BY DANNY ECKER With the convention center al- most entirely empty for the past e agency that runs McCor- year and Chicago hotels languish- mick Place expects it will owe the ing during the crisis, MPEA tax state of Illinois about $15 million revenue will fall well short for the that taxpayers will need to chip in scal year, even after draining all to help the convention center own- of its reserves. Its tax collections er meet its current debt service ob- for the scal year through Febru- ligation as it continues to reel from ary totaled about $32 million, or the COVID-19 pandemic. nearly 24 percent below a level e Metropolitan Pier & Exposi- that would put it on track to cover tion Authority disclosed the gure the debt service. during a board meeting March 30, at gap might have been a lot forecasting that the agency will greater had MPEA not renanced need to lean on the state for the its debt in September to shrink rst time since the Great Reces- the immediate debt burden. Tax sion. collections through February

e shortfall adds to the nan- are down $88.8 million from the ECKER DANNY cial carnage for one of Chicago’s year-earlier period, according to McCormick Place has stood almost entirely empty for the past year; 223 events have been lost so far to COVID cancellations. most important economic en- the agency. Hotel taxes alone—the gines, where the loss of 223 events largest tax revenue generator for MPEA expects to fully replenish events will return to the conven- overseeing his rst MPEA meeting so far to COVID cancellations the agency—were down 89 per- the $30 million reserve and repay tion center—and, when they do, after being named to the post in has left the city and state without cent year over year for that period the state in full over the next three how many people they will be al- February. some $3 billion in local estimated to just $5.4 million. to four years,” the statement said. lowed to host at once. e state It took years for MPEA to pay economic impact they would have Had MPEA not renanced the last month announced the con- back the state the last time its own generated, according to MPEA. debt, the agency would have re- OTHER AID vention center soon will be al- tax revenues fell short of its debt MPEA collects taxes on hotels, lied on the state for closer to $130 e shortfall disclosure comes lowed to have up to 1,000 people obligation. MPEA owed the state auto rentals, food and beverage million, according to a statement just a couple of weeks after MPEA in a room at a time—an increase close to $60 million for shortfalls sales, and airport taxi pickups to from MPEA spokeswoman Cyn- asked state legislators for other - from what has been a 50-person between 2008 and 2010. e agen- pay its annual debt service, which thia McCaerty. nancial help to weather the COVID limit—though there is no set date cy restructured its debt in late totals nearly $63.4 million for its “MPEA has taken every step storm. e agency in March re- for that new limit to begin, and the 2010 to adapt to fallout from the scal year that ends June 30. ose possible to avoid a draw on state quested the reinstatement of a $15 city of Chicago could still enforce Great Recession. tax revenues are normally enough sales tax. However, the sudden, million incentive fund to help lure stricter guidelines. at tab was paid back incre- to cover MPEA’s debt payments. unexpected drop in tax revenue conventions and trade shows for e projected debt service mentally until 2017, when the state But when they fall short, the agen- made it impossible to avoid,” the the next ve years and as much shortfall numbers are “further re- allowed MPEA to sell nearly $300 cy uses state sales tax proceeds to statement said. But the agency is as $40 million to help shore up its iterating the theme of looking for- million in new bonds. A portion of close the gap, committing to pay counting on a comeback soon: operating budget when the next ward to having the economic ac- proceeds from that bond sale were back the state later with any future “Assuming recovery in authori- scal year begins July 1. tivity rebound,” said MPEA Board used to pay o the roughly $42 tax surplus. ty taxes happens as forecasted, MPEA remains unsure when Chairman Je Bethke, who was million MPEA still owed the state.

REAL ESTATE AUCTION REAL ESTATE AUCTION REAL ESTATE AUCTION•MAY 13, 2021 MAY 6, 2021 MAY 11, 2021 UNIQUE REAL ESTATE OPPORTUNITY AN ENTIRE 225-CAR DOWNTOWN CHICAGO, ILLINOIS CHICAGO PARKING GARAGE THE PARK TOWER 16 Old Town neighborhood condos spread across numerous different properties in newer modern buildings 800 N. MICHIGAN AVE., UNIT 2303 150 E. HURON in excellent condition to be sold in bulk. CHICAGO, IL (NEAR MICHIGAN AVE. & HURON ST.) PROJECTED BULK VALUE 17 YEARS FROM NOW OVER $10,000,000 Adjacent to the Magnificent Mile Shopping PROJECTED VALUE OF COMPARABLE UNITS TODAY Currently vacant, this 2,000 sq. ft., 2 bedroom, District and Northwestern Memorial Hospital APPROXIMATELY $6,000,000 • SUGGESTED OPENING BID $1,000,000 2 bath unit has stunning views of Michigan Ave., You are essentially purchasing 16 condos Lake Michigan, and great sunsets. The kitchen has The recently operating public parking garage is now closed and is part of a 3-unit commercial that have market values today of up to Gaggenau and Miele appliances and Poggenpohl BROKER condo association where the other two units are CO-OP $450,000 each for approximately $65,000 cabinetry. A spacious main bedroom with a INVITED each at the suggested opening bid. This is a a hotel and office building. Ideal for continuing walk-in closet. The full amenity doorman building great inflation hedge that should accomplish as a parking garage, vehicle storage, museum, offers the world-class amenities of the Park Hyatt the goal of asset preservation while giving or other creative reuse. 5 floors of indoor parking. Hotel, including Nomi Spa & Restaurant, the owner a strong opportunity for oversized Wine Bar/Terrace. Previously Valued Over $12,000,000 returns. A clever diversification for your portfolio. Think of this as you might an annuity or a zero coupon bond, and discuss with Previously Valued Well Over: $1,100,000 Suggested Opening Bid $3,850,000 your accountant or financial planner the estate planning and Suggested Opening Bid: $750,000 On-site inspections Noon to 2 pm, April 13, 21, 27, wealth transfer implications that could benefit a purchaser. Viewings by appointment May 5 and by appointment Approximately 17 years remaining on a government guaranteed COURT master lease that eliminates all property taxes, all assessments BROKER DIRECTS are paid, and units are well maintained and updated thru the CO-OP SALE INVITED course of the lease. The ownership of these 16 units derives NO distributable income above and beyond expenses until the BROKER PARTICIPATION FOR INFORMATION CONTACT INVITED leases on each unit expires. Rick Levin & Associates, Inc. | since  If you have a long term strategy, are bullish on Chicago’s future, are a family o˜ce, a college endowment, or a savvy investor who 312.440.2000 | www.ricklevin.com knows a tremendous opportunity when they see it, please contact us for more details. 10 APRIL 5, 2021 • CRAIN’S CHICAGO BUSINESS

LETTERS TO THE EDITOR Another post-COVID challenge EDITORIAL Joe Cahill, writing on what Chicago needs to activate a post- COVID agenda, cites challenges to attracting companies and workers A once-in-a-generation opportunity on the one hand, while stemming departures on the other (“A post- ith more than $800 million energy to an investment-starved tiful stretch of lakefront. COVID pivot is possible, Chica- in commitments and cash swath of Chicago while trying to Chicago’s civic leadership has long go—but only if we act now,” March on hand, you might think the avoid touching o a gentrication recognized the need to infuse more 12). I would add another: Illinois Obama Foundation has plen- wave that could threaten to dis- investment dollars and employment is one of only 11 states that has an tyW of support from Chicago’s corporate play- place the very people the organi- opportunity into South Side com- estate tax. It snares one if the estate ers to get the long-awaited Obama Presiden- zation wants most to help. munities. e Obama Foundation’s is valued at $4 million. Asset values tial Center o the ground and then some. To do this, the Obama Foun- stewardship could provide a blueprint have escalated due to the soaring And you’d be nearly correct—there’s little dation has put in motion a vari- that allows Chicago corporations to stock market and signicant real doubt that, with various legal and zoning ety of programs designed to cre- get involved while also honoring the estate price appreciation in some roadblocks now out of the way, the center ate opportunities for the people Obamas’ desire to lift up rather than markets. With the government’s will be built in the foundation’s chosen lo- already living around Jackson shove aside their neighbors. cation, roughly 18 acres of Jackson Park land Park. e Obama Youth Jobs Some big local companies have skirting the city’s southern lakefront. In fact, Corps is just one example, a pro- opened their checkbooks already— construction is set to begin around Labor gram that o ers paid internships most notably Exelon, Boeing, Blue Day, according to Obama Foundation o- to hundreds of high school se- Cross parent Health Care Service Chief executive o cer KC Crain niors while also preparing Corp. and Illinois Tool Works. But Group publisher/executive editor Jim Kirk IT’S TIME FOR CORPORATE CHICAGO sophomores and juniors when asked about support beyond Associate publisher Kate Van Etten for these opportunities via those early benefactors, Jarrett * * * “soft skills” coaching and confessed that gifts from Chicago’s TO FULLY EMBRACE THE OBAMA Editor Ann Dwyer other types of mentorship. business community have been “a Creative director Thomas J. Linden PRESIDENTIAL CENTER. e foundation has also set little slow” lately. in place ambitious diversity Now is the Chicago business com- Assistant managing editor Jan Parr cials who met with Crain’s on March 30 to and inclusion e orts around ev- munity’s chance to get behind a Assistant managing editor/ Joe Cahill columnist deliver an update on the project. ery aspect of its operations, from once-in-a-generation opportunity But the Obama Presidential Center needs the crews that will actually build to spark much-needed change on Assistant managing editor/digital Ann R. Weiler more than corporate money to launch in ev- the center to the teams that will the South Side—not only by writing Deputy digital editor Todd J. Behme ery sense of the word. If the center is to truly run it once it opens. big checks, but by reaching out and Digital design editor Jason McGregor live up to the mission the former president And with so much new real es- CENTER PRESIDENTIAL OBAMA THE asking what local companies can do Senior art director Karen Freese Zane and rst lady have in mind, Corporate Chi- tate development either under- pus itself—a place with a thriving restau- to support the internship and entre- Copy chief Scott Williams cago must be a full partner—and given the way or proposed between the South Loop rant, retail and recreation scene that takes preneurship opportunities that the founda- Deputy digital editor/ Sarah Zimmerman scope of that vision, it’s an e ort that more all the way down to Woodlawn, the Obama advantage of other nearby amenities like tion hopes to generate. Does your business audience and social media local employers ought to not only welcome Presidential Center could be a catalyst for the Museum of Science & Industry, the need thoughtfully prepared interns? Are Forum editor Cassandra West but embrace. a genuine revival of the South Side, in part DuSable Museum, the Oriental Institute at you looking for a new way to deploy your Political columnist Greg Hinz e Obama Foundation, under the lead- by drawing an estimated 700,000 visitors the University of Chicago, the Robie House, philanthropic dollars? How about diversify- Senior reporters Steve Daniels ership of former White House senior advis- annually. Chinatown, Guaranteed Rate Field, the Illi- ing your supplier ranks? Maybe it’s time to Alby Gallun er Valerie Jarrett, is walking a challenging e hope is to turn the area around the nois Institute of Technology campus and, of start a conversation with the Obama Foun- John Pletz balance beam of sorts, aiming to bring fresh center into a destination beyond the cam- course, the neighborhood’s especially beau- dation. Reporters Danny Ecker Stephanie Goldberg Wendell Hutson YOUR VIEW Ally Marotti A.D. Quig Dennis Rodkin Immigrant entrepreneurs can fuel recovery Steven R. Strahler Contributing photographer John R. Boehm s our economy re-emerges from ing and hand hygiene. ministration. To ensure the U.S. is able to * * * the pandemic, it’s abundantly Iseri was ultimately successful in getting attract job-creating immigrant entrepre- Director of digital strategy Frank Sennett clear that entrepreneurs will be an O-1 extraordinary ability visa but vivid- neurs in the long term, Congress should Director of custom media Sarah Chow the driving force of our recovery, ly recalls the diculty navigating the im- prioritize passing a startup visa through * * * andA we must support promising startups migration system. “e uncertainty of the legislation, thereby solidifying this immi- Production manager David Adair and the jobs they create. process was quite stressful. I’m immensely gration option into law. Chicago is well-positioned thanks to an proud of the work that we’re doing here Perhaps nowhere is the need for a start- Account executives Claudia Hippel ecosystem of universities, nonprots, incu- at SwipeSense, and I’m proud to have up visa more evident than at our univer- Christine Rozmanich bators, accelerators and investors helping built our company in the U.S. It would be sities. Supported by a growing network Bridget Sevcik entrepreneurs build new innovation-driv- great for immigrant entrepreneurs to have of university entrepreneurship centers Laura Warren en companies. is ecosystem has helped access to an immigration option like the across Illinois, nearly 1,400 startups have Courtney Rush launch startups that have grown to employ Fiona McEntee is Matthew Bragg is an startup visa. Giving these future founders been founded on our campuses since Amy Skarnulis thousands, including Groupon, Grubhub, an Irish immigrant, economic develop- that opportunity would open oodgates of 2010. ese startups are advancing inno- People on the Move manager Debora Stein Spot Hero, FourKites, Relativity and Cameo. U.S. citizen and ment leader and di- innovation, and keep the U.S. competitive vations in AI, biotech, renewable energy Events/marketing coordinator Lauren Jackson Notwithstanding those successes, growth managing immi- rector of the Illinois globally for years to come.” and robotics—raising more than $1.9 bil- Project manager Joanna Metzger of our startup community has been stied gration attorney at Science & Technolo- Recognizing the deciency in the cur- lion and creating nearly 5,000 jobs in the Marketing manager Jessica Dalka by an outdated immigration system that of- McEntee Law Group gy Coalition. rent system, the Obama administration process. Our universities attract some Digital designer Christine Balch ten prevents immigrant entrepreneurs from in Chicago attempted to address the problem by cre- of the brightest talent from around the establishing and growing their startups. ating the International Entrepreneur Rule, world, so it should come as no surprise Crain Communications Inc. Unlike many of our international peers, sponsor their visas—turning job-creators or IER, a stopgap executive action reserved that a staggering 40 percent of these uni- Keith E. Crain Mary Kay Crain the current U.S. immigration system doesn’t into employees in the process. for well-funded immigrant startup found- versity-born startups have a foreign-born Chairman Vice chairman KC Crain Chris Crain provide a specic immigration option for Countless immigrant entrepreneurs have ers. However, despite clear need and wide- founder. However, many are forced to Chief executive o cer Senior executive vice president startup founders—commonly known as struggled with this outdated system. Mert spread support, the IER was shelved by the abandon their startups for the security of Lexie Crain Armstrong Robert Recchia a “startup visa.” Instead, immigrant entre- Iseri is a Turkish immigrant and the CEO/ Trump administration. employer-sponsored visa options. Secretary Chief nancial o cer preneurs are left to navigate an antiquated co-founder of health care technology com- With the Biden administration in oce, Economic recovery is a collective action Veebha Mehta Chief marketing o cer system largely rooted in employer-spon- pany SwipeSense. He founded the company there are renewed calls to fully imple- which includes supporting immigrant en- * * * G.D. Crain Jr. Mrs. G.D. Crain Jr. sored visas, like the H-1B. e limited and with Yuri Malina while attending North- ment the IER, but doing so doesn’t go far trepreneurs, the jobs they create and their Founder Chairman uncertain immigration options often force western University. e company recently enough. Similar to other executive actions positive impact. Our country was built on (1885-1973) (1911-1996) entrepreneurs to abandon their innovative added in-hospital contact tracing to its ros- on immigration—most notably DACA— immigration and innovation. For subscription information and delivery concerns ventures in search of employers who can ter of sought-after services like asset track- the IER could be eliminated by a future ad- It’s the great American success story. please email [email protected] or call 877-812-1590 (in the U.S. and Canada) or 313-446-0450 (all other locations).

Write us: Crain’s welcomes responses from readers. Letters should be as brief as possible and may be edited. Send letters Sound o : Send a column for the Opinion page to editor@ to Crain’s Chicago Business, 150 N. Michigan Ave., Chicago, IL 60601, or email us at [email protected]. Please chicagobusiness.com. Please include a phone number for veri cation include your full name, the city from which you’re writing and a phone number for fact-checking purposes. purposes, and limit submissions to 425 words or fewer.

P010-P011_CCB_20210405.indd 10 4/2/21 3:46 PM CRAIN’S CHICAGO BUSINESS • APRIL 5, 2021 11

LETTERS TO THE EDITOR

Another post-COVID challenge Royal Bank offers commercial loans EDITORIAL Joe Cahill, writing on what easy money policies, impending that Target doesn’t belong on the with attractive rates and terms. Chicago needs to activate a post- ination could further escalate Magnicent Mile (“Is the Mag Mile COVID agenda, cites challenges to valuations. I suspect many people ready for Target?” March 8). Over attracting companies and workers are unaware of the onerous Illinois 50 years ago, North Michigan Ave- A once-in-a-generation opportunity on the one hand, while stemming estate tax or that their net worth nue was not the shopping power- Contact Richard Nichols, Senior Vice President departures on the other (“A post- creeped into its grasp. By the way, house it evolved to be. I remember tiful stretch of lakefront. COVID pivot is possible, Chica- New Jersey eliminated its estate tax Bonwit Teller, Saks Fifth Avenue 2IƓFHŘ0RELOH (PDLOUQLFKROV#UR\DOEDQNXV Chicago’s civic leadership has long go—but only if we act now,” March several years ago to stem the tide of and Stanley Korshak were the recognized the need to infuse more 12). I would add another: Illinois companies and residents eeing. big draws. But among those ne Putting community first since 1887. investment dollars and employment is one of only 11 states that has an KENNETH WHITE stores, there was a Woolworth’s opportunity into South Side com- estate tax. It snares one if the estate Chicago and a Musket & Henriksen drug- munities. e Obama Foundation’s is valued at $4 million. Asset values store. If there was a place for those stewardship could provide a blueprint have escalated due to the soaring stores then, there certainly is room royal-bank.us that allows Chicago corporations to stock market and signicant real Target at home on Mag Mile for a Target now. Member FDIC /RFDWLRQVLQ&KLFDJR:HVWPRQWDQG1LOHV get involved while also honoring the estate price appreciation in some Maria Pappas should have done JUDITH ARKES Obamas’ desire to lift up rather than markets. With the government’s her research before spouting o Chicago shove aside their neighbors. Some big local companies have opened their checkbooks already— most notably Exelon, Boeing, Blue Cross parent Health Care Service Chief executive o cer KC Crain Corp. and Illinois Tool Works. But Group publisher/executive editor Jim Kirk when asked about support beyond Associate publisher Kate Van Etten those early benefactors, Jarrett * * * confessed that gifts from Chicago’s Editor Ann Dwyer business community have been “a Creative director Thomas J. Linden little slow” lately. Now is the Chicago business com- Assistant managing editor Jan Parr ... munity’s chance to get behind a Assistant managing editor/ Joe Cahill columnist once-in-a-generation opportunity to spark much-needed change on Assistant managing editor/digital Ann R. Weiler the South Side—not only by writing Deputy digital editor Todd J. Behme big checks, but by reaching out and Digital design editor Jason McGregor asking what local companies can do Senior art director Karen Freese Zane to support the internship and entre- Copy chief Scott Williams preneurship opportunities that the founda- Deputy digital editor/ Sarah Zimmerman tion hopes to generate. Does your business audience and social media need thoughtfully prepared interns? Are Forum editor Cassandra West you looking for a new way to deploy your Political columnist Greg Hinz philanthropic dollars? How about diversify- Senior reporters Steve Daniels ing your supplier ranks? Maybe it’s time to Alby Gallun start a conversation with the Obama Foun- John Pletz dation. Reporters Danny Ecker Stephanie Goldberg Wendell Hutson YOUR VIEW Ally Marotti A.D. Quig Dennis Rodkin Immigrant entrepreneurs can fuel recovery Steven R. Strahler Contributing photographer John R. Boehm ministration. To ensure the U.S. is able to * * * attract job-creating immigrant entrepre- Director of digital strategy Frank Sennett neurs in the long term, Congress should Director of custom media Sarah Chow prioritize passing a startup visa through * * * legislation, thereby solidifying this immi- Production manager David Adair gration option into law. Perhaps nowhere is the need for a start- Account executives Claudia Hippel up visa more evident than at our univer- Christine Rozmanich sities. Supported by a growing network Bridget Sevcik of university entrepreneurship centers Laura Warren across Illinois, nearly 1,400 startups have Courtney Rush been founded on our campuses since Amy Skarnulis 2010. ese startups are advancing inno- People on the Move manager Debora Stein vations in AI, biotech, renewable energy Events/marketing coordinator Lauren Jackson and robotics—raising more than $1.9 bil- Project manager Joanna Metzger lion and creating nearly 5,000 jobs in the Marketing manager Jessica Dalka process. Our universities attract some Digital designer Christine Balch of the brightest talent from around the world, so it should come as no surprise Crain Communications Inc. that a staggering 40 percent of these uni- Keith E. Crain Mary Kay Crain versity-born startups have a foreign-born Chairman Vice chairman KC Crain Chris Crain founder. However, many are forced to Chief executive o cer Senior executive vice president abandon their startups for the security of Lexie Crain Armstrong Robert Recchia employer-sponsored visa options. Secretary Chief nancial o cer developed by: designed by: built by: Upshore Chapter Economic recovery is a collective action Veebha Mehta Chief marketing o cer which includes supporting immigrant en- * * * Chicago, Illinois G.D. Crain Jr. Mrs. G.D. Crain Jr. trepreneurs, the jobs they create and their Founder Chairman positive impact. Our country was built on (1885-1973) (1911-1996) immigration and innovation. For subscription information and delivery concerns We see our work through the eyes of the people who will use them every day. Through their It’s the great American success story. please email [email protected] eyes, we see places of innovation, industry, technology, healing, research and entertainment. or call 877-812-1590 (in the U.S. and Canada) or 313-446-0450 (all other locations). The result? Powerful structures with impacts that reach far beyond these walls.

Sound o : Send a column for the Opinion page to editor@ claycorp.com chicagobusiness.com. Please include a phone number for veri cation purposes, and limit submissions to 425 words or fewer.

P010-P011_CCB_20210405.indd 11 4/2/21 3:46 PM 12 APRIL 5, 2021 • CRAIN’S CHICAGO BUSINESS The surprise reaction to Biden’s $2 trillion infrastructure plan With visions of hundreds of billions of dollars in new projects dancing in their heads, Illinois business groups generally support the package—despite ‘terrible’ tax hikes BY GREG HINZ dent will work with bipartisan Some Chicago-area congressio- members on both sides of the nal members had only good things Illinois business groups don’t aisle because this is important to to say. And though a few from oth- like the “terrible” proposed hike the country,” says Denzler, noting er areas of the country are saying in corporate taxes. Some Demo- that IMA backed a state gasoline a SALT cap repeal must be in the crats wish he had gone a little far- tax hike that was part of Gov. J.B. package to get their vote, Illinois ther and included a rollback of the Pritzker’s 2019 Illinois infrastruc- reps aren’t. federal cap on deducting state and ture plan. “Sure I’d like to end the cap. I federal taxes, generally known as Considerably more hostile to get constituent calls all the time,” SALT. Biden’s proposed tax hikes is Illi- Rep. Jan Schakowsky, D-Evanston, But with visions of hundreds of nois Chamber of Commerce chief says. However, “It’s not a make or

billions of dollars in new road, air- Todd Maisch, who called the lev- break for me.” BLOOMBERG port, rail and water projects danc- ies “a terrible idea . . . the same old Schakowsky terms the infra- Joe Biden ing in their heads, reaction here to scenario: tax the rich.” structure proposal “really trans- the new $2.25 trillion infrastruc- But Maisch left the door open formative” and says something of For Washington Republicans, clean energy infrastructure big ture package laid out by President to resolving something, saying al- this magnitude may not have been “this is the real pivot point,” he and bold enough to do what’s sci- Joe Biden is generally and perhaps ternate revenue sources such as proposed since Franklin Delano says. “If this isn’t something they enti cally and economically nec- surprisingly positive. more public/private partnerships, Roosevelt’s initiative during the can get behind, it’s nothing.” And essary to lower emissions, spur For instance, Mark Denzler, raising the federal gasoline tax and Great Depression. while he, too, would like a SALT- innovation, and revitalize our en- president and CEO of the Illinois even tolling what are now free in- Rep. Mike Quigley, D-Chica- cap repeal to be included, “I’m not ergy sector while creating millions Manufacturers’ Association, says terstate highways “should be on go, says in a phone interview that going to oppose this bill because of new jobs. It’s past time we get his members “generally sup- the table.” he expects the plan will change it’s not perfect.” it done.” port infrastructure projects” as a some in negotiations, adding A spokeswoman for Rep. Jesus U.S. Rep. Adam Kinzinger, spur to their business and realize AROUND ILLINOIS that he’s “open to any reasonable “Chuy” Garcia of Chicago says R-Channahon, put out a state- that “certainly you have to be able e chamber is “still digesting” way to pay for it,” including corpo- he’d have something to say a little ment that includes a fair amount to pay for it.” the proposal, Maisch says, but rate hikes. later. of wiggle room: “While more Denzler stopped short of en- meanwhile pushed for more mon- “I like the fact that it’s this big Another Democrat, Sean Casten needs to be eshed out on the dorsing Biden’s call to largely re- ey to go to airports, water projects and impressive,” Quigley says, in- of Downers Grove, says in a state- proposal, I remain hopeful that verse corporate tax cuts pushed and the CREATE freight rail pro- dicating that he hopes the pack- ment for a country now starting to President Biden will be the bipar- through under ex-President Don- gram, all of which in his opinion age in the end will include funds recover from the COVID-19 pan- tisan president he pledged to be ald Trump, speci cally moving have been neglected in recent fed- to rebuild North Lake Shore Drive, demic, the Biden proposal is “an and work across the aisle on this the corporate tax rate to 28 per- eral spending. extend the 606 trail, rebuild “75 – opportunity to build an economy important issue. e 16th District cent from 21 percent and boosting Maisch’s bottom line: “Other and 100-year old public schools” that’s stronger, more equitable needs more support to rebuild levies on overseas pro ts. But nei- than the funding source, we think and at least begin replacing lead and positioned for growth.” our roads, bridges, waterways ther did he say no. this is incredibly important to the water pipes, work that Chicago Continued Casten, “at means and highways, not more taxes on “It’s our hope that the presi- state of Illinois.” does not have the money to do. we’ve got to make investments in our family farms.” Organized labor pushes Exelon nuke bailout in clean energy bill A coalition of unions is backing a new measure to hike electric bills in order to preserve ailing nuclear plants and double the state’s budget for new wind and solar facilities

BY STEVE DANIELS Spring eld in 2016 in order to bevy of surcharges. at would keep open two nukes, would come bring such charges bene ting spe- With Commonwealth Edison mainly from new surcharges on ci c power facilities and environ- and parent Exelon largely on the the electric bills of Illinoisans. mental programs to more than $10 sidelines as the state grapples with Such bill adders—which fund Ex- monthly on average. its energy future, organized labor elon’s bailout, renewable projects “If we’re going to reach our clean is looking to step into the breach. and energy-eciency programs energy goals in our state, it’s going A coalition of unions represent- run by utilities like ComEd—cur- to require investment,” says Pat ing workers engaged in operating, rently add up to more than $6 per Devaney, Illinois AFL-CIO secre-

maintaining and building power month on the average household tary treasurer. He and others say EXELON plants is supporting legislation in- bill in the state. the legislation would provide $150 Exelon’s Byron nuclear plant troduced today in the state House million for bill-paying assistance and Senate that would bail out THE BILL to low-income households. to be carbon-free within the next “It’s good to see labor engage on nancially ailing nuclear plants e labor-backed legislation Signi cantly, given that ComEd 20 to 30 years. ere are several the broader question of how we that otherwise might close, as well would double the budget for new employs union workers as well, the competing proposals with many reach our clean energy goals,” Da- as sharply increase ratepayer- - renewable projects, likely adding coalition’s bill would end formula co-sponsors including the Clean vid Kolata, CUB executive director, nanced money for new wind and another couple bucks to custom- rate setting, the annual change in Energy Jobs Act supported by envi- says. solar development. ers’ bills. Supporters of the mea- utility delivery rates that’s at the ronmental groups and the Citizens He says he expects to see more e coalition, known as Climate sure said at a press conference last center of ComEd’s admissions of Utility Board, and the Path to 100 consumer protections in whatever Jobs Illinois, is pushing the Cli- week they were unsure how much bribery and inuence peddling to Act, backed by the renewable pow- emerges. “e (labor) bill is heavy mate Union Jobs Act, which essen- another nuclear bailout would win past triumphs in Spring eld. er industry. on the investment side of the equa- tially seeks to preserve thousands cost. ey expressed some hope Some observers were surprised at Exelon says it will close two tion,” he says. of union jobs at plants at risk of it might be cheaper than the $235 that, but it appeared to be a recog- nukes—the Byron and Dresden Parties on all sides agree that the closing while creating new ones in million per year that Exelon got the nition of the reality that ComEd’s plants—in the fall without state - framework for an eventual deal the growing green-energy sector. last time. legendary past clout in the state nancial assistance. isn’t in place now. It will be a dif- e bill would require developers But the measure would support capital is now an albatross. ere’s been little progress to cult challenge to come together of renewable projects to use union four nukes rather than just the two Gov. J.B. Pritzker has called for date in melding the dierent ap- on something comprehensive that labor if they’re getting nancial that already get extra cash. So even passage in the spring session of proaches, and the Legislature will also can be marketed as not anoth- support from the state. if the bene t were less per plant, comprehensive energy legislation have roughly six weeks to com- er Exelon bailout. Pritzker, howev- e money, like the $2.4 bil- it’s conceivable at least another that would put the state’s pow- plete the task once they return er, has said he wants to keep exist- lion bailout Exelon obtained from $2 monthly could be added to the er-generation industry on course from their spring recess. ing nukes open. CRAIN’S CHICAGO BUSINESS • APRIL 5, 2021 13 Image upgrade for newly legalized industry takes a hit

WEED from Page 3 “While the story is definitely a negative for Green Thumb In- damaging to a newly legalized in- dustries, I don’t see this weighing dustry working to replace an old too heavily on the future of SAFE reputation of street-corner crim- Banking Act at this point,” says inality with a new image of shop- Aaron Stetter, a lobbyist for the ping-mall respectability. Independent Community Bank- “It’s certainly not a good look for ers of America. “That issue might the industry,” says Joseph Mello, relate more when it comes to le- an associate professor at DePaul galization. . . .Members (of Con- University. “ e cannabis industry gress) read the papers.” A Green is in its infancy. is is not helpful e more immediate impact Thumb to what they’re trying to do.” likely will be in Springeld, which Industries Marijuana companies moved already is reeling from a pay-to- cultivation into the nancial mainstream play scandal involving Common- facility in as state-level prohibitions on wealth Edison that eectively Massachusetts

recreational weed sales fell, ended Michael Madigan’s 36-year GETTY IMAGES raising hundreds of millions from reign over the Illinois House of investors and listing shares on Representatives. e Tribune re- Canadian stock exchanges. But ported that when GTI was pursu- the industry still has important ing an Illinois license in 2014, it bridges to cross. It’s working to retained Michael McClain, a Madi- THANK YOU TO OUR BENEFACTOR SPONSOR persuade Congress to allow banks gan condant who has since been to serve marijuana companies. indicted for his alleged role in the Longer term, the industry hopes ComEd bribery scheme. McClain for nationwide legalization. pleaded not guilty. Allegations of impropriety in “It makes everyone more sus- marijuana also could tarnish a picious,” says onetime Chicago Chicago success story. With 3 alderman Dick Simpson, a polit- of the 5 largest publicly traded ical science professor at the Uni- pot companies based here, the versity of Illinois at Chicago. city has emerged as the hub of a Simpson says the cloud over fast-growing industry. GTI could complicate eorts to With medical marijuana ex- resolve challenges facing the in- panded to include recreational dustry in Illinois, such as bring- sales legalized in January 2020, ing more minority owners into Illinois cannabis revenue grew a business largely dominated by Thursday, May 13, 2021 to $1 billion last year, generat- white men. Initially, Illinois won ing $175 million in state taxes. praise for social-equity provi- Learn more & register for the virtual event today: sions in its law. But the process Employment nearly doubled to chicagosfoodbank.org/realestate nearly 17,000 jobs, according to ran into delays and litigation, and the state has yet to issue 75 new “THE STIGMA AROUND CANNABIS retail licenses that were supposed to STILL EXISTS. IT’S A FLEDGLING be granted last year. INDUSTRY. ANYTHING LIKE THAT Legislators are trying to come up with a STORY SETS US BACK.” way to include more social-equity appli- Jim Smith, partner, Boston lobbying rm cants, which likely Smith Costello & Crawford will require changes to the law. Leafly, an online marijuana in- Companies such as GTI, which formation site. won the original medical licenses GTI’s stock dropped 12 percent in 2015 but were grandfathered the day after the Tribune story into recreational sales, already ran, and Chicago-based cannabis are eyed warily in Springfield. companies Cresco Labs and Ver- As one of the biggest players in ano Holdings fell 5 percent and 7 the Illinois marijuana business, percent, respectively. Pot stocks GTI has been a forceful presence rebounded March 31 when Gov. in the state Capitol. It helped kill Andrew Cuomo signed a law al- a bill last spring that would have lowing recreational marijuana allowed existing medical dispen- use in New York, but not before saries to move to larger locations, two law firms announced plans arguing it would hurt social-eq- to investigate GTI for a potential uity applicants. The move ruffled shareholder lawsuit. plenty of feathers in the industry. REGISTER NOW FOR CRAIN’S LEADERSHIP ACADEMY GTI CEO Ben Kovler won fans Now GTI finds itself in an un- SPRING SESSION STARTS MAY 4, 2021 on Wall Street by focusing on wanted spotlight. The industry the bottom line. He’s advocated already has endured several cor- for the SAFE Banking Act, which ruption scandals in California, would give pot companies access Maryland and Massachusetts, to traditional banking services, re- where officials have been ac- ducing hassles and risks of oper- cused of taking bribes. ating on a cash-only basis. He also “The stigma around canna- pushed hard for U.S.-based mari- bis still exists,” says Jim Smith, a juana businesses, which had to go partner at lobbying firm Smith public in Canada, to be allowed Costello & Crawford in Boston. to trade on U.S. stock exchanges. “It’s a fledgling industry. Any- This program is open to executive level and emerging leaders. And as head of the second-largest thing like that (story) sets us Recommendations will be required for all application submissions. publicly traded weed company in back, because for those who op- the U.S., he’s one of the most vis- pose cannabis and believe it’s ible and enthusiastic proponents dangerous, it gives them another GO TO CRAINSACADEMY.COM FOR FAQS, PRICING OR TO SUBMIT YOUR APPLICATION of federal legalization. arrow to shoot at us.” FOR QUESTIONS: EMAIL [email protected] 14 APRIL 5, 2021 • CRAIN’S CHICAGO BUSINESS

Advertising Section

PEOPLE ON THE MOVE To place your listing, visit www.chicagobusiness.com/peoplemoves or, for more information, contact Debora Stein at 917.226.5470 / [email protected]

ARCHITECTURE / DESIGN FINANCIAL SERVICES LAW

Lamar Johnson Collaborative, Millennium Trust Company, Robbins, Salomon & Patt, Ltd., Chicago Oak Brook Chicago

Lamar Johnson Collaborative Millennium Trust Company, Robbins, Salomon & Patt, (LJC) has promoted Scott LLC, a leading provider of Ltd., a full-service law Stolarz, AIA to Associate retirement and institutional firm in the Chicagoland Principal. Scott has over services, announced the area, is pleased to 25 years of experience hiring of Sirisha Gorjala announce the promotion designing academic as Chief Product Officer. of attorney Teresa A. buildings, corporate Gorjala’s deep financial Minnich to Shareholder. headquarters, data centers, healthcare and technical experience combined Minnich handles extensive client SHARE YOUR facilities and correctional institutions. with her leadership abilities will further work in the area of business and He holds a B.Arch and BS in position Millennium Trust to deliver commercial litigation, including Environmental Studies from Ball State best-in-class product offerings, and employment disputes and other University. Scott holds licenses in IN, continue to focus on creating simple, disputes arising from breach of COMPANY’S IL and IA. He plays a vital role in LJC’s intuitive digital experiences. contract and/or promissory note, technical department and is certified enforcement of non-compete and to commission building envelopes. non-solicitation agreements, and breach of fiduciary duty. JOURNEY

INSURANCE

Horton Group, Chicago LAW BANKING The Horton Group, one of the largest privately- Thompson Coburn LLP, First Bank Chicago, Northbrook held insurance brokers Chicago / Washington D.C. in the United States, First Bank Chicago, a recently welcomed Matt Rudolphi has joined Feature your latest milestones, Division of First Bank of Casey Warnecke as Chief Thompson Coburn’s Highland Park, is proud Growth Officer. He will Chicago and Washington to announce Marcela be responsible for maximizing efforts D.C. offices. Matt is Melendez has been around new business growth and the a highly experienced launches, partnerships, awards promoted to Senior Vice retention of existing clients, recruiting energy attorney who helps President, Lease Finance. top talent and implementing a strong cooperative and municipal As the bank continues to grow, sales infrastructure across multiple electric utilities and regulated pipeline and more in Crain’s Marcela and her team are responsible office locations. He will serve as clients navigate federal and state for underwriting, credit administration a bridge between the sales and regulatory matters, market structure activities, and deepening client operations teams and will navigate the issues and appeals of regulatory relationships within the Lease Finance competitive landscape to help Horton decisions to the U.S. Courts of portfolio. Marcela has 25+ years of pursue new markets. Warnecke brings Appeals. Matt also advises non-profit banking expertise and came to First more than 30 years of sales and client organizations and trade associations, Bank in 2019 from LaSalle Solutions. experience to Horton. Prior to this and represents telecommunications role, he worked at Lockton’s Chicago clients on a range of regulatory issues. office as Chief Growth Officer from 2018-2021 and Chief Operating Officer from 2006-2018.

REAL ESTATE

Cresa, Chicago

Kathryn “Ryndy” Ditmars DESIGN / BUILD has joined Cresa as General Counsel and Clayco, Chicago Chief Human Resources Officer. A 20+ year Brad Johnson has joined industry veteran, Ditmars Clayco as Operations will lead talent and risk Executive. With over 30 management strategies to support years of domestic and the firm’s growth. She will be based international project in the firm’s Chicago office. management experience, Bradley brings to Clayco a diverse portfolio of multifamily, senior living, higher education, healthcare, industrial, commercial and convention center projects. In his new role, Bradley will help lead general REAL ESTATE operations across all market sectors. Bradley holds a Bachelor of Science LAW Proper Title, LLC, Chicago in construction management from the University of Wisconsin–Madison. Riley Safer Holmes & Cancila LLP, Proper Title, LLC, one For more information, contact Debora Stein at Chicago of Illinois’ largest title insurance agencies, [email protected] or submit directly to Riley Safer Holmes & Cancila is targeting national (RSHC) welcomes new expansion with the hiring partner Thomas Andreoli. of Judd D. Hoffman as CHICAGOBUSINESS.COM/COMPANYMOVES Formerly a legal executive chief executive officer. at Union Pacific Railroad, He recently led growth and tech Tom focuses his work innovation at two of the nation’s on commercial litigation largest title companies and will now and other high-stakes business lead Proper Title in delivering its matters. He has deep experience award-winning systems and service in complex disputes, government model to clients nationwide. Backed investigations, regulatory compliance, by Chicago-based @properties, risk management, and business Proper Title intends to grow via To order frames or plaques transactions. Serving clients in the organic market-share capture and of profiles contact transportation and energy sectors, through acquisitions. Lauren Melesio at Tom helps companies maximize [email protected] or business opportunities and minimize 212-210-0707 regulatory constraints. CRAIN’S CHICAGO BUSINESS • APRIL 5, 2021 15 2021

RESIDENTIAL REAL ESTATE BROKERS

Chicago-area real estate brokers had a For these 152 brokers, it was an entire- MARY SHANLEY ALOISIO white-knuckle ride through 2020. When ly new landscape. Families working from Broker the pandemic and shutdown orders hit home needed more space to stretch out, Dream Town in March, many expected a lost year. As preferably with a yard. Properties that had During 2020, Mary Shanley Aloisio spent the market started to revive in May, they been languishing on the market were repo- more time educating buyers and sellers scrambled to adopt technologies, including sitioned and received multiple bids. Some via phone calls and Zoom. ese new practices resulted in more focused clients glossy marketing packages with 3D walk- brokers conveyed worrying anecdotes of who spent less time going on multiple showings before buying. e throughs and drone footage, livestreamed furloughed clients and canceled contracts. year’s accomplishments included listing and marketing an Edison open houses and Facebook or Zoom con- In the end, the dust seemed to settle, and a Park four-at that generated 10 oers and sold for much more than any other four-at in that area’s MLS. Aloisio owned and operated a ferences. In-person showings were handled number of brokers reported that they had marketing-services rm for 30 years before joining the eld. deftly with hand sanitizer and masks, but recorded their best year. many buyers acquired their homes sight unseen. By Judith Crown and Lisa Bertagnoli DENISE AMRAEN Broker Berkshire Hathaway HomeServices Chicago To keep business brisk during the METHODOLOGY: The Notable Real Estate Brokers did not pay to be included. Their profiles were drawn from pandemic, Denise Amraen sent mem- nomination materials submitted. This list is not comprehensive. It includes only those for whom nominations bers of her network a small bottle of hand were submitted and accepted after an editorial review. sanitizer with her logo, the slogan “Spread They must have generated $20 million in volume and/or 20 combined buy and sell transactions in 2020. The referrals, not germs” and a paragraph on brokers must also have demonstrated an innovative approach to marketing homes and assumed a leadership her appreciation of referrals. In 2020, Evergreen Park-based Am- position outside their organization, including professional associations and civic/community initiatives. raen went outside her comfort zone by listing a half-million-dollar property in an area outside her expertise. e property sold in just a few days.

CONNIE ANTONIOU Vice president, sales Jameson Sotheby’s International Realty Connie Antoniou survived the pandemic by pivoting to virtual open houses, rst on Zoom, then on Microsoft Teams and then via Facebook Live videos. “Growth is man- datory,” she says. A highlight of the year was being the third listing agency for a prestige home in Barrington Hills. Within 36 hours of listing the property, Antoniou had three “unbe- lievable” oers. e property sold at list price. roughout her career, she’s also helped many National Hockey League players rent, buy or sell homes.

RICH ARONSON Broker Berkshire Hathaway HomeServices Chicago

While others slowed or stopped advertising during the pandemic, Rich Aronson saw an opportunity to attract new clients by upping the investment. As a result, business grew by more than 45 percent in 2020, he says. He also built all-digital advertising and social media campaigns around the use of “indoor drone videos” that enable viewers to virtually walk through a home. Among 2020 highlights was helping preservationist-architect clients nd an 1860 landmarked farmhouse in Evanston.

MARGARET BACZKOWSKI Senior broker, founder of MB Luxury Group @properties

Maggie Baczkowski says she kept busy in 2020 by expanding her team, starting a non- prot, becoming licensed in Michigan (and working on it in Florida), logging the two most expensive sales in Chicago’s Cathedral District and launching a new website and podcast on market conditions. She also focuses on prospecting eorts that go beyond MLS, Zillow and Trulia by strategically targeting listings through various social media and other

GETTY IMAGES digital platforms.

P015-P032_CCB_20210405.indd 15 4/1/21 2:25 PM 16 APRIL 5, 2021 • CRAIN’S CHICAGO BUSINESS

ALLEY BALLARD ELIZABETH CATHY BIER LUKE BLAHNIK JANET BORDEN CARA BUFFA SHAUNNA Broker, team leader at BALLIS Broker Broker Broker Broker BURHOP The Ballard Group Broker Smothers Group with @properties Compass Berkshire Hathaway Broker @properties Compass Compass With multiple investor Janet Borden used HomeServices Chicago Baird & Warner Alley Ballard says Cathy Bier overcame clients, Luke Blahnik 2020 to use her love Seeing the pandemic that her Anderson- Elizabeth Ballis in- 2020’s obstacles to devoted part of 2020 of creative mar- hit her downtown Faced with shelter-in- ville-based team fo- stalled a new con- in-person business to helping maintain keting. She set up and River North place limits, Shaunna cused on Zoom buyer tact-management by including virtual building values, tailgate-lunch open condo markets Burhop reports selling meetings and Face- system to facilitate tours and oor-plan navigate broken leases houses, hosted a especially hard, Cara 39 homes as a single Time showings that outreach to current maps in every listing and nd new tenants concert on a deck Bua focused on the agent in 2020. She leverage walk-through and past clients; sev- and creating Face- despite a rough rental for brokers, posted “emotional side” of created self-narrated videos. Her team eral clients from 20 or Time viewings in lieu market. Key projects Halloween videos in business, taking care video listings, in- began wearing masks 30 years ago reached of open houses. In included selling a full costume and gave to keep clients calm creased the frequency before it was manda- out. When the shut- one case, she sold an unique greystone on away wine bottles and secure. Among of her market up- tory and purchased down made in-person $800,000 home to out- a wide lot in Logan with listings on labels essential tactics dates and publicized gallons of hand showings impossi- of-state buyers who Square to buyers who to boost business. were the meticulous everything via social sanitizer from Koval ble, she arranged to rst visited the house had long searched for Highlights were the staging of homes and media, emails and Distillery and repack- have her sellers—not just prior to closing. such a home and an sale of a historic rst-rate photography; door hangers with aged them in small agents—do their She says that focusing Avondale four-at. midcentury ranch by attending every show- QR codes. “Work/ bottles for clients. own “virtual walk- these eorts on La He also rehabbed and architectural legend ing in person (“not a school from home” For Ballard, formerly throughs,” explaining Grange, La Grange sold dozens of prop- Edward Dart as well lockbox or assistant spaces were added to a movie set deco- their home’s history Park and Western erties as a licensed as an “amazing” East to be found”); and home staging eorts. rator, a memorable and special features. Springs helped make general contractor, Highland Park home placing fresh owers Promotions included transaction involved ese personalized 2020 her best year in a yet still found time with an indoor basket- and bakery treats at all a “pop by” Christkindl relocating a divorced videos proved to be so 20-year career. to open Avondale ball court. properties to reinforce market event and a couple into houses on authentic and eective Bowl on Milwaukee a sense of normalcy. reinvented Arlington the same block—ve that this Lincoln Park- Avenue. Heights Fourth of July doors apart—for the based broker plans parade as a “drive- sake of their kids. to continue them through” for hundreds post-pandemic. of cars.

JULIE BUSBY TOMMY CHOI KIKI CLARK DARLENE HELAINE COHEN JAMIE CONNOR HOLLY Founder, broker Co-founder Broker COADY Broker Vice president, sales CONNORS Busby Group at Weinberg Choi Residen- Berkshire Hathaway Broker Berkshire Hathaway Jameson Sotheby’s Managing partner/ Compass tial at Keller Williams HomeServices Chicago Berkshire Hathaway HomeServices Chicago International Realty senior broker– ONEChicago HomeServices Chicago GetBurbed team Julie Busby, based in After working sev- Helaine Cohen, Jamie Connor’s @properties Bucktown, implement- Tommy Choi’s pan- en days a week for Working through the founder of Chicago- experience in client ed proprietary systems demic strategy includ- months and “on a Homes for Heroes CondoFinder.com, management for a Holly Connors fo- to provide con- ed the retargeting of roll” into 2020, Kiki program, Darlene put her tech back- large global adver- cused her energy on cierge-level service to listing advertisements Clark used the time Coady focused on ground to use in 2020, tising agency helped the community and all clients: professional via social media during the shutdown veterans and front- sharpening skills in him meet the stress clients during the training and weekly platforms. A particular to strategize how best line (re, police and digital marketing, of the pandemic. His pandemic. She created workshops; high-res- focus was on home to move forward. health care) workers, Facebook advertising, most noteworthy 2020 GetBurbed Bites, a olution video for oces and outdoor She hired a social emphasizing remote retargeting and the transaction wasn’t charity initiative that spaces, key features media designer/ transactions through livestreaming of open a large deal, but it encouraged people to for buyers stuck marketing coordina- touchless closings, houses. One mem- meant taking extra working from home. tor to manage posts, online scheduling, orable transaction, time to help a family His company also boosts and online FaceTime and Zoom. early in the lockdown, navigate the early used virtual showings, advertising. Among She was an early involved a client stages of COVID-19 with one 2020 buyer interesting challenges adopter of electronic with only 30 days to and the uncertain- seeing her condo in were two historic but signature, document purchase in a market ty of employment order from Arlington person for the rst unique Lake For- and document-stor- without in-person during the shutdown. Heights restaurants, time at closing. Choi est homes that had age technology, showings, limited Ready to walk away with proceeds going virtual showing; and also pivoted his rm’s been converted from eliminating all “wet” contractor access for from a property they to Arlington Cares, revamped marketing to charitable-giving barns to residences. signature options estimates and com- loved, they wound up which helps commu- deal with COVID-im- program, 365 Days of e sellers required this year. Coady says plicated scheduling. purchasing it—“one nity members in need. portant issues (plus Giving, to raise aware- heavy coaching as the business expanded Cohen employed a of the best nancial On the client front, she Peloton giveaways). ness of and revenue unique properties had from Kane and Cook suite of tech tools to decisions they’ve ever sold her stager’s home She tailored business for small businesses in a limited buyer pool, counties into DuPage ensure the transaction made,” Connor says. and sold another protocols to help the community. and both sellers had County, and she could proceed via home after recom- front-line workers and multiple oers. closed 50 percent sanitizing protocols, mending some reno- doctors relocate to more transactions (in FaceTime showings, vations to the seller. Chicago for one of the terms of sales volume) video tours and a no- e home sold before city’s hospital groups. during the pandemic. touch closing. it went to market, and She says she’s Chi- for a sizable prot. cago’s only SportStar Relocation broker and that business grew by 45 percent.

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21cb0116.pdf RunDate 4/5/21 FULL PAGE Color: 4/C 18 APRIL 5, 2021 • CRAIN’S CHICAGO BUSINESS

BROOKE SHEILA KATRINA DE LOS MARIA AMY DIAMOND JODY DICKSTEIN JERRY DOETSCH PAIGE DOOLEY DAITCHMAN DANTZLER REYES DELBOCCIO Broker, team lead, Deal Broker Broker Broker, team leader Broker Broker associate Broker Broker, founding partner with Diamond Group @properties Berkshire Hathaway Compass Dream Town Jameson Sotheby’s Berkshire Hathaway of DelBoccio/Marchetti @properties Glencoe broker Jody HomeServices Chicago Paige Dooley works International Realty HomeServices Chicago Group As the pandemic wore Dickstein typically During the pandemic, to preserve classic Brooke Daitchman, @properties on, Amy Diamond raes homemade Jerry Doetsch created homes in Winnetka based in Lincoln Park, When the real estate Katrina de los Reyes noted how buyers jewelry and designer virtual home walk- and the North Shore. pivoted to address the market became active enjoyed her highest roughout the pan- were looking dierent- handbags at her open throughs that nearly Last year, Dooley “new market” while last spring, Sheila volume year, with 85 demic, Maria DelBoccio ly at homes, requiring houses. With the pan- replicate real time. worked with investors building a new home Dantzler pivoted to percent of transac- has adopted digital home o ces and demic, she invested Doetsch narrated to renovate a George for herself in the nd creative ways to tions from referrals. marketing tools to move spaces for children to in a new website and unique features and Maher Prairie-style middle of a pandem- service clients virtu- e Evanston-based her Arlington Heights learn remotely. e Ar- building a presence on improvements, pro- home in Kenilworth. ic. Her team went ally. She showed her broker took advantage business online. Her lington Heights broker social media. Before viding a safe viewing e team gutted the remote as needed, listings via Zoom and of marketing tools such team also used digital marketed online and her real estate career, experience. He used inside and redesigned emphasizing safety FaceTime and took as video previews. One advertising to market through social media Dickstein worked as a his iPhone as well as the ow for an open and clean protocols to advantage of online of her most interesting listings to individuals and print. When the department manager iMovie, Snowball and kitchen and family keep clients safe. On staging and 3D oor deals materialized at that had visited their market heated up, she at luxury retailers Nei- social media. Doetsch space while retaining Halloween, her team plans. e ability to the end of the year, websites. DelBoccio was able to pivot a man Marcus and Saks works with his parents the original stairway, held an open house use virtual staging to when her client’s pur- leveraged platforms three-year-old listing Fifth Avenue, which as the Glenview-based replace and mill- at a home that was showcase a vacant chase was contingent such as Adwerx and with a distressed prepared her to work Doetsch Team. His work. e investors di cult to sell. ey property was a huge on selling their home. Homesnap for retar- home that was initially with high-end clients. father has been a real sold the property to a dressed up, handed benet. One notewor- And the prospective geting ads on social oered for its land val- She has volunteered as estate broker for 63 family from Califor- out candy to the kids thy transaction: She buyer’s oer on her media. ese ads put ue. She switched the a meal coordinator at years and his mother nia. To facilitate sales, and invited parents in helped a client sell a client’s home was her listings before pro- listing to a detached e ARK, the nonprot for 49 years. Adding Dooley has arranged for a look. e home West Loop condo and contingent on the sale spective homebuyers single-family home that supports the area’s Jerry Doetsch’s 27 for prospective buyers sold not long after. nd a home in Hyde of their home, as well. searching the web and and received multiple Jewish community. years combines for the to spend a day in the Park—all within two In the end, there were on social media. Del- oers from investors. team’s 139 years in real home and even pre- weeks. four closings on Dec. Boccio was a dual agent estate. pare dinner. 21, leaving plenty of on a million-dollar, new time to celebrate the construction property holiday. with longtime clients. Bzpà |
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P015-P032_CCB_20210405.indd 18 4/1/21 2:25 PM CRAIN’S CHICAGO BUSINESS • APRIL 5, 2021 19

JERRY DOETSCH PAIGE DOOLEY CONNIE DANIELLE ANNE DUBRAY AMY DUONG DINNY DWYER MARIA ETLING Broker Broker, team leader DORNAN DOWELL Broker KIM Broker Broker Berkshire Hathaway Compass Broker Broker Coldwell Banker Realty Senior broker and Coldwell Banker Berkshire Hathaway HomeServices Chicago Paige Dooley works @properties Berkshire Hathaway Glenview broker Anne founding member With the pandemic, it HomeServices Chicago During the pandemic, to preserve classic HomeServices Chicago DuBray learned to get Compass became apparent to Libertyville broker Jerry Doetsch created homes in Winnetka e pandemic opened the job done without Dinny Dwyer that pro- Maria Etling used virtual home walk- and the North Shore. opportunities for When the quarantine in-person meetings. Amy Duong Kim and spective buyers were videos of her listings throughs that nearly Last year, Dooley Connie Dornan, who loosened up, Danielle She conducted phone her team work in the working remotely and accompanied by per- replicate real time. worked with investors is based in Glen- Dowell and her team, interviews with sellers city and suburbs and had children learning sonal introductions. Doetsch narrated to renovate a George view. In the middle e Dowell Group, and asked them to during the pandemic on Zoom, therefore She expanded her unique features and Maher Prairie-style of the quarantine, a had one of their best submit photos to assisted more than needing more space. social media presence improvements, pro- home in Kenilworth. home in Glencoe was years. e team, help establish market 100 families purchas- e Winnetka broker through Facebook viding a safe viewing e team gutted the languishing on the which is based on value. en she used ing and renting homes pivoted, with sales and Instagram and experience. He used inside and redesigned market with no 3D the Near North Side, Matterport videos and and apartments. handled via Face- earned oce recog- his iPhone as well as the ow for an open tour and a lawn sign uses social media to virtual showings. One Last March, the team Time and viewings on nition for the best iMovie, Snowball and kitchen and family with no direct contact get listings in front rewarding transac- pivoted to initial video or 3D Matter- use of social media. social media. Doetsch space while retaining information. e of agents and their tion was the sale of a meetings on FaceTime port tours. Dwyer’s When the pandemic works with his parents the original stairway, seller hired Dornan, buyer clients. Dowell ve-bedroom home in and Zoom, as well as listings featured drone hit, Etling was able to as the Glenview-based replace and mill- who marketed the had multiple buyers Glenview with an out- virtual tours and vid- photography. She sent revive a listing that Doetsch Team. His work. e investors home with FaceTime and sellers that went door pool. e buyers eos. Team members out email blasts to let had fallen through at father has been a real sold the property to a showings, 3D media under contract and have ve children and cover six languages in buyers know of new closing in fall 2019. estate broker for 63 family from Califor- tours and PPE kits. then decided not to were delighted to nd addition to English: properties available e 7,000-square-foot years and his mother nia. To facilitate sales, e home went under close the deal. It was the home at a time Chinese, Vietnamese, or price changes. A luxury home on 5 for 49 years. Adding Dooley has arranged contract in 27 days. the rst time she saw when the world was Korean, Tagalog, Jap- co-listed property on acres with a pool and Jerry Doetsch’s 27 for prospective buyers In addition to using such uncertainty, but shutting down. anese and Greek. Be- Lake Michigan enter- pool house attracted years combines for the to spend a day in the technology for virtual she believes they will fore becoming a real tained multiple oers multiple oers and a team’s 139 years in real home and even pre- showings, Dornan come around this estate broker, Duong and closed in a couple sale. estate. pare dinner. oers “Google walks” year. Kim was an actuarial of weeks. of the neighborhood. consultant. Bzpà |
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P015-P032_CCB_20210405.indd 19 4/1/21 2:25 PM 20 APRIL 5, 2021 • CRAIN’S CHICAGO BUSINESS

LINDSAY CRAIG FALLICO LINDA NICOLE FLORES EUDICE FOGEL LAURA EUGENE FU KIMBER GALVIN EVEREST Broker FEINSTEIN Broker Broker FREEMAN Broker, principal of Broker Broker Dream Town Managing broker, Dream Town Compass Broker Eugene Fu Group Berkshire Hathaway Berkshire Hathaway With the onset of the Signature Homes Chicago broker Nicole e onset of the Berkshire Hathaway @properties HomeServices Chicago HomeServices Chicago pandemic, Craig Fal- Compass Flores navigated a pandemic marked HomeServices Chicago Chicago broker Kimber Galvin and lico and his partner, series of what she calls Eudice Fogel’s 40th Eugene Fu shifted her sister and busi- After working for son Nick, reached out In the past year, “emotional transac- year in residential real Evergreen Park-based his strategy to focus ness partner, Drew 12 years on a team, to clients to chat, and Hinsdale broker Linda tions” last year. ere estate. She knew that broker Laura Freeman on millennials and Westergreen, ocially Lindsay Everest went even sent meals and Feinstein brought her were clients leaving in uncertain times, last year teamed with rst-time buyers using formed a new real es- out on her own and gifts. e team deliv- team from ReMax to their family home and clients would need Berkshire Hathaway online advertising, so- tate team for Chicago, further established ered a custom map of Compass and updated downsizing after more expert guidance. e brokers Susan Roma- cial media and direct K+D Homes. eir herself in the city’s Park Ridge to every her database. One Chicago-based broker no and Erin Cotter. marketing. He formed most noteworthy sales single-family home resident in town. ey memorable deal was turned to interactive ey quickly adopted a team and has three were 24 new-con- market. She sold a produced a constant selling a Hinsdale oor plans and vid- online tools including sales associates with struction condos in Lincoln Park co-op, stream of social media home to a widow who eos, striving to make 360 tours, which they a fourth coming on Wicker Park. ey one of the few co-op posts. And they added had wanted to buy it than 40 years, divorc- a virtual rst showing found helpful to pro- board. One memora- were involved all the sales in the last year. lighting on their signs in 1956 when it was es leading to fresh as real-life as possible. spective buyers. ey ble deal involved two way from construction Everest notes that to make sure they new. Her husband starts and children Fogel represented a strive to target their condo units at Olym- to designing the mar- before COVID, writing were illuminated at had preferred another selling homes they buyer of a $4 million listing so that the right pia Centre connected keting, developing the backup o ers wasn’t a night. Fallico previ- home. When the grew up in after losing Lincoln Park home property “appears by a staircase. By mar- website, staging and common practice. But ously was a Spanish widow drove by with their parents. Clients with an extra-wide lot magically in front of keting the property as hosting open houses, the pandemic created teacher and speaks her daughter and saw relocated in and out and attached garage. a potential buyer.” a single residence and negotiating o ers and more movement in at high school career that it was for sale, of Illinois. Flores is e buyers had been Before starting in real also as two separate managing punch lists. the market. Last year events. they decided to buy a fan of exposing a searching intermit- estate, Freeman was units, he attracted ey increased their she had three sellers it, Feinstein says. e home on a private tently for more than a legal assistant at multiple o ers and use of 3D Matterport that accepted backup home went under listing network to test 1½ years. a banking and real sold the space in its home tours, FaceTime o ers and ended up contract on Christmas the market. She aims estate law rm. She is entirety, which he showings, drone vid- successfully closing. Eve. to attract buyers with immediate past presi- preferred. eos and Zoom listing staging, photography dent of the Evergreen appointments in 2020. and oor plans. Park Chamber of Commerce.

Looking for more Exposure? Have a Notable Property to Sell? Congratulations CONGRATULATIONS zBoM
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CRAIN’S CHICAGO BUSINESS’ RESULTS MATTER Notable Residential Real Estate Broker 2021 We go above and beyond $28 MILLION SOLD Elizabeth Pyle Santiago Valdez to get results. O_WBJOsVŒKVWKBUdšš–àKda pBbsWBUdŒKVWKBUdšš–àKda šš–à–›–à˜—”š šš–à›˜›à•—”“ 2019 NEIGHBORHOOD 847.275.6566 | [email protected] - Santiago and Elizabeth

SOURCE: MRED, LLC BASED ON 2020 SALES VOLUME, ALL PROPERTY TYPES .O_t{
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P015-P032_CCB_20210405.indd 20 4/1/21 2:25 PM CRAIN’S CHICAGO BUSINESS • APRIL 5, 2021 21

EUGENE FU KIMBER GALVIN STEVE GENYK NANCY GIBSON MELANIE GIGLIO SUZANNE DOROTHY LESLIE GLAZIER Broker, principal of Broker Senior broker specialist Broker Real estate broker, GIGNILLIAT GILLIAN Broker Eugene Fu Group Berkshire Hathaway @properties @properties team lead MVP Team Luxury real estate Broker @properties @properties HomeServices Chicago Steve Genyk achieved Nancy Gibson reports Compass agent Berkshire Hathaway In 2020, Chicago- Chicago broker Kimber Galvin and a number of luxury selling 30 percent Melanie Giglio works @properties HomeServices Chicago based Leslie Glazier Eugene Fu shifted her sister and busi- sales at Superior of Northbrook’s top tirelessly to make sure says she was the rst his strategy to focus ness partner, Drew House, a new-con- 10 luxury homes her team has the tools During the pandemic, March of last year was Realtor to become an on millennials and Westergreen, ocially struction condo build- (including the town’s it needs to succeed. Suzanne Gignilliat “a very quiet month” aliate member of rst-time buyers using formed a new real es- ing in River North. A two highest sales in One innovative ramped up her digital reports Dorothy Gil- Collaborative Divorce online advertising, so- tate team for Chicago, highlight of 2020 was the last 12 months) approach she used advertising as well lian and her Oak Park Illinois. To establish cial media and direct K+D Homes. eir being on both sides as part of her 75 to market a home in as personal outreach team as they learned herself as the area’s marketing. He formed most noteworthy sales of the sale of a $3.5 percent repeat and 2020 was an event that via mail, phone calls about COVID, but “divorce real estate a team and has three were 24 new-con- million penthouse. referral business. She garnered social media and email to clients, 2020 turned into one adviser,” she began sales associates with struction condos in For another listing, he still physically stages coverage, word-of- some of whom she of her best sales years. writing letters and a fourth coming on Wicker Park. ey placed 12 golden re- homes (she maintains mouth attention and says are on their fth She put safe show- talking to past clients board. One memora- were involved all the triever puppies in the her own storage lock- more than 150 people or sixth transaction ing procedures in more than ever. She ble deal involved two way from construction front yard to attract er lled with lamps, in attendance. From with her. She success- place, stayed in touch also often works with condo units at Olym- to designing the mar- the foot trac that accessories, pictures, that one event, an fully coordinated a with clients through rst-time homeown- pia Centre connected keting, developing the was nearby because of etc.) but now blends it oer was submitted, complicated sale and COVID-friendly pop- ers and relocation, by a staircase. By mar- website, staging and a local market—and with “virtual staging,” and the home suc- move—entirely virtu- bys and Zoom happy move-up and down- keting the property as hosting open houses, sold the home that adding elements such cessfully closed. She ally—for a client stuck hours, and advertised sizing clients. One a single residence and negotiating oers and day. Genyk made it as the digital painting serves on the board in California. Another their newest listings in eective technique is also as two separate managing punch lists. possible to do 100 per- of rooms and cabine- of Imerman Angels, highlight of the year: creative ways, such as to ask sellers to write units, he attracted ey increased their cent of each transac- try into the mix. an organization that submitting a property contests for decorat- down the ve things multiple oers and use of 3D Matterport tion virtually. pairs cancer ghters to be featured in the ing dollhouses during they love about their sold the space in its home tours, FaceTime with survivors. University of Chica- the Halloween and home and neigh- entirety, which he showings, drone vid- go’s historic mansion Christmas seasons. borhood, and then preferred. eos and Zoom listing virtual tour. incorporate them into appointments in 2020. marketing eorts.

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P015-P032_CCB_20210405.indd 21 4/1/21 2:25 PM 22 APRIL 5, 2021 • CRAIN’S CHICAGO BUSINESS

BETH GOMEZ ROSIE JOHN GRAFFT MARY GRANT MARIO GRECO JUSTIN CONNIE ALICE JENNETT Broker GONZALEZ Realtor Senior broker Broker GREENBERG GRUNWALDT Broker Berkshire Hathaway Broker Compass @properties Berkshire Hathaway Broker Broker Berkshire Hathaway HomeServices Chicago Coldwell Banker Realty John Grat says that Mary Grant reports HomeServices Chicago Berkshire Hathaway @properties HomeServices Chicago Beth Gomez says her while competitors that 2020 was her Mario Greco says he HomeServices Chicago Chicago broker Alice business is 99 percent La Grange-based were ring sta, he most successful year lost nearly a dozen Connie Grunwaldt Jennett specializes referral-based. In Rosie Gonzalez’s most hired a cameraman yet, and across a wide deals days after the Glenview-based Justin increased her sales- in REO business 2020, marketing interesting transaction to record more than range of styles, from a March shutdown, yet Greenberg says he to-list-price ratio to involving the sale of evolved with the use in 2020 involved two 70 videos during the $160,000 unit in Evan- his group still ended boosted business by 98.4 percent from properties owned by a of interactive oor seller clients—one pandemic to show- ston all the way up to the year successfully. 10 percent and the 97 percent (market lender. Before her real plans, virtual walk- looking to downsize, case Chicago real a $5.5 million home He’s most proud of number of units sold average: 96 percent); estate career, Jennett through tours on the other looking for estate. As a result, he in Winnetka. She in- by 20 percent in 2020. her total gross sales was an information WhatsApp, video in- a larger house—who says his Instagram vested more in online Since many clients grew by 10 percent. specialist with the U.S. spections, and drone swapped homes. following grew from advertising and social fell into higher-risk One notable 2020 Department of Agri- videos to showcase Another notable event 900 to more than media, and for one categories, he used transaction involved a culture and Lockheed neighborhoods. An saw her hosting an 5,000, and he had his high-end listing in Ke- Matterport 3D tours rarity—a Chicago lot Aircraft. Shortly after “interesting” transac- open house at twilight best year in 2020. In nilworth, she dropped for every listing and with riparian rights. starting at the newly tion involved the pur- with appetizers, wine 2021 he’ll meet with bottles of Veuve Clic- prerecorded video Pricing it without opened Rublo South chase of a Ukrainian and music to draw small-business own- quot and handwritten walk-throughs to much data was a chal- Loop oce, Jennett Village home where, nearby train commut- ers to help promote notes about the house his team’s pivot from screen serious buyers lenge, and nding a was referred to a seller after contracts were ers, which also turned them with video that to area agents who partly electronic to from shoppers to pre- high-end buyer meant whose mother was in signed, the seller into a great net- brings their stories to had sold or were out fully virtual in just vent unnecessary traf- combing local shing/ a nursing home—that backed out and con- working event for all the public. showing anything two weeks. Among c. His most notewor- sailing databases to seller would become tracted with another involved. e evening, over $3 million. many game-changers thy transaction was reach folks personally her husband. Jennett for a higher oer. Her at a completely ren- was sending a digital an Arlington Heights and through online serves on the pro- buyer won, eventual- ovated house on her brochure to a buy- home where, after he ads and direct mail. fessional standards ly, after a bidding war block, also resulted in er’s agent from the urged partnering with She got a full-price committee of the unlike any other in Gonzalez gaining two scheduling system Curbio for pre-sale cash oer. Chicago Association her experience. new clients. immediately upon home renovations, the of Realtors. conrmation of a house had multiple showing request. is oers within a month. ensured that things ran smoothly and that nothing fell through the cracks.

CONGRATULATES

NICOLE HAJDU KIMBERLY JILL HARE JULIE HARRON JOANNE DIANA IVAS MARK JAK Broker CHASE HARDING Vice president, sales Senior vice president, HUDSON Broker Broker Chris Pequet Dream Town Broker Jameson Sotheby’s sales Broker Berkshire Hathaway @properties Berkshire Hathaway International Realty Jameson Sotheby’s Compass HomeServices Chicago Vice President of Residential Sales Nicole Hajdu says that International Realty Chicago broker Mark 2020 was her most HomeServices Chicago While she “sheltered Joanne Hudson took a e pandemic Jak and his colleagues successful year yet. In 2020, Kimber- in place” at home Julie Harron had been cinematic approach to prompted Hinsdale formed a group to An early adopter of ly Chase Harding for ve months, Jill using video and so- the pandemic, show- broker Diana Ivas to share best practices drone technology, celebrated a personal Hare mastered the cial-media marketing casing houses via reach out to present and collaborated As a Crain’s 2021 she contracted with sales record; expand- use of Matterport, for years before the FaceTime, video and and past clients. Her with Manhattan a friend to create an ed her team from four videos and oor plans shutdowns—even dig- Matterport three-di- most noteworthy and San Francisco Notable Residential inner drone video to seven brokers (plus and discovered the itally “staging” rooms mensional oor plans. sale of this year was a counterparts on how of a luxury property two leasing agents); value of always being during walk-throughs She even produced a Hinsdale home that best to help clients in Real Estate Broker and used it as part of and sold a client’s available to talk rather for her Chicago-area drone video of nine sold for $2.05 million densely populated city a holiday lights party Hyde Park/Kenwood than being out in the clients. Her pandemic cars pulling into the in August. Although markets. He assisted to create buzz for a home to Chicago eld—often unnec- pivot emphasized per- nine-car garage for the sellers were happy overseas clients in property. Early on in Deputy Mayor Samir essarily. Constant sonalizing these skills. a Winnetka client. to sell and move to a COVID-stricken coun- the shutdown, she Mayekar. She also be- contact was essential Instead of sending Coronavirus protec- dierent state, they tries who used the U.S. used the sale of her came the University of during the most di- mass emails to clients, tions are in place for were wistful that they Embassy to execute, 630.327.5175 own home to test- Chicago Law School’s cult sale of her career, she picked up the all showings with would miss time in sign and notarize doc- drive safe procedures broker of choice for when a Chicago-area phone to connect with masks, booties and the park-like backyard uments. Jak targeted [email protected] for meetings, staging, incoming professors. property went under each one. She says this gloves; temperatures with a koi sh pond. high-net-worth clients photos, showings, As people are spend- contract four times, relationship-building taken at the door; Ivas also was success- for a city listing that inspections and ing less time “looking and she had to un- paid o in 2020 when 6-foot distancing ful with a listing for had parking for four www.ChrisPequet.com appraisals, ultimately at homes” and more tangle multiple oers, she sold her rst “vir- honored; wiped-down an Indian Head Park cars in the garage. buying her dream time “vetting” and home-sale contingen- tual property” without doorknobs, counters xer-upper. Before becoming a home in Park Ridge. narrowing them on cies, backup oers, the buyer seeing it and surfaces after real estate broker, Jak the internet, her digi- escalation clauses and in person before the showings; and all long worked in telecom. tal platform of choice kick-out clauses. purchase. conversations held is Adwerx. outside.

Each franchise is Independently Owned and Operated.

P015-P032_CCB_20210405.indd 22 4/1/21 2:25 PM CRAIN’S CHICAGO BUSINESS • APRIL 5, 2021 23

CONNIE ALICE JENNETT MISSY JERFITA MELINDA SUSIE KANTER LANCE SOPHIA KLOPAS AMIE KLUJIAN GRUNWALDT Broker Broker JORDAN Broker KIRSHNER Broker Broker Broker Berkshire Hathaway Compass Broker associate Dream Town Broker and team leader Berkshire Hathaway Dream Town @properties HomeServices Chicago Last year, Glenview Jameson Sotheby’s Last year, three of Compass HomeServices Chicago Last year, Amie Klu- Chicago broker Alice broker Missy Jer ta International Realty Susie Kanter’s past Sophia Klopas and her jian and her partner Connie Grunwaldt Jennett specializes pivoted to a virtual clients were visiting For Lance Kirshner, Chicago team guided Todd Szwajkowski increased her sales- in REO business process for showings, Chicago broker Melin- friends from Los 2020 showed that you buyers through the embraced new plat- to-list-price ratio to involving the sale of visits and even inspec- da Jordan teamed with Angeles who said they have to roll with the sales process with few forms of communica- 98.4 percent from properties owned by a tions. On several occa- a colleague to assist would like to look at punches. Kirshner in-person interac- tion with clients and 97 percent (market lender. Before her real sions, she negotiated an out-of-state client homes “just for fun.” and his team pivoted tions. ey embraced substituted annual average: 96 percent); estate career, Jennett contracts before the with an aggressive Kanter scrambled and to virtual showings Zoom the rst week client events with her total gross sales was an information buyer actually visited relocation timeline found three homes and rolled out 3D of the lockdown and more independent grew by 10 percent. specialist with the U.S. the property. Before and speci c home and including one in a pri- tours. e group use it today for ease of and distanced client One notable 2020 Department of Agri- moving into real es- neighborhood criteria. vate listing network. also adopted video day-to-day conversa- interactions. e transaction involved a culture and Lockheed tate, Jer ta worked as After viewing more e Angelenos ended provided by drone to tions. Klopas predicts partners focus on the rarity—a Chicago lot Aircraft. Shortly after an actress, with jobs than 40 homes in up buying a Span- attract attention to that Zoom could Edgewater and An- with riparian rights. starting at the newly in commercials, print three house-hunting ish-inspired home in their listings. Kirsh- permanently change dersonville neighbor- Pricing it without opened Rublo South ads and industrial vid- trips, making oers Oak Park the same ner has represented the way real estate hoods. Klujian’s team much data was a chal- Loop oce, Jennett eos. “Auditioning for on ve properties and day. Before selling real a developer that was is bought and sold. packed and delivered lenge, and nding a was referred to a seller jobs was very tough being under contract estate, Kanter worked renovating units in a She sold a home that pandemic relief items high-end buyer meant whose mother was in and humbling, which on three homes, the for a privately owned River North high-rise. the buyers didn’t see to past clients. Before combing local shing/ a nursing home—that made me comfortable client closed on a Win- bank in Lincoln Park His team has closed until the walk-through becoming a licensed sailing databases to seller would become with the word ‘no’ ” netka home. Jordan where she specialized 43 of the 55 units since on closing day. She broker, Klujian man- reach folks personally her husband. Jennett Jer ta says. “Transi- previously worked in in rehab and con- 2018, despite a dip in was relieved that the aged marketing for and through online serves on the pro- tioning into real estate brand marketing at struction loans. demand for the neigh- buyers liked the prop- the Chicago Tribune’s ads and direct mail. fessional standards was a bit easy.” Coca-Cola, Energizer borhood last year. erty more than they real estate advertising She got a full-price committee of the and Michelin Tires thought they would. division, which paved cash oer. Chicago Association and is active in the the way for entering of Realtors. Chicago chapter of the the transactional side National Black MBA of the business. Association.

CONGRATULATES

MARK JAK Broker Chris Pequet @properties Vice President of Residential Sales Chicago broker Mark Jak and his colleagues formed a group to share best practices and collaborated As a Crain’s 2021 with Manhattan and San Francisco Notable Residential counterparts on how best to help clients in Real Estate Broker densely populated city markets. He assisted overseas clients in COVID-stricken coun- tries who used the U.S. Embassy to execute, 630.327.5175 sign and notarize doc- uments. Jak targeted [email protected] high-net-worth clients for a city listing that had parking for four www.ChrisPequet.com cars in the garage. Before becoming a real estate broker, Jak worked in telecom.

Each franchise is Independently Owned and Operated.

P015-P032_CCB_20210405.indd 23 4/1/21 2:25 PM 24 APRIL 5, 2021 • CRAIN’S CHICAGO BUSINESS

JAMES KRAMER SHANNON IVONA KUTER MATT LARICY ANN LASALLE BARI LEVINE JENNY DIANE Broker KUTCHEK MANKIEWICZ Managing partner LYON Broker LIM SPIGGOS MARCHETTI Berkshire Hathaway Broker associate Broker Americorp Realtor @properties Broker Broker, founding HomeServices Chicago Compass Berkshire Hathaway Chicago broker Matt @properties After preparing their Berkshire Hathaway partner, DelBoccio/ Chicago broker HomeServices Chicago Laricy says he was Gold Coast home to HomeServices Chicago Marchetti Group James Kramer used During the pandemic, early to embrace the In Lake Forest, Ann go on the market, @properties 3D Matterport to Shannon Kutchek en- e pandemic virtual world. With the LaSalle Lyon made Bari Levine’s clients After setting up her take potential buyers couraged sellers to pre- required Chicago pandemic, Laricy’s use of Zoom and were ready to list right oce at home, North- Arlington Heights- into homes virtually. pare their home for the broker Ivona Kuter- team made a quick FaceTime calls, Mat- when the pandemic brook broker Jenny based Diane Mar- When buyers toured market post-pandemic. mankiewicz and her transition, launching terport virtual home shut down the city. Lim-Spiggos relied on chetti reports that homes in person, She created newsletters team to revise their a social media cam- tours, and interior and e clients were digital marketing and 2020 was her team’s he kept them safe business plan and use paign and presenting exterior drone videos sheltering in place showings. One unpre- best year in terms with masks, gloves, technology to increase drone videos and cus- of homes. She also and allowed showings dictable deal dated of sales volume. She sanitizer and distanc- productivity. ey tom 3D tours. Laricy included more detail only during a short to December 2019 transitioned to a ing. Kramer sold a found that Zoom and produced a 10-part into each property’s window when they when clients made digital-based listing 12,000-square-foot FaceTime could ex- podcast to let his com- website and used were out. Levine used an oer on a luxury and buying process home in Glen Ellyn pedite the marketing munity know what social media to reach digital showings and home in Glenview and using various plat- with ve bedrooms, process. She’s a native his team was seeing potential buyers. Her targeted her outreach, subsequently signed forms, emails and six full baths and of Poland and special- rsthand during most noteworthy sale ultimately selling the a contract without a video blasts. A special two half-baths, and media to promote izes in single-family the early part of the of the year was a $5 home at full price. She contingency. Nervous emphasis was placed an elevator and a the importance of home. homes, luxury con- lockdown. e biggest million transaction in makes use of virtu- about the husband’s on retargeting through massive wine cellar. Kutchek sold a dis- dominiums and new challenge, Laricy which she represented al staging and can job security in the social media. One At the time of the tinctive property in La construction projects. says, was convincing the buyer and seller. It be found carrying a hospitality eld, the noteworthy transac- closing, it was the Grange that needed re- Kutermankiewicz has people that it was OK was the most expen- coee table up three couple canceled the tion was a Barrington highest-priced home pairs and updating and built and rehabbed to move ahead during sive home sale in Lake ights of stairs. contract. Fortunately, estate sold to a Chica- that sold in Glen Ellyn was a candidate for a homes and owned such a dark time. Forest last year. the couple was able go family looking for in 2020. teardown. She marketed rental units. Last to sell their Glenview a resort-like summer the home as an Art Deco year, she biked 111 home and resubmit- home to use as an masterpiece and was miles for the Jackson ted the oer. Both escape from the shut- able to nd a buyer who Chance Foundation transactions closed in down restrictions in loves the architecture where she serves on mid-May. the city. and plans to restore it to the board. its original glory.

Congratulations MORGAN SAGE

BRAD LIPPITZ VITTORIA LOGLI SALLY MABADI JACKIE MACK J MAGGIO MICHAEL MAIER ERIN MANDEL CRAIN’S NOTABLE President, Brad Lippitz Real estate agent Broker Vice president, sales Broker Broker Broker associate Residential Real Estate Brokers Group 2021 @properties Berkshire Hathaway Jameson Sotheby’s @properties Berkshire Hathaway @properties Compass HomeServices Chicago International Realty HomeServices Chicago For Vittoria Logli, the Hinsdale-based J Erin Mandel reports Chicago broker Brad last 18 months have Evanston-based Jackie Mack used Maggio says investing Michael Maier says he that despite market Lippitz drew upon his been a series of ups Sally Mabadi says the stay-at-home triple that of his previ- persevered in a down- conditions, she sold experiences selling and downs. She went she always devoted order to revamp ous highest marketing town Chicago market 95 percent of her real estate in the after- from a robust 2019 to a lot of resources to procedures with her spend in 2020 paid where showings, open listings in 2020. She math of 9/11 and the a halt in sales for the staging and photog- Evanston-based team. o in personal sales houses and even ac- started an Instagram Great Recession. He rst two months of raphy, so her team She re-marketed every records. All listings, cess to common areas account to deliver oered buyers two op- the pandemic to the was prepared to use listing virtually; in- regardless of price, to fully sell a building mass listing exposure tions: a virtual show- busiest time of her technology in new corporated Zoom for carried key digital were o limits for and updates to the ing with FaceTime or real estate career. She ways to maximize buyer consultations, months at a time. Chicago market; she monitored in-person sustained her Glen- the exposure of client listing appointments Using dynamic pho- increased 3D tours showings requiring view-based business homes: FaceTime, and 30-day reviews; tography including and her video-mar- masks, distancing and with virtual showings Zoom, Facebook. and deployed Marco drones, videos, oor keting eorts; and she sanitizing. Lippitz says and 3D tours for her Reels, TikTok and Polo virtual tours and plans and enhanced oered PPE at every his most noteworthy listings. At the height Instagram Live. is 3D tours as well as digital marketing kept listing. She made sure 2020 transaction was of the pandemic, she embrace of technolo- interactive oor plans. him front of mind that properties were the sale of a $4.7 mil- sold a few houses gy ensured that all list- She also supported throughout 2020. well staged, Insta- lion new construction sight unseen, with ings and sales stayed local businesses by He even managed gram-worthy and gen- Lincoln Park house. only virtual walk- on schedule even creating a COVID-19 assets including 3D to secure a property erally move-in ready It was his buyers’ cul- throughs. during the early days list of open business- tours, oor plans for a travel-restricted as a counter to buyers’ 773.551.4267 mination of a 10-year of the pandemic, she es and those that and custom video. A California client, man- pandemic fatigue. On search for a perfect says, and sales volume delivered or oered notable 2020 listing aging the transaction high-end properties MORGANSAGE.BHHSCHICAGO.COM home that would increased over 2019. pickup. She says her involved a home that, entirely, from contract she conducted cara- meet their needs and group increased sales for medical reasons, to closing, through van tours with other desires. in 2020 by more than had equipment that videos and Zoom. agents. 13 percent. couldn’t be moved for sales photography; a clever photo editor digitally removed all items and showed the property as vacant, selling o-market above expectations.

P015-P032_CCB_20210405.indd 24 4/2/21 2:42 PM CRAIN’S CHICAGO BUSINESS • APRIL 5, 2021 25

JENNY DIANE LEIGH MARCUS JOE MARELLA DEBBIE MAUE BRENDA LAURA DAWN LIM SPIGGOS MARCHETTI Broker Managing broker Vice president, sales MAULDIN MCGREAL MCKENNA Broker Broker, founding @properties Keller Williams Realty Jameson Sotheby’s Broker Broker President, Dawn Berkshire Hathaway partner, DelBoccio/ Chicago-based Leigh Partners International Realty Baird & Warner, Gold Dream Town McKenna Group HomeServices Chicago Marchetti Group Marcus added eight Park Ridge-based Joe Having worked re- Coast Coldwell Banker @properties people to his team Marella says in 28 motely sporadically for Chicago-based Laura After setting up her in 2020 and also years he’s seen many 11 years, Debbie Maue During COVID, Chi- McGreal reports that Hinsdale-based Dawn o ce at home, North- Arlington Heights- boosted business by shifts in the business says that splitting time cago-based Brenda her team, which spe- McKenna is a founding brook broker Jenny based Diane Mar- 30 percent. He uses landscape. e key to between the action in Mauldin embraced cializes in city-to-sub- member of “Luxury Lim-Spiggos relied on chetti reports that virtual walk-throughs, his exceeding goals Chicago and launch- sales strategies that urban transitions, had Alliance,” an invite-on- digital marketing and 2020 was her team’s FaceTime and inter- even in a pandemic ing a development in were more high-tech one of its best years ly group of Coldwell showings. One unpre- best year in terms active oor plans to was to stay calm, Montana (“Landmark than high-touch, fo- in 2020. e team, Banker’s top agents dictable deal dated of sales volume. She accentuate a home’s spend time develop- Whitesh” in White- cusing on virtual open which grew to eight worldwide, and reports to December 2019 transitioned to a features and layout. A ing safety protocols sh, Mont.) was a houses, panoramic women, saw an inux that she is the only Illi- when clients made digital-based listing notable 2020 transac- for buyers and sellers, natural transition. She 3D virtual tours and of buyers coming from nois member of “Lux- an oer on a luxury and buying process tion was a multimil- embrace technol- says that she’d already well-organized digital the city to the suburbs ury Presence,” which home in Glenview and using various plat- lion-dollar penthouse ogies like 3D home been doing FaceTime marketing cam- and soon, inventory includes the top agents subsequently signed forms, emails and sale that, despite an viewing and work and recorded video paigns. Recognizing became low. McGreal from any agency in a contract without a video blasts. A special oversupply of condo with like-minded tours for almost two that it was a time of had success monitor- the world’s most im- contingency. Nervous emphasis was placed inventory downtown, business partners and years prior to the uncertainty but by ing local real estate portant markets. She about the husband’s on retargeting through moved during the advisers. He keeps shutdowns, and as a no means a housing brokers daily to nd reports that in 2020, job security in the social media. One pandemic in fewer contacts close by result, sees virtually crisis, she picked up o-market homes— her group (at locations hospitality eld, the noteworthy transac- than three months. hosting online trivia “walking through” a the phone more often homes normally in Illinois and Naples, couple canceled the tion was a Barrington His team also sold two nights, Facebook live property as natural as and served as a voice not shared with city Fla.) grew to 27 from 18 contract. Fortunately, estate sold to a Chica- other million-dollar seminars on property an in-person tour. She of reason, knowledge clients—that she sent agents, her Hinsdale the couple was able go family looking for homes—both sight issues and open hous- is president of Real and experience for her to everyone in hopes sales volume increased to sell their Glenview a resort-like summer unseen by the buyers es for neighbors. Estate to the Rescue clients. of capturing the right by 40 percent and her home and resubmit- home to use as an until the closings— and chair of Chicago buyer. Chicago team closed ted the oer. Both escape from the shut- during COVID. Association of Realtors transactions in every transactions closed in down restrictions in International Com- downtown Chicago mid-May. the city. mittee. neighborhood.

Congratulations Congratulations Rich Aronson! MORGAN SAGE CRAIN’S NOTABLE 2021 Residential Real Estate Brokers ERIN MANDEL Broker associate CRAIN’S NOTABLE @properties 2021 Residential Real Estate Brokers Erin Mandel reports that despite market conditions, she sold 95 percent of her listings in 2020. She started an Instagram account to deliver mass listing exposure Rich and his team helped over 235 wonderful and updates to the clients buy and sell their properties in 2020! Chicago market; she increased 3D tours and her video-mar- keting eorts; and she RICH ARONSON oered PPE at every Team Leader | The AVE Group listing. She made sure 773.294.8888 | RichAronson.com that properties were well staged, Insta- gram-worthy and gen- CONTACT RICH TODAY TO GET MOVING IN 2021! erally move-in ready as a counter to buyers’ pandemic fatigue. On 773.551.4267 high-end properties she conducted cara- MORGANSAGE.BHHSCHICAGO.COM van tours with other agents.

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AMANDA CHRISTINA LAURA MEIER LAURA JENNIFER MILLS PHIL MISTRATA PETER MOORE JAN MOREL MCMILLAN MCNAMEE Broker MICHICICH Senior vice president Broker Broker Broker Chief real estate Senior broker @properties Broker of sales/team lead, The Dream Town Baird & Warner - Gold @properties adviser, Chicago Home @properties Laura Meier grew her Berkshire Hathaway Home Discovery Team Over the past 18 Coast Jan Morel reports Partner team and business HomeServices Chicago Jameson Sotheby’s months, Chicago- Peter Moore’s most in- that in 2020, he grew @properties Christina McNa- in 2020 by mixing International Realty based Phil Mistrata teresting 2020 transac- his market share in mee navigated the old-school relation- Laura Michicich saw When selling a pent- reports that he closed tion saw him negotiat- Clarendon Hills to Chicago-based pandemic by taking ship-building with 2020 as a lesson in house in Chicago’s more than 90 transac- ing a $3 million condo the largest margin of Amanda McMillan her business digital new technologies. lifelong learning. With River North neigh- tions. Step one was a buy with a seller who his career. His most shifted her business to and learning how Pre-pandemic, safety at the forefront, borhood during the deep dive through his was canoeing down noteworthy trans- a “physical-to-virtual” to make DIY video her team was well her Hinsdale team winter, Jennifer Mills database to reconnect the Amazon River and action was a sin- model, employing walk-throughs using known for host- implemented the tech- used renderings to with people and assist didn’t have a voice predictive data (based editing software and ing client events to nologies necessary to show the property’s past clients where phone plan—every- on past tax records) YouTube, as well as keep in touch, and foster connections via outdoor spaces in needed. Step two thing was communi- for her listings to build adding 3D tours and she wouldn’t let a FaceTime, Flipbooks, summer. She also had involved new techno- cated in 20-word texts. a “move-up path” video to all listings. shutdown break that Zoom, DocuSign, virtu- a variety of “virtual logical methods, such Instead of doing one gle-family home that of locations, price Notable 2020 transac- tradition. She enlist- al open houses and an renovations” com- as the ability to send open house a month garnered Clarendon points and more to tions included helping ed local businesses increased presence on pleted to show buyers links to materials in in Chicago, he tries Hills’ highest sales better target potential her buyers purchase such as Chicago’s Kit social media. Oine its potential, which a concise electronic for six to eight, as price in a decade. But buyers. Once a move- an o-market, mid- Kat Lounge to deliver relationships are still ultimately led to a format that’s easy to well as using 3D tours nding a buyer for up audience was century modern home treats and a Zoom important too, and successful sale. One share, which proved and Zoom showings. the most expensive identi ed, she’d focus in Lake Forest and “Happy Birthday” when weather permit- particularly notable especially eective on He also adapted his home in town takes on particular client successfully renting to clients, as well as ted, she hosted socially 2020 transaction investment properties marketing to coin- skill: Twilight open types in marketing out an entire 20-unit, with Salerno’s Pizza distanced outdoor involved the sale of a such as rental build- cide with buyers’ houses and a Fall campaigns and drive new-construction to deliver at-home movie screenings for four-unit building in ings, retail spaces and increasing reliance on Fest neighborhood that trac to physi- apartment building in pizza-making kits for friends and clients. Her Chicago’s Gold Coast commercial buildings. third-party sites like event that included a cal-to-virtual landing just three months. She Zoom parties. team worked together neighborhood that Zillow and Red n. Bears game viewing, pages featuring cus- also reported the larg- to deliver dinners, had previously been customized swag and tom Zoom tours that est-volume buy-side homemade cookies, listed with another info on the home and she’d narrate. sale of her career. pies and gigantic cin- broker for a whopping neighborhood helped namon rolls. 705 days. do the trick.

Congratulations to Connie Dornan on being Crain’s 2021 Notable Residential Real Estate Broker

TheotokosPanagia

TheotokosPanagia

847.208.1397 [email protected] CONNIEDORNAN.COM

TOP 1% INDIVIDUAL BROKER IN THE NORTH SHORE & IN COOK COUNTY 2020, 2019, 2018, 2017, 2016, 2015, 2014*

TOP 1% IN STATE OF ILLINOIS BY REAL TRENDS 2020, 2019, 2018, 2017, 2016, 2015**

NAMED ONE OF CRAIN’S CHICAGO BUSINESS’ NOTABLE RESIDENTIAL REAL ESTATE BROKERS 2021, 2020, 2019 & 2018***

*Top 1% ranking based on closed sales volume in the North Shore and Chicago area, all companies. Based on information from MRED LLC for the period 01/1/2014- 11/01/2020. **Top 1% in State of Illinois by Real Trends 2015-2020. This data is informational and cannot be guaranteed accurate. Data maintained by MRED LLC may not reflect all real estate activity in the market ***Awarded by Crain’s Chicago Business as one of their 2018-2021 Notable Residential.

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PETER MOORE JAN MOREL JOHN DANIELLE MOY SARAH O’SHEA PATTIE MURRAY JOANNE SUSAN NICE Broker Broker MORRISON Broker MUNOZ Broker NEMEROVSKI Realtor Baird & Warner - Gold @properties Broker, team lead, @properties Broker Berkshire Hathaway Luxury real estate adviser Dream Town Coast Jan Morel reports Morrison Home Team Early in the pandemic, Berkshire Hathaway HomeServices Chicago Compass Chicago broker Susan Peter Moore’s most in- that in 2020, he grew @properties Orland Park broker HomeServices Chicago Pattie Murray and Nice represented teresting 2020 transac- his market share in Danielle Moy told her Glen Ellyn team During the pandemic, White Sox Hall of tion saw him negotiat- Clarendon Hills to John Morrison fo- sellers that it was a Oak Park broker Sarah learned every way to Joanne Nemerovski Famer Frank om- ing a $3 million condo the largest margin of cused on marketing great time to list their O’Shea Munoz early bring listing photos pivoted to virtual show- as in the sale of his buy with a seller who his career. His most through social media homes because of the on learned to navigate to the consum- ings and tours, online Libertyville home. e was canoeing down noteworthy trans- and supporting the market’s low invento- Zoom for consulta- er. Photographers walk-throughs and open 7,000-square-foot, the Amazon River and action was a sin- Barrington communi- ry. Moy helped clients tions, enabling clients created packages houses, and targeted dig- six-bedroom house didn’t have a voice ty. He helped clients who had purchased a to meet from home with still images, 3D ital marketing. She also closed in October for phone plan—every- understand PPP loans home in Orland Park and save travel time. walk-throughs, drone/ $1.36 million. Last thing was communi- and forbearance on but never moved in as In-person showings aerial tours and oor year, Nice pivoted to cated in 20-word texts. mortgages. He patron- they hadn’t been able were handled with so- plans, the next best phone calls, Zoom Instead of doing one gle-family home that ized restaurants for to sell their Lemont cial distancing, masks thing to a live, in-per- presentations and open house a month garnered Clarendon carryout meals and townhouse. Moy listed and sanitizer. Munoz’s son showing. Open virtual open houses. in Chicago, he tries Hills’ highest sales sent out daily lunches the Orland Park home, most noteworthy houses were lives- expanded her networks. She expanded her for six to eight, as price in a decade. But to front-line workers which immediately transaction involved treamed. At broker Realizing that doormen bandwidth by taking well as using 3D tours nding a buyer for at the local hospital. went under contract, selling a rehabbed open houses, Murray are rst responders, she and passing the public and Zoom showings. the most expensive Morrison had luck and the clients nally home to a buyer substituted individual crafted care packages to adjuster exam to be He also adapted his home in town takes taking over a listing received a contract on relocating to Chicago. cheese and fruit boxes cheer them during a scary able to settle insur- marketing to coin- skill: Twilight open that was on the mar- their townhouse. ey e buyer signed a with a split of Cham- time but also solidify her ance claims. She cide with buyers’ houses and a Fall ket for nearly a year. ended up buying a contract without see- pagne for the typical as a top-of-mind broker tutors low-income increasing reliance on Fest neighborhood He ended up selling it top-oor condo closer ing the property, and spreads. She ended up in key Chicago build- students through third-party sites like event that included a to his own buyer with- to family in Palos the loan process was increasing her sales ings. While Nemerovski Cabrini Connections Zillow and Red n. Bears game viewing, in a week of it going Heights. delayed because the volume for the year by normally focuses on the and Tutoring Chicago. customized swag and live. He represented deed for the rehabbed 38 percent. city, she saw opportunity info on the home and both sides of the deal. property hadn’t been in the suburbs and took neighborhood helped recorded. But the deal on a majestic 10-acre do the trick. closed on Dec. 30. Barrington estate.

Congratulations Congratulations to Connie Dornan on being Crain’s 2021 Notable Residential Real Estate Broker

TheotokosPanagia

TheotokosPanagia Notable Residential Real Estate Broker 2021 CRAIN’S CHICAGO BUSINESS

847.208.1397 [email protected] CONNIEDORNAN.COM

TOP 1% INDIVIDUAL BROKER IN THE *Represented Buyer *Represented Buyer NORTH SHORE & IN COOK COUNTY 2020, 2019, 2018, 2017, 2016, 2015, 2014* URBAN TO SUBURBAN.

TOP 1% IN STATE OF ILLINOIS CITY TO THE WESTERN SUBURBS. BY REAL TRENDS 2020, 2019, 2018, 2017, 2016, 2015** Call me if you’re thinking about YOUR MOVE. NAMED ONE OF CRAIN’S CHICAGO 312.450.0012 | [email protected] BUSINESS’ NOTABLE RESIDENTIAL REAL ESTATE BROKERS 30 S. LINCOLN STREET, HINSDALE | JMAGGIO.COM 2021, 2020, 2019 & 2018*** 300+ $150M + 11 Years *Top 1% ranking based on closed sales volume in the North Shore and Chicago area, all companies. Based on information from MRED LLC for the period 01/1/2014- TRANSACTIONS* TOTAL SALES * SELLING REAL ESTATE 11/01/2020. **Top 1% in State of Illinois by Real Trends 2015-2020. This data is informational and cannot be guaranteed accurate. Data maintained by MRED LLC may not reflect all real estate activity in the market ***Awarded by Crain’s Chicago Business as one of their 2018-2021 Notable Residential. SOURCE: *MREDLLC, 01/01/2010- 01/31/2021.

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JASON O’BEIRNE BARBARA MAUREEN STEPHANY ANDRA O’NEILL ELAINE PAGELS KELLY PARKER CHRIS PEQUET Senior vice president of O’CONNOR O’GRADY TUOHY OLIVEROS Broker Broker Broker, founder of Chi- Vice president of sales Broker Broker Realtor @properties Berkshire Hathaway cago Home Collective residential sales Jameson Sotheby’s Dream Town Berkshire Hathaway Compass A highlight of last HomeServices Chicago Compass Jameson Sotheby’s International Realty HomeServices Chicago year was represent- Last year Elaine Pagels Kelly Parker’s Chi- International Realty Last year Chicago Shortly after the Chicago broker Stepha- ing the sellers of a navigated unchar- cago team shifted Chris Pequet has 30 broker Jason O’Beirne shutdown last March, During the shutdown, ny Oliveros handled the 30,000-square-foot tered territory, man- from generating new years of experience pivoted by using digital Chicago broker Maureen O’Grady- sale of a home in Logan home on the shore aging worried buyers, business to wellness in real estate and has and video mediums, Barbara O’Connor Tuohy advanced her Square, next to Mayor in Lake Blu that sellers and agents. checks on any client lived in the western hoping to capture landed a listing that education, with classes Lori Lightfoot. Taking an realized $4.2 million. Early on, the Hinsdale helped in the last suburbs for 40 years. potential homebuyers the owners needed and webinars in décor, aerial photo of the home e mansion was broker created a yer decade. Parker sold Pequet and her team who weren’t comfort- to sell as quickly as technology and other required approval from designed by soci- for her group’s listings, out a new construc- turned to technology, able touring properties possible. When the subjects. e Lake For- the mayor’s head of ety architect David outlining new proto- tion development conducting virtual during the pandemic. rst showing request est broker helps sellers Adler and built for cols to tour a home in seven days and open houses and vid- He incorporated drone came in, O’Connor led stage their homes and Lester Armour of the or for an open house. increased sales by 24 eo tours of her listings footage, connect- a virtual walk-through, oers virtually staged meatpacking family. e time invested percent from 2019. and FaceTime show- ing the features and taking the buyers options to buyers to It was most recently to educate agents, Parker serves as her ings for buyers. She location of the home through every room, help them envision a security. Pulling up for owned by 1980s pop buyers and sellers team’s mentor. Early listed the largest new to its neighborhood. sometimes twice. ey room in a particular every showing required star Richard Marx and made everyone more in the pandemic, she subdivision in Oak Early in the year, he closed in just over 30 color or decorated a permission from the his ex-wife. During comfortable. Pagels spoke on two panels Brook and sold one of closed on the sale of a days, having never particular way. Social mayor’s security detail. the pandemic, O’Neill started a company on how to weather the the most important classic stone mansion seen the house in per- media and internet e strict protection in says she served as a with her sister that market’s uncertain- historical homes in that had been chopped son. O’Connor used an advertising showcases the area made the sale sounding board for consults on staging, ty. She is a sponsor Hinsdale. She serves up into multiple auction to sell a six-at her listings to larger more exciting, Oliveros people who were hand-painted murals and volunteer for the as adviser to the apartments. e deal rental in Lincoln Park, audiences. She has says, and the deal was nervous about what and specialty nishes nonprot Honeycomb Hinsdale Chamber of felt like it would fall which enabled her to volunteered for the the most expensive was coming down the for residential and Project that supports Commerce board of apart more than once, win top dollar for her nonprot Dreams for single-family home sold road. commercial projects. children and families. directors. O’Beirne says. client. Kids, which provided west of Kimball Avenue programs for under- in Logan Square in 2020. privileged children. Congratulations Congratulations THE KCH TEAM CONGRATULATIONS to Jan Morel on being CRAIN’S NOTABLE Crain’s 2021 Notable Residential 2021 Residential Real Estate Brokers Real Estate Broker

630.624.6100 [email protected] MORELHOMES.COM #1 @PROPERTIES BROKER Getting You to Where You Want to Be IN ANDERSONVILLE* #1 AGENT BY VOLUME SOLD 773.957.3599 KCHTEAM.COM IN CLARENDON HILLS ALLEY BALLARD 2020, 2019, 2018, 2017, 2016* 312.848.7787 [email protected] TOP 20 AGENT BY VOLUME SOLD IN DUPAGE COUNTY 2020, 2019, 2018, 2017, 2016**

*MRED, LLC, BASED ON CLOSED SALES DATA, @PROPERTIES ANDERSONVILLE OFFICE, 2020. *#1 ranking based on closed sales volume in Clarendon Hills, all companies. Based on information from MRED LLC 01/1/2016- 12/31/2020. **Top 20 agent based on closed sales volume in DuPage County from MRED LLC 01/1/2016-12/31/2020.

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KELLY PARKER CHRIS PEQUET SAM POWELL ELIZABETH PYLE JESSICA RIVERA MICHAEL ANNE ROSSLEY LORI ROWE Broker, founder of Chi- Vice president of Broker Realtor/broker Broker ROSENBLUM Broker associate Broker cago Home Collective residential sales Dream Town Compass Berkshire Hathaway Broker Baird & Warner Coldwell Banker Compass Jameson Sotheby’s Even before the Early in the pandem- HomeServices Chicago Berkshire Hathaway With high inventory Long Grove broker Kelly Parker’s Chi- International Realty pandemic, Chicago ic, Chicago broker In the past 18 months, HomeServices Chicago in the Loop, broker Lori Rowe brought her cago team shifted Chris Pequet has 30 broker Sam Powell Elizabeth Pyle and her Oak Park broker Anne Rossley took on sellers weekly goodies from generating new years of experience had abandoned paper partner, Santiago Val- Jessica Rivera helped Last year, River North- a condo at 6 North so they knew she business to wellness in real estate and has in favor of digital dez, purchased video 24 families buy or based broker Michael Michigan Avenue that was working hard for checks on any client lived in the western platforms. During the equipment and pro- sell properties. She Rosenblum worked previously had been them. e rst week helped in the last suburbs for 40 years. year, she spoke with duced videos of their worked to provide with two out-of-state listed for more than a she gave them a gift- decade. Parker sold Pequet and her team clients via videocon- listings. ey also a safe and secure buyers in their pur- year. Rossley used the wrapped roll of toilet out a new construc- turned to technology, ferencing, conducted hosted virtual open experience to allow chase of million-dollar opportunity to bring paper with a card that tion development conducting virtual 3D virtual reality houses and tours. her clients to feel homes. ey gained in a staging crew and said, “If I can nd in seven days and open houses and vid- tours and used drone comfortable enough con dence with create an “Ask Anne” this, I can nd you increased sales by 24 eo tours of her listings videos to show home to pursue their goals. detailed videos that video that showed a buyer!” One week, percent from 2019. and FaceTime show- interiors and outdoor She promoted positive showed every corner of what the property she gave kids side- Parker serves as her ings for buyers. She views. When clients opportunities such the rooms. Rosenblum looked like before, walk chalk and puzzle team’s mentor. Early listed the largest new leave items behind in as historically low in- is the author of the during and after stag- books. She received in the pandemic, she subdivision in Oak their property such as terest rates for buyers 2018 book “Happily ing. e sale closed 17 oers on a Chase spoke on two panels Brook and sold one of guitars and blenders, and low inventory Ever Always: A Guide in August. is year, foreclosure and sold it on how to weather the the most important Powell and her part- for sellers. Rivera to Personal Transfor- Rossley was selected for 42 percent higher market’s uncertain- historical homes in ner collect them and e pair represented also has worked as a mation, Security, Con- by Baird & Warner than the list price. ty. She is a sponsor Hinsdale. She serves annually ll a 24-foot the sellers of 3501 N. HUD-approved hous- dence, and Healthy to help build market and volunteer for the as adviser to the truck of donations. Halsted St. in the $6.2 ing counselor for the Self.” His second book, share in the luxury nonpro t Honeycomb Hinsdale Chamber of She is active in the million purchase by nonpro t Community geared to children, segment. Project that supports Commerce board of Women’s Council of Howard Brown Health and Economic Devel- “e Caterpillar and children and families. directors. Realtors. for a redevelopment opment Association of the Buttery: A Story that will include Cook County. About the Power of Be- medical and dental lieving in Yourself,” was clinics, a pharmacy published in February. and oces. Congratulations THE KCH TEAM CONGRATULATIONS CRAIN’S NOTABLE 2021 Residential Real Estate Brokers Congratulates CAROLINE STARR

NOTABLE RESIDENTIAL REAL ESTATE BROKER · 2021 · CRAIN’S CHICAGO BUSINESS

#1 @PROPERTIES BROKER Getting You to Where You Want to Be IN ANDERSONVILLE* 847.890.8892 773.957.3599 KCHTEAM.COM [email protected] ALLEY BALLARD 312.848.7787 [email protected]

cstarrteam.com OVER 200 MILLION IN SALES 2013-2020* *MRED, LLC, BASED ON CLOSED SALES DATA, @PROPERTIES ANDERSONVILLE OFFICE, 2020. *MRED, LLC, based on closed sales data for C Starr Team, 1/1/2013-12/31/2020.

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MARLENE KELLY RYNES EMILY SACHS MORGAN SAGE MICHAEL CRIS SALLMEN LISA SANDERS TIM SHEAHAN RUBENSTEIN Broker WONG Broker SALADINO Broker Broker Broker/team lead Team leader Berkshire Hathaway Owner/broker, ESW Berkshire Hathaway Managing broker Berkshire Hathaway @properties Compass Baird & Warner HomeServices Chicago Luxury HomeServices Chicago Keller Williams HomeServices Chicago Lisa Sanders re- Over the past ve With the onset of the @properties It was a busy year for OneChicago Cris Sallmen says ports selling nearly years, Tim Sheah- Highland Park broker pandemic, buyer Morgan Sage, closing her marketing mixes 100 homes in 2020; an has focused on Marlene Rubenstein priorities shifted Emily Sachs Wong transactions for 23 buyers A few months into the old-school techniques within the last 18 the 28 ultra-luxury and her partner, dramatically, says started a charity and 30 sellers, with 50 pandemic, Michael and new technologies, months, she sold two residences of Hayden daughter Dena Fox, Glenview broker organization named percent of her listings Saladino suered a among them drone million-dollar-plus West Loop, achieving use technology but Kelly Rynes. Buyers YIMBY to help selling in fewer than 40 massive heart attack, videos, livestream homes in transactions a total sellout (prior also embrace the sought more space, students at Lincoln yet was still able to sell open houses, Face- where she represent- to the completion personal touch. Last control over safety, Park High School 50 properties in 2020 book tours and more. ed both the sellers’ of construction) of year, the pair and their privacy and wellness. who are homeless. working mostly from It’s a multigeneration- and the buyers’ sides. $75 million in 2020. team oered to run And they asked for On the business side, home. He moved to an al market, too. She’s In her marketing, she A 20-year real estate errands for the elder- amenities including Wong and her team almost completely vir- getting calls from mixes in night shots veteran, he’s already ly. Team members multiple oces, gyms got deals done with tual operation includ- past clients who are that show listings in begun sales for Sulo delivered cookies to and pools. Rynes rep- clients who preferred ing team meetings, retiring and moving a dierent light, and Development’s next current and past cli- resented the seller of to move forward listing appointments to senior living places, places feature cards project—Embry, a 58- ents. Online tools in- a home on Sheridan virtually. Hard-copy days. One memorable and buyer consulta- and some of her new- throughout properties unit building adjacent cluding social media, Road in Winnetka that magazines engaged transaction was the sale tions. He uses paid est clients are children that call out renova- to Hayden. Over the video, FaceTime and sold for $9.5 million, a people who wanted to of a condo owned by a marketing on social she babysat back tions and bene ts past year Sheahan 3D perspectives were half-million over the do something other young woman who had media as well as virtu- when their parents (for instance “new also added ve new critical. Rubenstein fa- original list price. She than look at screens. died unexpectedly. e al tours and, some- were her clients. Sall- furnace, 2020”). She team members to vors testing listings on sold three homes via One notable transac- sale was an emotional times, property- and men, a broker in the piloted a new charity the Sheahan Group, private listings before FaceTime and used tion was 441 Belden experience for the young outdoor-drone videos. Schaumburg oce, called Care for Cops bringing the total to they hit the public technology for client Ave., which sold for woman’s parents. Sage’s Previously a Chicago was a phys-ed and Inc. that supports 10. market. More than meetings, sending $4.55 million. It was knowledge of condo police sergeant, he’s health teacher for 15 police families. ever, properties need contracts and hosting the third time in Sachs nancing, speci cally aliated with Homes years before starting to be move-in ready, virtual open houses. Wong’s career that she debt-to-income calcu- for Heroes and con- her real estate career. she says. completed a transac- lation, saved the deal tributes 25 percent of tion with this home. and also shielded the his commission. bereaved parents from undue worry.

CONGRATULATIONS

JACKSON TIM SCHILLER MEREDITH KAREN DARRELL SCOTT LINA SHAH AARON SHARE AMANDA MCMILLAN SANDERSON Broker, managing part- SCHREIBER SCHWARTZ Broker Agent Vice president, sales Broker ner of the Schiller Team Broker Broker Compass Coldwell Banker Realty Jameson Sotheby’s @properties International Realty Berkshire Hathaway @properties Dream Town Darrell Scott says Oak Brook-based Lina HomeServices Chicago After the real estate In 2020, Meredith Schrei- Karen Schwartz business grew 57.6 Shah says she came Aaron Share’s hall- While 2020 was chal- market paused when ber began sourcing 90- successfully closed percent from 2019 due close to doubling 2019 mark is building NAMED ONE OF lenging, it was one of the pandemic hit last plus percent of business out several condo to improved market- sales volume during strong relationships Jackson Sanderson’s spring, Tim Schiller from past clients and developments in ing, photography, vid- the COVID pandemic, with his clients that best years in terms of went back to his roots referrals, increasing her the city, including a eo, 3D walk-throughs, working with an ex- last long after the CRAIN’S 2021 production. He used utilizing “old-school” market share in Evanston 79-unit West Loop social media and tremely diverse client transaction; he facili- Facebook Live for marketing tactics such and sales volume by 50 location and 40-unit consistent client en- base. During lockdown tates all listing prepa- NOTABLE REAL virtual open houses, as calling, texting, and 32-unit properties gagement. He stresses and on crutches from ration needs with an ESTATE BROKERS showed properties connecting and more in River North. She making properties a broken ankle, she enthusiastic attention using Zoom and throughout the Elm- was then hired to sell “move-in ready” by adapted with high-res- to detail. During the took advantage of hurst area. Along with another 31-unit condo helping sellers spruce olution virtual open- pandemic, that meant digital-signature and other community ac- development in River up their interiors and house tours, 3D ani- virtual showings, BY CRAIN’S curbside-closing tech- tivities, he is a sponsor North. Meanwhile, her emphasizing staging, mated walk-throughs drone videos of all list- CHICAGO BUSINESS nologies. An interest- of Elmhurst Movies focus on city-to-sub- high-end photogra- and in-person tours, as ings and video tours ing 2020 transaction in the Park, Touch a urban transitions phy and professional well as through online as rst showings. Sec- was a home sold in the Truck and ve other ampli ed as clients drone video. One spe- ad promotion and the ond showings were Interlaken subdivision park district events. percent. She teases pho- longed for breathing cialty is working with use of TV ads (import- done in person. Share of Libertyville: A past Before becoming a tos on social media about space during the pan- Chicago athletes in- ant when people are reports that properties client was returning real estate profes- certain market listings demic; her group now cluding various Bulls, stuck in their homes). that had just sat prior from a two-year as- sional, he was a loan before they’re live in the serves all of the metro Cubs and Blackhawks Shah’s diverse work to the shutdown sold signment in Singapore ocer for three years. MLS, and once they’re area. She worked players over the years. background and life quickly, and that his and, via technology, listed, she’s able to post for PulteGroup from Before his career in experience enables her team encouraged buy- was able to spend “sneak peeks.” Prior to her 2005-2014, selling new real estate, he was to connect with various ers to take advantage hours fully inspecting real estate career, she was construction across an intern architect in people of all ages, cul- before the market every potential proper- with Levy Restaurants, the Chicago area. Florida and Indiana. tures and backgrounds heated up again. ty virtually in advance. handling food and bever- and truly understand 773.537.1300 | [email protected] age operations at Ravinia their residential needs www.ChicagoHomePartner.com Festival and Arlington from all facets. International Racecourse, among many others.

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LISA SANDERS TIM SHEAHAN MICHAEL MELISSA SIEGAL PHIL SKOWRON GAIL SPREEN CAROLINE STARR CRAIG STEIN Broker Broker/team lead SHENFELD Broker and founder Broker Senior vice president, Broker, team lead for Broker @properties Compass Senior vice president, of the Melissa Siegal @properties sales C Starr Team Dream Town Lisa Sanders re- Over the past ve sales Group Phil Skowron reports Jameson Sotheby’s @properties Although he prefers ports selling nearly years, Tim Sheah- Jameson Sotheby’s @properties that his most note- International Realty Arlington Heights live contact, Chicago 100 homes in 2020; an has focused on International Realty Melissa Siegal says worthy real estate Almost without inter- broker Caroline Starr broker Craig Stein within the last 18 the 28 ultra-luxury her major 2020 transaction for the ruption, Gail Spreen adopted personally embraced Zoom and months, she sold two residences of Hayden Formerly a successful accomplishment was year was complet- transitioned to virtual narrated, detailed video came to appreciate million-dollar-plus West Loop, achieving commercial photog- leading her team to a ed in December tours by narrating walk-throughs for new the bene ts of virtual homes in transactions a total sellout (prior rapher, Michael Shen- 66 percent increase in 2020: the sale of an walk-through videos listings, which provid- platforms. He found where she represent- to the completion feld marked 2020 by sales. All of her listings $11.9 million house, for nearly all 75 of ed prospective buyers it useful to virtually ed both the sellers’ of construction) of strategically position- include a custom mar- considered the most her listings. She also with a feel of living in stage vacant homes and the buyers’ sides. $75 million in 2020. ing himself as a global keting video, using expensive home sold streamed tours on the home. She report- during a year where In her marketing, she A 20-year real estate real estate adviser. By various techniques in Chicago since 2018. Facebook and Insta- many buyers were mixes in night shots veteran, he’s already introducing his clients including twilight He says he imple- gram. Spreen contin- shopping online that show listings in begun sales for Sulo to referral partners, and drone shots. She mented every tool to ued open houses ev- before seeing homes a dierent light, and Development’s next he says he can help also began a weekly help virtually show- ery weekend through in person. Stein had places feature cards project—Embry, a 58- them with real estate video series to update case properties from livestreaming and also a buyer who was fur- throughout properties unit building adjacent needs anywhere in the her clients and social social media to digital in person with masks, loughed, just days be- that call out renova- to Hayden. Over the world. He also began media followers on ads as well as interac- gloves and sanitizer. fore closing. e seller tions and bene ts past year Sheahan speaking on national the changing market. tive oor plans, virtual She serves on the ed weekly on market allowed the buyer to (for instance “new also added ve new real estate panels to Another highlight was tours and real estate board of the Stree- conditions via social move into the prop- furnace, 2020”). She team members to educate agents on selling a $4.2 million photography. Earlier terville Organization media and arranged erty for a short-term piloted a new charity the Sheahan Group, the changing envi- penthouse that had in his career, Skowron of Active Residents video check-ins with rental. Fortunately, called Care for Cops bringing the total to ronment and the use been on the market worked in hospitality where she was ve- clients. Her biggest she subsequently Inc. that supports 10. of virtual showings, for a year with another and commercial real time president and transaction was the sale returned to work and police families. drones, virtual bro- broker. estate leasing. now is chair of the of a 12,000-square-foot the deal closed. chures and real-time real estate committee. luxury foreclosure home video walk-throughs. Spree also serves on in downtown Glen Ellyn. the Magni cent Mile Association board.

CONGRATULATIONS

AARON SHARE AMANDA MCMILLAN Vice president, sales Jameson Sotheby’s International Realty Aaron Share’s hall- mark is building NAMED ONE OF strong relationships with his clients that CONGRATULATIONS last long after the CRAIN’S 2021 transaction; he facili- NOTABLE REAL JOE MARELLA ON BEING A tates all listing prepa- ration needs with an ESTATE BROKERS CRAIN’S 2021 NOTABLE RESIDENTIAL enthusiastic attention to detail. During the pandemic, that meant REAL ESTATE BROKER virtual showings, BY CRAIN’S drone videos of all list- CHICAGO BUSINESS Thank you to the Spouses Selling Houses Team, all of our family, ings and video tours friends, clients and fellow Realtors at Keller Williams as rst showings. Sec- Realty Partners who helped make this honor possible. ond showings were done in person. Share reports that properties that had just sat prior to the shutdown sold quickly, and that his team encouraged buy- ers to take advantage before the market heated up again. 773.537.1300 | [email protected] 2021 www.ChicagoHomePartner.com

RESIDENTIAL REAL ESTATE BROKERS 32 APRIL 5, 2021 • CRAIN’S CHICAGO BUSINESS

ROBERT MARY TODD SUSAN TEPER CRYSTAL TRAN SANTIAGO ANNIKA SULLIVAN SUMMERVILLE SZWAJKOWSKI Broker Broker VALDEZ VALDISERRI Broker Broker Broker @properties Berkshire Hathaway Realtor/broker Broker Berkshire Hathaway Dream Town Dream Town Under the stressful HomeServices Chicago Compass @properties HomeServices Chicago and uncertain condi- With the pandemic, Last year, Evanston Broker Todd Szwaj- tions of the pandemic, Chicago broker Crys- Early in the pandem- Shooting a personal Chicago broker broker Mary Summer- kowski and partner Northbrook broker tal Tran and her team ic, Chicago broker video to send to new Robert Sullivan says ville launched a new Amie Klujian enjoyed Susan Teper navigated doubled up on their Santiago Valdez and his clients was an adjust- his approach to team and rebrand- a record year in Edge- her highest-volume social media content partner, Elizabeth Pyle, ment that required marketing real estate ed her business as water and Ander- year. She adapted to and their online lead purchased video equip- Winnetka broker An- didn’t fundamentally Summerville Partners. sonville home sales. new protocols and ow increased with ment and produced nika Valdiserri to “get change. He adopted Summerville worked Szwajkowski focused put a priority on less face-to-face inter- videos of their listings. out of her comfort videos but found the with a developer and on staying in touch making clients feel action. ey launched zone.” An interest- personal touch count- created a new resi- with people in his comfortable and safe advertising on Google, ing transaction was ed more. Sullivan dential block on a site database, dropping o throughout the buying Facebook and Ins- with a young couple used the phone more that was a landscape pandemic care pack- and selling process. tagram. Tran added buying their rst than emails and texts nursery for more than ages to past clients. Her most noteworthy every contact to the home together. After to maintain close con- 75 years. e eight Last year, he listed transaction was a team’s data feed in or- seeing properties, tact with his clients townhouses, includ- and sold the city’s rst large Craftsman style der to show listings to negotiating the deal, and discuss details ing four duplexes, pre-certied renova- home built in 1907. potential clients that going through the in- and strategies. Clients were sold. Summer- tion under the Passive e home was vacant matched their criteria ey also hosted virtual spection and closing, required reassurance ville also sold 2659 House Institute of and had been on the and keep them on the open houses and tours. Valdiserri realized she and patience, he says, Sheridan Road for the United States market for a few years. team’s website. Tran By creating good-qual- had never seen the and every deal took $2.6 million—a new criteria. e 1890s Ra- Teper staged and sold oered video and ity online images, the couple without their more time and eort. home constructed on venswood farmhouse the home without the prerecorded tours; the partners found buyers masks. It wasn’t until He sold a $1 million a double lot that was exceeded criteria for owners being in town. team nearly elimi- were more comfort- they invited Valdiserri home in Hyde Park once owned by the energy eciency and nated paper transac- able moving forward to become Facebook sight unseen to buyers family that founded healthy environmental tions and focused on with oers. e pair friends afterwards sheltering in South Finkl Steel. air quality, with smart providing PDFs. represented the sellers that she saw their full America. systems regulating air of 3501 N. Halsted faces. ow and temperature. St. in the $6.2 million purchase by Howard Brown Health for a redevelopment that will include medical and dental clinics, a pharmacy and oces.

CHRIS VEECH KEITH WILKEY LAUREN TRACY WURSTER JULIANA YEAGER JAMES ZILTZ DAVID Broker Broker MITRICK WOOD Real estate agent Broker Broker ZWARYCZ @properties Berkshire Hathaway Broker, team lead Compass @properties Berkshire Hathaway Broker HomeServices Chicago HomeServices Chicago When COVID-19 hit, Compass Lake Forest agent Tra- When real estate was Berkshire Hathaway Winnetka broker Chris Chicago broker Keith ird-generation cy Wurster made use deemed an essential During the pandemic, HomeServices Chicago Veech lled a basket Wilkey saw his listing broker Lauren Mi- of technology includ- business, Chicago broker James Ziltz Even with last year’s with masks, gloves, and buyer transac- trick Wood last year ing videos, oor plans, broker Juliana Yeager grew his business chaotic market, Clorox wipes and tions grow by more focused on branding drone photography, embraced masks, while working on Chicago broker David hand sanitizer and than 30 percent each, and client outreach. upgraded professional gloves, hand sanitiz- building, renovation Zwarycz says he grew committed to keeping and his dollar sales She strengthened her photos and virtual er and other safety and interior design his business by 50 per- her business moving increase 12 percent. team’s website and open houses. She also measures as aspects of projects. He rep- cent. He implemented forward safely. Home In March 2020, Wilkey added a blog that in- introduced FaceTime her new normal. She resents investors and prerecorded narrat- price appreciation on had multiple listings cludes design tips and showings, Zoom quickly implemented developers, as well as ed tours and Face- the North Shore had set to launch in March recipes. In 2019, Wood interviews and online Zoom meetings to traditional buyers and Time showings and been modest over and April, and the launched a team ipbook brochures. reach clients face to sellers, specializing in livestreamed open the last several years, lockdown necessitat- brand, Olive Well, Wurster helped facil- face, a technology Lincoln Park and the houses. Nine months so Chris was excited ed a change in time- with a magazine and itate creative nanc- she will continue to Clybourn Corridor. later, Zwarycz says when a client made a tables. He adapted newsletters. e team ing with one of her use long after the He expanded his use his listings are selling 30 percent return on his brochures to an includes Wood’s par- largest sales. A deal pandemic is over. She of digital platforms with 20 to 30 percent their Wilmette home e-format and used ents, husband, cousin was struck whereby has since increased and limited in-person fewer showings. Early that had been built walk-through videos and other agents. the transaction would her marketing eorts interactions. In one on, Zwarycz took in 2012 for just under to make sure prop- Wood represented close and the seller and found that using dramatic moment, a close-up photos at a $1 million and sold erties were a good t the buyer of a 3-acre participated in the teaser previews on last-minute plumbing listing, even showing for more than $1.3 before an in-person estate in Winnetka cost of the buyer car- social media helps problem emerged at the weave of a carpet, million. showing. Aerial drone with seven bedrooms, rying his own home get buyers through a nal walk-through to give buyers the footage and social a swimming pool and until closing. e the door early, even that required a 7 a.m. comfort they needed media posts worked tennis court. e $2.7 deal came together before a property hits x, but the closing to make an oer with- well. million deal closed in successfully. the market. went o as scheduled. out physically visiting December. the home.

P015-P032_CCB_20210405.indd 32 4/1/21 2:26 PM CRAIN’S CHICAGO BUSINESS • APRIL 5, 2021 33

THERE’S A BIGGER WAVE COMING æ`ÛiÀ̈Ș}-iV̈œ˜ In March, more Chicago-area homes went under contract to buyers than in any month, according to records dating back to January 2008. These contracts portend a wave of home sales bigger than what the hot housing market has already delivered. CLASSIFIEDS CHICAGO AREA HOME CONTRACTS To place your listing, contact Claudia Hippel at 312-659-0076 18,000 or email [email protected] .www.chicagobusiness.com/classi eds

16,000 18,758 March 2021 CAREER OPPORTUNITIES CAREER OPPORTUNITIES 14,000 AMAZON WEB SERVICES, INC. seeks American Imaging Management, Inc. seeks candidates for the following BUSINESS INFORMATION ANALYST SENIOR (multiple positions) in Chicago, IL: in Chicago, IL to design, construct, and 12,000 COMPUTER SYSTEMS ANALYSIS maintain Business Objects universes and PROFESSIONAL SERVICES III to write data warehouse and ETL reporting (Sr. Cloud Infrastructure Architect) requirements. Apply at 10,000 JOB CODE 150.8690.7. Help partners www.jobpostingtoday.com ref# 53075 and customers utilize AWS services, 8,000 such as Amazon Elastic Compute Cloud (EC2), Amazon Simple Storage Service (S3), Amazon SimpleDB/RDS databases, CAREER OPPORTUNITIES 6,000 AWS Identity and Access Management (IAM), etc. which include understanding Interested candidates send resume to: Google customer requirements, proposing and LLC, PO Box 26184 San Francisco, CA 94126 4,000 delivering packaged o erings, and delivering Attn: V. Cheng. Please reference job # below: custom solution engagements. Domestic Software Engineer (Chicago, IL) Design, 2,000 travel required up to 75% of the time. develop, modify, &/or test software needed Telecommuting benefi ts available depending for various Google projects. #1615.57526 on project and assignment. Exp Inc: C++, Java, Javascript, or Python; 0 Mail CV to: Amazon, PO Box 81226, Seattle, Linux & Unix; distributed systems, Jan ’08 Jan ’10 Jan ’12 Jan ’14 Jan ’16 Jan ’18 Jan ’20 Washington 98108, referencing job code. software development, & web application development; & data structures & algorithms. Source: Midwest Real Estate Data

CAREER OPPORTUNITIES CAREER SERVICES Chicago setting records for home contracts ASSOCIATE, A.T. Kearney, Inc., Chicago, IL - CEO COACHING (with extensive travel and/or possible relocation Experienced service business CEO CONTRACTS from Page 3 in unanticipated locations throughout the Adding 3 new clients U.S.). Specialize in providing management- Monthly 40 min zoom sessions percent above the strongest month consulting services to private and public Call 847-542-6113 in normal years and 32 percent organizations. Gather and analyze data related above the strongest month in the to organizational studies and evaluations. To apply, please mail resume to ATTN: heightened pandemic year. Danielle Bartlett at A.T. Kearney, Inc., 227 A wave of contracts, most of West Monroe Street, 40th Floor, Chicago, IL which eventually turn into closed 60606. Must reference Job # 11821.339.9 AUCTIONS sales, can lift the local economy, advertising opportunities available as people who buy homes subse- quently spend money on movers CAREER OPPORTUNITIES and new furniture and drapes, To advertise contact plus other costs of settling into a MANAGER, A.T. Kearney, Inc., Chicago, IL - Claudia Hippel new address. But this wave may (with extensive travel and/or possible relocation [email protected] in unanticipated locations throughout the U.S.) 312-659-0076 also bring in bad news for the next Specialize in providing management-consulting buyers to enter the market: higher services to private and public organizations. prices. Conduct organizational studies and evaluations Not all homes that go under and develop solutions or alternative methods to assist management in operating more e ciently contract turn into closed sales, REALTY TOWN DREAM Chicagoland’s latest but the great majority do within a This house on Scott Street on the Near North Side is one of the 18,000-plus homes that went under and e ectively. To apply, please mail resume to ATTN: Danielle Bartlett at A.T. Kearney, Inc., business news and events. couple of months. April and May contract in March. Its asking price was $1 million. 227 West Monroe Street, 40th Floor, Chicago, reports on closed sales may be IL 60606. Must reference Job # 11821.468.5 ChicagoBusiness.com doorbusters. current home on the market. bled its headcount, to 10,000, What’s not growing as fast as e client put her house on since the beginning of 2020, the contracts is new inventory on the the market in March at $640,000  rm’s chief marketing o cer, market. us inventory, which for and accepted a contract from a Steve Mo at, tells Crain’s in an buyer within a few days, email. “We sta ed up signi cantly OUR READERS ARE FEAR OF MISSING OUT ON ALL TIME Leu says. to handle the volume surge,” Mof- 125% MORE LIKELY e buyers on the oth- fat says, and “will continue to grow HIGHS IN HOUSING AFFORDABILITY er end of that deal got not our workforce as our business TO INFLUENCE only a more expensive continues to expand.” OFFICE SPACE MAY HAVE CONTRIBUTED TO THE house than they might Guaranteed Rate declines to have found a few months specify what portion of its sta DECISIONS SURGE IN MARCH CONTRACTS. ago but likely a higher increases were attributable to the interest rate, too. e rising number of mortgage ap- months has been so tight that it cost of borrowing, which slid ever plications and what portion was has sparked bidding wars, rising lower in 2020, ticked upward in through acquisitions such as its prices and buyer frustration, may March. e cost of a 30-year mort- January deal to buy a Texas mort- get even tighter. gage is still only slightly above 3 gage company. at, in turn, could push prices percent, but the fear of missing out “I have de nitely been recruit- higher and buyers’ nerves closer on all-time highs in housing af- ing heavily all year,” says Kathy to the edge. fordability may have contributed Kwak, executive vice president “Obviously there’s a bottleneck,” to buyers putting so many houses at Proper Title, a Chicago-based says Anne Rossley, a Baird & War- under contract in March. title insurance  rm. She says the ner agent who focuses on North  rm has grown by about half, to Side neighborhoods. “March is re- MANNING THE LINES 98 people, in the pandemic year, ally the beginning of the real estate e incoming  ood of home and “I’m continuing to hire. How season, and we’re seeing no signs sales shouldn’t jam the pipeline, many I hire will really depend on Find your next of inventory loosening up.” say representatives of Chicago how long this continues.” corporate tenant or leaser. Sellers who waited as the mar- mortgage and title  rms. ey’ve at means not only that home- ket swelled in the summer and fall been sta ng up, in response to buyers caught in the surge of home reaped the reward, Leu says. She both a surge in home mortgage re- sales shouldn’t  nd their closing had a client who was getting ready  nancing to take advantage of low delayed or fouled up because of to list a home at about $540,000 interest rates and recent months’ an overworked title o ce but that late last summer. e client, big increases in the number of they can rest assured that in some whose location Leu won’t spec- home sales. small way, they’re contributing to Connect with Claudia Hippel at ify, couldn’t  nd a suitable next Chicago-based mortgage com- the jobs recovery that will fuel the [email protected] for more information. home, so she delayed putting her pany Guaranteed Rate has dou- return to normality. 34 APRIL 5, 2021 • CRAIN’S CHICAGO BUSINESS Restaurant reservations are becoming tougher to come by

RESERVATIONS from Page 1 vations. Now it’s more than 85 per- cent. night out, with many theaters and “You want to control your envi- concert venues still closed. But in- ronment more, and with reserva- door dining restrictions remain tions you can,” says Steve Tindle, in e ect in Chicago. Demand for director of hospitality at Roka Akor. dining spots is outpacing supply, “You know what you’re getting and making reservations harder to lock what time you’re getting it.” down. At the same time, restaurants are SURVIVAL ltering more customers through e pandemic has also created an their reservation systems. e environment that leaves less room share of walk-in diners in Chicago for error in the restaurant world. dropped from 46 percent in March After being closed to indoor dining 2019 to 29 percent last month, ac- for almost three months over the cording to OpenTable. CEO Debby winter, many are still struggling to Soo says more restaurants are opting pay the bills. e Illinois Restaurant to use a tool that noties customers Association predicts that 20 percent when requested reservation slots of the state’s more than 25,000 eat- open up. ing and drinking establishments will For diners, planning ahead is close permanently as a result of the

key. Saturday dinner reservations pandemic, and some still question BOEHM R. JOHN are booking out a couple of weeks their survival. Jack Weiss, president of Coco Pazzo Restaurants, says requiring credit cards to book larger parties is “a very strong deterrent” against costly no-shows. in advance at Boka in Lincoln Park, Some have only just reopened or on par with a pre-COVID pace, says are waiting for higher capacity limits winter and reopened in February. lish regulars itching to get back. can dine at 8 o’clock.” Kevin Boehm, co-owner of Boka in Chicago or warmer patio weather It’s open for dine-in dinner only four Plus, many business clients haven’t Walters says reservations are Restaurant Group. Other spots that before opening to in-person dining. days a week. returned to downtown for work yet. booking three or four weeks out at once thrived on walk-in trac are ough the state requires only social A new badge of honor might be “It’s been a tough start,” DeLuca some of his restaurants, signaling now taking reservations, such as distancing and a cap on table size at an Alinea reservation. Tock, the res- says. “Not having people in their of- diners are condent about making River North sports bar Jake Mel- 10 people, Chicago restaurants are ervation system Alinea uses, does ces has been, I think, our biggest plans and hopeful restrictions won’t nick’s Corner Tap. restricted to the lesser of 50 percent not show any open seats for the rest challenge.” be rolled back. Restaurants use reservation sys- capacity or 50 people per room. of the month, and May dates are not Restaurant Week, which started As the vaccine rollout progresses, tems to gather diner information Unlled tables hurt more, and op- yet available for booking. e restau- March 19, helped, and spring break people are becoming less concerned for contact tracing. ey also help erators can’t stand for no-shows. rant is seating only about 40 people brought some tourists back to the about eating out. A March survey Coco Pazzo started requir- per night, says co-founder Nick city. But other restaurant operators from OpenTable and the James ing credit cards to book res- Kokonas, down from 128 people per also say their business clientele have Beard Foundation found 34 percent “YOU WANT TO CONTROL YOUR ervations for ve people or night pre-pandemic. yet to return in full force. at makes of diners feel eating indoors is low more, down from six people Not every restaurant is seeing a it easier to get reservations earlier in risk, up from 19 percent in July. ENVIRONMENT MORE, AND WITH pre-pandemic. If customers spurt of reservation requests quite the week, and diners have adapted. e reopening of indoor dining RESERVATIONS YOU CAN.” don’t cancel, they could be yet. Ocean Prime Chicago, at the Customers are also willing to eat and other events has been on hia- charged $40 per person. corner of Michigan Avenue and Up- dinner earlier in the day. tus in Chicago, as several COVID Steve Tindle, director of hospitality, Roka Akor “It’s a very strong deter- per Wacker Drive, is still hurting for Working from home has made metrics have increased. Restaurant rent against no-shows,” says guests, says general manager Mau- Sunday night a contender for dinner operators expect some diners will with crowd management, a vital tool Jack Weiss, president of Coco Pazzo reen DeLuca. It is just starting to out, too, since no commute lets peo- continue to be cautious and wait for when 6 feet of social distance must Restaurants. reach its allotted 50 percent capac- ple sleep in a bit the next morning, their vaccines to kick in or broader be maintained and waiting at the e River North Italian spot has ity on the weekends, and on week- says Phillip Walters, co-owner of B. vaccine distribution before ven- bar for a table is out of the question. been operating at a negative cash nights, it’s lucky to hit 25 percent. Hospitality, which owns the Bristol turing out again. Others are clearly Before COVID, about 70 percent ow for a year and is only just start- e restaurant opened less than a in Bucktown, Italian restaurant For- ready now, Walters says. “People of tables at Roka Akor’s Chicago-ar- ing to approach a break-even point, year before the pandemic hit, which mento’s and pizza and sandwich really have more condence,” he ea locations were set aside for reser- Weiss says. It hibernated over the didn’t give it enough time to estab- spot Nonna’s. “ey feel like they says. Nonbank consumer lenders reduce offerings in response to new Illinois law LENDERS from Page 3 credit in a safe and simple way.” The law also includes toughly platform,” the company spokes- a product aimed at competing di- e two companies combined worded “anti-evasion” provisions woman says. rectly with the Enovas and OppFis below 600—a category where loans employ nearly 1,500 in the Chicago aimed at giving the state the op- Advocates for the law, which in- of the world. Loans between $1,500 are priced well above 36 percent. area, mostly in the city itself. Enova tion to prosecute online compa- dustry reps said blindsided them and $3,500, repaid in monthly in- Avant’s customer base has higher is publicly traded and late last year nies that source the customers during the January lame-duck sea- stallments over three years, will be credit scores, albeit not quite at made a transformative purchase of and handle collections but ar- son, dismiss the complaints. priced at 15 percent, well below prime, and its interest rates don’t online small-business lender On- range to have the actual loans “A lot of what the lenders say the interest rates for-prot rivals top 36 percent. Deck. OppFi’s parent is going pub- made by partner banks in states needs to be taken with a grain of charge. “We o er a wide range of prod- lic via an $800 million transaction like Utah that aren’t subject to salt,” says Brent Adams, senior vice Founder and CEO Andy Posner ucts across our diversied portfo- with a blank-check rm reached rate caps. Banks are under the su- president of policy and commu- criticizes much of the industry’s lio, and Illinois lending was a very this year. pervision of their states and the nication at Chicago-based Wood- strategy. “If you charge 200 per- small portion of our overall busi- Illinois’ new law isn’t unique be- federal government, so they’re stock Institute, a nonprot con- cent with a 30 percent default rate, ness, but we are disappointed that cause of its rate cap. Many other beyond the legal reach of other sumer advocate. “We have learned you’re still making a lot of money,” this bill will signicantly limit credit states impose similar or even low- states. But the legal area can be the hard way in Illinois that if you he says. options for hardworking people in er caps on various types of loans. murky when states enforce their create a little loophole, the indus- Capital Good’s funding sources Illinois,” an Enova spokeswoman What makes Illinois’ statute dif- own laws and are challenged on try will gravitate to that area.” are diverse and willing to take low- says in an email. “We will continue ferent is that it o ers the industry grounds they inappropriately Few if any contend the law won’t er returns to do something good, to be here for our customers, in- virtually no special lending catego- “pre-empted” the feds. reduce the availability of consum- he says. Asked, though, whether cluding a portion of our NetCredit ries above 36 percent, which most OppFi makes the vast majority er credit in the state; the argument his group alone can ll the supply loans below the Illinois bill’s pre- other states do. e rate cap ap- of its loans through partner banks. is over how much. ere is at least of credit leaving Illinois following scribed rate.” plies across the board without ex- In an interview in February, CEO one nonprot alternative to the the law’s passage, he allows, “We “Due to the recent legislation we ception. (Banks and credit unions, Jared Kaplan told Crain’s he didn’t high-cost lenders emerging. cannot.” cannot lend to consumers in Illi- which are regulated separately, are believe the Illinois bill, which at Capital Good Fund, a Provi- So the industry is mounting a nois,” an OppFi spokeswoman says exempted.) that point was sitting on Pritzker’s dence, R.I.-based nonprot con- spring lobbying charge in Spring- in an email. “We are disappointed in “ere’s no other way to describe desk, would apply to OppFi be- sumer lender, entered the Illinois eld to make changes to the law this legislation but we will continue it than draconian, I don’t think,” cause of its bank arrangements. market last year before the pan- that will provide room for lenders to have open conversations and ed- Alan Kaplinsky, senior counsel at Now? “Under the new legislation, demic and quickly pivoted to o er like OppFi and Enova. e mes- ucate state lawmakers on the need Ballard & Spahr in Philadelphia, we have ceased lending in Illinois 5 percent crisis-relief loans. e sage will be that the demand isn’t to create more credit access with said on a Feb. 10 podcast. “It’s and at this time, the banks that we group has $1.4 million to make going away soon. Lawmakers and common sense guardrails to ensure going to create havoc within the service are also not o ering prod- 1,500 more such loans in Illinois. Pritzker then will have to decide if all consumers have fair access to s t a t e .” ucts in the state through the OppFi Over the longer haul, it’s launching their new law is an overreach. CRAIN’S CHICAGO BUSINESS • APRIL 5, 2021 35 Chicago’s Thompson Center will be a tough sell to office developers post-COVID THOMPSON from Page 1 has at least $325 million in deferred project, says Hines Senior Managing maintenance and a massive atri- Director Greg Van Schaack, whose developers on what to do with the um that is prohibitively expensive rm is now developing its third sky- glassy, outmoded 36-year-old struc- to heat and cool, if a buyer wanted scraper at Wolf Point. “And those ture in the fog of a COVID-19 crisis to repurpose it. Any eort to tear it roadblocks, I think, will take years to that has clouded the future of the down would have to deal with an clear,” he says. city’s central business district. e intertwining CTA station where ser- Some developers suggest razing pandemic not only made it a tricky vice can’t be interrupted, a master the building and using the property time to make any big new bet on lease for the lower-oor retail space as an open market or even devel- downtown commercial real estate, that doesn’t expire until 2034 that oping a park while the city recovers it also injected potentially compet- must be resolved, and a crowd of from the pandemic. Others warn ing interests in the 17-story white preservationists ghting to save the against the state taking such drastic elephant’s next chapter: While the Helmut Jahn-designed structure. steps to save on the $17 million tax- state is focused on getting the cost- payers spend annually to maintain ly, rundown building o its books to COMPLICATED the structure if it can’t sell by next the highest bidder to address its s- But COVID-19 has made things April, when it aims to have moved cal woes, the city of Chicago—which far more complicated. Oce devel- out all of its roughly 2,200 employ- must approve any redevelopment of opers might have jumped at the op- ees. After the city moved to tear the building—now faces the daunt- portunity when demand for urban down a property at nearby Block 37 LIFT OR QUOTE ing task of reviving its urban core, workspace was surging, but they’re in 1989, repeated misres in its rede-

and must carefully consider the now staring down the highest down- velopment left downtown with a fal- BOEHM R. JOHN Name & title ompson Center as a strategic tool town oce vacancy rate on record, low eyesore for almost two decades, Even before the pandemic began, any redevelopment of the building faced practical hurdles. in that eort. companies trying to shed space and showing the perils of government at backdrop complicates the a Central Loop facing an identity trying to force a site’s new use, says cy should be something that brings posals that will be due some time in task of nding a buyer that can crisis as big banks and other major Michael Klein of Chicago-based de- people downtown, such as aord- late summer or early fall, says Ayse meet both goals. And while the city tenants leave LaSalle Street for new veloper GlenStar. able housing. Kalaycioglu, chief operating ocer is moving to rezone the property to oce towers on Wacker Drive and “If you’re the city, you’ve got to Such a use would be a departure of the Illinois Department of Central allow a new building that could be in the West Loop. be careful about dictating some- from the Central Loop’s history Management Services, which man- nearly twice the size of the existing e outlook for a hotel develop- thing that later turns out to be not as a business center, but could be ages the state’s real estate portfolio. one to entice developers, some of ment—the site’s main use for de- economically viable. at’s why you done within the existing building She cites a “very positive” response the area’s most prominent real es- cades before the ompson Center want the market to come to you, and and open up lots of incentive pro- to interviews her department con- tate veterans say nothing is likely was built—is no better, with corpo- I think you need to be patient,” he grams—particularly if the city land- ducted with more than a dozen de- to happen there in the near future. rate travel expected to be reduced says. marks the building—that might velopers last June about the appetite But the search itself could serve as for years, if not for good. Adding make a revamp nancially feasible to buy and redevelop the property a referendum on what developers bricks-and-mortar retail space is al- DIFFICULTY while also addressing a dire need for amid the pandemic. and political leaders envision for the most inconceivable as more people Eleanor Gorski, who spent more the city and a key priority for Mayor e more important point, she Loop’s post-COVID future. shop online. And the location is un- than two decades in the city’s plan- Lori Lightfoot, Gorski says. says, is that the state needs to dispose “It’s a puzzle,” says veteran de- proven for a residential project, with ning and development department “I would urge our state and city as soon as possible of an asset that is veloper John Buck, who reshaped developers noting apartments and before leaving last fall for a role leaders to seize this for the oppor- “scally irresponsible” for taxpayers Wacker Drive with trophy oce condos in a location without airy leading design and planning for tunity it is,” she says. “ ey have the to own, given its carrying cost. And towers over the past four decades. views could be a hard sell. the University of Illinois at Chica- ability to cooperate to create incen- she’s condent a buyer will emerge “It’s a real puzzle of what one would Even for a centrally located site go, says any redevelopment of the tives to make this a developable site to take on what she dubs a “once in a do with it, and what it would cost.” with prime access to public trans- ompson Center will be very di- that is very attractive. . . .If you do lifetime” chance to reshape a down- Even before the pandemic be- portation, those headwinds will cult to nance while the pandemic that correctly, that’s how you jump- town focal point. gan, any redevelopment of the 1.2 give the state headaches trying to raises questions about future real start the Loop.” “It’s such a great opportunity for million-square-foot building faced get a decent price for the proper- estate demand. But the priority for State ocials, meanwhile, ar- the city and aldermen to think about practical hurdles. e state esti- ty building without committing to city planning ocials wondering en’t concerned about the response what the future of the Loop should mates the deteriorating structure “clear all the roadblocks” for a new how the Loop can regain its vibran- they’ll get from a request for pro- look like,” she says. What $2 billion in federal rescue funds means for Chicago and Mayor Lightfoot WINDFALL from Page 1 and there’s a lot more of it. Any in- quired contributions to city pension projected $501 million this year but men, incensed at Lightfoot’s move ghting over how to divide the funds plans, which will jump by $432 mil- saddling future city taxpayers with to spend $281 million of CARES Act Yeah, that’s a good thing,” says John is “a nice problem to have,” Dunn lion next year, to $2.2 billion. Still, debt payments for eight more years. funding on the Chicago Police De- Dunn, a City Hall lobbyist who says. budget experts say the ARP funds “Any restructuring should have partment, are pressing for a “par- served as director of intergovern- At a news conference March 29, will give Lightfoot budgetary breath- economic savings, instead of just ticipatory” budget developed with mental aairs under former Mayor Lightfoot said Daley spent his feder- ing room during the remainder of taking upfront savings” for day-to- input from community surveys and Richard M. Daley when Chicago got al relief money on “short-term xes” her term. day operations, Msall says. town hall meetings. at “Right to $515 million in federal money under and later “had to go to the parking e City Council’s budget chair, Recovery” coalition is backed by the American Recovery & Reinvest- meter deal, which we all know was a MORE MONEY Ald. Pat Dowell, 3rd, says it’s too ear- SEIU Healthcare, the Chicago chap- ment Act, or ARRA, of 2009. disaster.” Lightfoot said now that it’s While federal auditors will make ly to talk about how the ARP money ter of the Democratic Socialists of Chicago’s impending bonanza her turn, discretionary spending will sure Chicago doesn’t cut taxes or might improve the city’s overall scal America and the Chicago Coalition under the American Rescue Plan address the city’s structural issues dump ARP dollars directly into pen- standing, but she agrees “everyone for the Homeless. dwarfs that gure, and it far exceeds and help those “hurting all over the sion funds, the city will have “more wants to avoid a property tax (in- Separately, socialist Ald. Byron the $1.2 billion received last year un- city.” money than it would have in the crease). I’m sure that’s the goal of the Sigcho-Lopez, 25th, wants to hire der the federal CARES Act. Detailed Treasury guidance is absence of ARP. It relieves a lot of administration as well. I know the al- more than 2,000 public health per- Yet Lightfoot’s plans for the mon- still forthcoming, but according to scal pressure on other parts of the dermen probably feel the same way.” sonnel to launch more city-run vac- ey will need buy-in from the City a summary from U.S. Sen. Rich- budget,” says Michael Pagano, di- Ald. Brian Hopkins, 2nd, is one of cination sites. He’s also sponsored Council, where aldermen will try to ard Durbin, D-Ill., ARP spending rector of the University of Illinois at those aldermen. He plans to push an ordinance to use $40 million in steer cash to their own pet projects. must be tied to the public health Chicago’s Government Finance Re- for the elimination of the automatic, relief funds to reimburse bars and She’ll also face an array of interest emergency from COVID-19 or its search Center. “In a way, it’s possible ination-indexed annual property restaurants for lost revenue. Hop- groups with ideas about how the “negative economic impacts.” at for there to be an indirect eect on tax hike aldermen cleared as part of kins, too, says he’d like to see money money should be spent. could cover premium pay for essen- those other issues, the pension is- the budget last year. dedicated to help closed storefronts “In some ways, it’ll be more di- tial workers, revenue losses tied to sues in particular.” Others are more focused on and restaurants reopen. cult” for Lightfoot to negotiate with COVID-19 and “necessary invest- Civic Federation President Lau- spending the money. Ald. Gilbert “ ere’s going to be a wide diver- aldermen than it was for Daley when ments in water, sewer or broadband rence Msall says he expects the city Villegas, 36th, says he wants to spend gence of opinion among aldermen ARRA money came through, Dunn infrastructure.” e city must spend to use at least a portion to oset the ARP funds on a guaranteed-income about how to best spend this mon- says. “We were hamstrung” by AR- its share by Dec. 31, 2024. Funds will oft-criticized “diet scoop and toss” pilot program and support for un- ey, but just because we’re not all on RA’s strict requirements, which left arrive in two equal tranches, one this borrowing passed during the latest documented immigrant workers ex- the same page should not disqualify little room for mayoral horse-trad- spring and the rest 12 months later. budget. e 2021 budget called for cluded from the recent federal stim- us from an equal seat at the table as ing with aldermen and others. Chicago can’t use the money to $1.7 billion in city borrowing to re- ulus payments. priority decisions are made,” Hop- e ARP funding is more exible, directly oset tax cuts or cover re- nance existing city debt, saving a Chicago’s most progressive alder- kins says.

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