Chicago

The firm, which is headquartered in San Francisco, plans to rapidly hire 100 new employees for its 350 North Orleans office, with additional growth plans above and beyond.

In this newly-created role, Hutchens will oversee Ventas's senior housing business in North America, which includes more than 700 properties.

Commercial brokerage firm ACO Commercial, which brokered the sale on behalf of a private investor group, reports that the 2.8-acre parcel that traded takes up almost an entire city block (bounded by Lake, Hoyne, Damen and Walnut) and is fully leased to Standard Equipment Co.

Anchoring the property will be WeWork and locally-based CA Ventures, which combined will occupy in excess of 120,000 square feet at the more than 172,000-square-foot, 12-story building.

The Chicago region's big box vacancy rate fell 54 basis points to 8.53%, the lowest level since the second quarter of 2017.

CLK, LLC acquired the complex for $94 million, according to Cagan's Realty, Inc., an affiliate of Cagan Property Management Inc. of Skokie, IL, which represented CLK in the transaction.

As part of phase 1, the University of Illinois System's Discovery Partners Institute has signed a letter of intent to build a new innovation center at The 78, on land donated by Related Midwest.

The firm, which provides care and support to older adults and people with disabilities in their homes and community-based settings, has signed a long-term lease for 76,313 square feet of space at the landmark Sullivan Center at 1 S. State St.