Crain's Chicago Business by crainschicago

HEALTH CARE: Like cannabis, psychedelics are becoming legitimate business. PAGE 3

THE TECH TAKEAWAY: This executive at mRelief helps people obtain food stamps. PAGE 6

CHICAGOBUSINESS.COM | FEBRUARY 7, 2022 | $3.50

PRICIEST HOME SALES OF 2021

Chicago’s tech dreams hit new hurdle: Crime

An out-of-town firm scraps its plan for a local office as scary street violence chills recruiting in the sector

A sign of how vibrant it’s been at the upper end of the market: The lowest price on this year’s list is $1 million higher than last year’s lowest PAGE 12

BY JOHN PLETZ At about 5 p.m. on a Wednesday in late September, gunmen in two cars sped down Milwaukee Avenue near Halsted Street, trading gunfire as they roared past commuters and bystanders. When the smoke cleared, five people were hurt. Chicago’s tech industry suffered collateral damage. The shootout took place on the doorstep of the fast-growing Fulton Market District, which has attracted flocks of tech companies

in recent years. Executives say rising crime has shaken their confidence in Chicago. “I worry it’s only a matter of time that one of my employees is walking from Ogilvie (Transportation Center) to the office and, God forbid, something happens. Do I take that chance? Do I stay in Chicago, or do I move to the suburbs?” says Craig Rupp, CEO of Sabanto, an agricultural-technology startup with 10 employees in an office several blocks from the See CRIME on Page 21

Pandemic pain strikes Loop office landlords As leases expire and demand remains cloudy, more building owners are having trouble paying mortgages Fallout from COVID-19 is starting to get a lot more painful for anyone who owns an office building in Chicago. Almost two years into a crisis that weakened demand for workspace in the city, expiring leases are draining revenues for office landlords. Companies have recently begun signing new deals at a faster clip, but not fast enough to offset the losses. The result: More property owners are struggling to make mortgage payments. It’s heating up what has been a relatively slow burn of loan

Third-quarter revenue at the Illinois Center complex in the East Loop dropped $2.5 million from the same period in 2020.

COSTAR GROUP

BY DANNY ECKER

distress on local office buildings since March 2020. Big foreclosure lawsuits last year hit the owners of the Civic Opera See OFFICES on Page 20

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DAVID GREISING

JOE CAHILL

Pritzker’s budget has positives, but state still faces challenges. PAGE 2

Governor’s plan needs more than one-time-only goodies. PAGE 3

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2 FEBRUARY 7, 2022 • CRAIN’S CHICAGO BUSINESS

Trump’s shadow looms over the Illinois GOP

they just can’t bear to let him go, however sour the relationship has turned. Here in Illinois, as I recently wrote, the GOP is in the early stages of rebuilding itself. It has a nice slate of candidates for statewide office, a financier in Citadel’s Ken Griffin, and issues like crime and taxes with the power to attract votes. But because Trump tried to do what no American president ever has done—retain power by any means necessary, be it misreading the Constitution, encouraging a riot or indicating he may well pardon the rioters if he EVERY REPUBLICAN RUNNING regains the White House— EVERYWHERE FACES THIS ISSUE. Trump has set up a new threshold issue for every Republican running everywhere. when Kinzinger recently anAnd that is: Where do you stand? nounced his retirement, “2 down, With Trump or against him? 8 to go,” referring to House memErgo a few days ago, barely had bers who voted for impeachment. I mentioned the name “Trump” in And the sooner, the better! an interview with GOP gubernaSo it goes for the Republican torial hopeful Richard Irvin when Party, both nationally and here Irvin declared without prompting in Illinois. Having embraced him, s I write this, it looks like U.S. Rep. Adam Kinzinger, R-Channahon, that no-good, disloyal S.O.B., is going to survive again. Sort of. Rather than recommending that he be expelled from the House GOP caucus for daring to join the committee probing what happened on Jan. 6 a year ago, the Republican National Committee is only going to urge that he be censured. How disrespectful to Our Leader, Donald Trump, the greatest president who ever was or ever will be. As Trump commented

that Joe Biden is the president of the United States. But Irvin wouldn’t answer when I asked him three different times who he actually voted for in 2020. He’s between a GOP primary rock and a general election hard place. Irvin has good reason to be skittish. In recent weeks, even as we’ve become numbed to the latest Trump revelations, just as we’ve become sick and tired of anything COVID, the threat that Trump posed and poses has become clearer than ever. First, Trump complained that a “racist” and “mentally sick” Atlanta prosecutor has dared to probe his call to the Georgia secretary of state, one in which he directed the secretary to “find” some extra votes, enough to deny Biden the state. That might look to some like an effort to rig an election. But in Trump’s view, if such prosecutors don’t back off, “I hope we are going to have in this country the biggest protests we’ve ever had.” Sound familiar? Sort of like a

GREG HINZ ON POLITICS

rally that led to people storming Capitol Hill, some of them chanting, “Hang Mike Pence.” But, said Trump of those rioters, they’ve been “treated so unfairly. . . .If it requires pardons (for them), we will give them pardons.” Speaking of Pence, Trump now says the former vice president had the power to overturn the election and declare himself (and Trump) re-elected. No matter what election officials performing their duties concluded. No matter how many courts concurred. No matter what Constitutional experts or even Pence might say. We also know Trump’s personal lawyer and wartime consiglieri, Rudy Giuliani, organized efforts around the country to prepare slates of phony electors, giving Pence a

pretext to return the issue of who won to often easily influenced GOP legislators in those states. Who needs an election, anyhow? The latest news is that somebody in Trumpland concocted a scheme to bring in the spies to save the boss, specifically using National Security Agency data to determine if them darned foreigners—don’t forget that Venezuela and George Soros rigged the election—helped Biden. To be honest, it all sounds like a Marx Brothers comedy. Only, it’s not. It’s all too true, the story of a nation whose very democracy is under real threat. That’s the ghost that haunts the GOP right now. And unless they exorcise it, rather than Mr. Kinzinger, that ghost will only get scarier.

Don’t get too happy about the guv’s feel-good budget

he term “election-year budget” has a negative connotation. It implies that the numbers are prepped and presented with votes, not balance sheets, top of mind. If the budget Gov. J.B. Pritzker presented at an address delivered Feb. 2 gets called that, blame the governor’s speechwriters more than his number crunchers. In an Illinois budget with a decent dose of fiscal care, the wordsmiths fired away at every partisan cheap shot they could take. This acrid rhetoric was an odd twist for a speech that started with a claim, attributed to anthropologist Margaret Mead, that a 15,000-year-old fractured but healed femur was the first sign of civilization: the first evidence of one human caring for another. In Pritzker’s telling, people who worry that federal American Rescue Plan funds are masking persistent spending overruns are “the same old tired characters who are always so desperate to bad-mouth Illinois.” Woe be unto them, quoth Pritzker. When it comes time for budget talks, “seats at the grown-up table will be off limits.” People who call for reforms to address Illinois’ $130 billion in pension underfunding are “the pension naysayers (who) have told us we should ignore the constitution and the protections it provides and instead break our promises to retirees.” Pritzker could not help himself even after a Chamber of Commerce-style flourish about Illinois having more flavorful food, innovative businesses, industrious workers, distinguished schools, illuminating culture and diverse, intelligent and creative people “than any other state in this great, wide country of ours.” Such truths, he claimed, were not seen by “those folks who spend their time orbiting Illinois politics

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just spelunking for misery.” I’m not sure who those people are, or what caves they crawled out of. But they must have spurned deepfried Twinkies at the state fair to get Pritzker so ticked. The taunting rhetoric tainted an important message that formed the spine of Pritzker’s speech. That message is this: Steady fiscal management, improved cost controls, a favorable stock market, federal largesse and a resilient state economy have added up to a healthier Illinois fiscal picture than any in recent years. And that’s saying not much. Those improved credit ratings? Yes, we’re no longer dangling on the precipice of junk status, but Illinois remains the lowest-rated among the 50 states. That strengthened pension funding—with the shortfall down to $130 billion from $144 billion a year ago? That’s in large measure due to a strong 2021 stock market, and still worse than any state but New Jersey. Even so, the improvements are worth noting. Budget deficits that hit $3.2 billion the year Pritzker took office are behind us, he said, and Pritzker’s hopeful forecast projects a $1.7 billion surplus in the coming fiscal year. In addition, Illinois Comptroller Susana Mendoza has hacked the state’s bill backlog below $3 billion, down from nearly $17 billion less than five years ago. The state will book $70 million in cash from finally selling the James R. Thompson Center downtown. That’s a steep price cut from the $300 million Gov. Bruce Rauner once budgeted. But unlike in Rauner’s day, this time the building really is sold, a teardown prevented and redevelopment pending. The state’s resources are robust enough for Pritzker to meet the $350 million required by the state’s evidence-based funding formula to

improve equity in public-school funding statewide. Pritzker failed to meet the target two years ago, a cut whose impact still lingers. He is even adding to the state’s paltry “rainy day fund.” Other decisions are purely Pritzker’s option, at a cost to state revenue but with clear political appeal. He proposes suspending a 1% tax on groceries, forgoing around $360 million in revenue statewide. He’ll freeze gas taxes, giving up a 2-centper-gallon increase and costing $135 million in revenue. And he’ll offer property tax rebates at a cost of $475 million to the state.

DAVID GREISING ON GOVERNMENT

Pritzker calls this part of his budget the “Illinois Family Relief Plan.” The state can afford it, he says, and the plan will help Illinois families as they struggle with inflation. It also is popular, no doubt, with the people running Pritzker’s re-election campaign. Think of Pritzker’s Family Relief

Plan as the sort of unselfish, caring program Margaret Mead’s prehistoric person might have devised—especially if they needed votes in an election year. David Greising is president and CEO of the investigative watchdog Better Government Association.

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CRAIN’S CHICAGO BUSINESS • FEBRUARY 7, 2022 3

JOE CAHILL ON BUSINESS

Here’s what’s missing from Pritzker’s budget

BLOOMBERG

Allstate is raising auto rates and wants everyone to know It’s rare for a company to boast of how aggressively it’s raising prices. But auto insurance isn’t your typical business. And Allstate has long prized profitability above all. BY STEVE DANIELS ALLSTATE HIKED AUTO INSURANCE RATES AN AVERAGE OF 7% in half the states in the union last quarter. Executives say they’ll boost prices in the rest of the country, as well as take second bites of the apple in states that already have seen increases, like Illinois. Investors responded positively after a rough fourth quarter in which Allstate uncharacteristically lost money insuring vehicles for a second straight quarter and posted earnings lagging analyst estimates. You read that right. After an earnings disappointment, the stock on Feb. 3 gained more than 3% on a down day

AUTO INSURERS IN GENERAL ARE SCRAMBLING TO RESTORE PROFITABILITY AS DRIVING RESUMED AT NEAR-NORMAL LEVELS IN THE SUMMER.

See ALLSTATE on Page 21

Much like pot, the market for psychedelics is going legit Advocates are going straight for federal approval this time, though BY JON ASPLUND Psychedelics are going legitimate, looking to trade a reputation as illicit, illegal party drugs for legal, approved treatments for medical problems like depression, anxiety, post-traumatic stress disorder and traumatic brain injury. At the vanguard is ketamine. Patients are piling into a host of ketamine clinics, including Toronto-based Field Trip Health and Chicago-based Wesana Health. The drug is taking its place alongside marijuana as once-illegal markets that are now growing industries.

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Wesana was co-founded by former Chicago Blackhawk Daniel Carcillo, who turned to psychedelics for relief after retiring from hockey at age 30 with concussionrelated traumatic brain injury. Wesana went public on the Canadian Stock Exchange in May 2021, with headquarters in both Toronto and Chicago. Field Trip was founded in April 2019, went public on the Canadian Securities Exchange in October 2020 and began Nasdaq trading in July 2021. It has between 100 and 200 employees and operates clinics in eight U.S. cities, as well as three cities in Canada and in the

Netherlands, the company said in a statement. Carcillo has drawn attention for use of traditional psychedelics, such as psilocybin, commonly known as magic mushrooms, but the biggest piece of business today is ketamine. Ketamine has been used illegally for its hallucinogenic high and has been long approved by the U.S. Food & Drug Administration as an intravenous anesthetic. In 2019, the FDA approved Janssen Pharmaceuticals’ ketamine analog, esketamine. A nasal spray, under the brand name See PSYCHEDELICS on Page 22

llinois Gov. J.B. Pritzker’s “good news” state budget proposal is more like a feel-good fiscal palliative that produces a fleeting sense of well-being that will fade as surely as last night’s buzz becomes this morning’s headache. Whatever its merits as a blueprint for Pritzker’s re-election campaign this year, the spending plan he unveiled Feb. 2 is no cure for Illinois’ chronic financial ailments. On the surface, there’s plenty to like in the proposed budget for fiscal 2023. Pritzker offers tax breaks on groceries and gasoline, along with a $300 property tax rebate for some homeowners. He even proposes an extra $500 million contribution for the state’s woefully underfunded public employee pension plans. But these are one-time-only goodies, and for good reason. State coffers happen to be flush right now, thanks to temporary factors triggered by COVID-19 and unlikely to outlast the pandemic. Most obvious is the once-in-alifetime gusher of federal COVID relief money showered on states. The feds allocated $14 billion to Illinois government and tens of billions more to local governments and private organizations around the state. Uncle Sam won’t be writing checks like that in years to come. Another fortuitous development is a recent rise in sales tax collections. Data from the Illinois Commission on Government Forecasting & Accountability, or COGFA, shows state sales tax revenues are up nearly 16% for the first seven months of the current fiscal year, which began July 1. Driving the sales tax surge here and around the country has been a shift in consumer spending during the pandemic. People cooped up at home by lockdown measures and fear of catching the virus started spending more on goods than services. Rather than going out to the movies or exercising at the local gym, they bought bigscreen televisions and stationary bikes online. Spending on merchandise rose to 36% of personal consumption expenditures by last spring, up from 31% before COVID struck. The shift reversed a long-standing trend toward spending on services, which represent the majority of consumer expenditures. That has been good for Illinois, which relies almost exclusively on merchandise for sales tax revenue. Unlike many

other states, Illinois doesn’t draw much revenue from the growing service economy. Inflation in goods prices also boosted state coffers. Supply chain bottlenecks are driving up costs for a wide range of merchandise at rates not seen for decades. Higher prices mean more sales tax revenue for the state. But neither trend is likely to be permanent. The pandemic will end, bringing a return to something like pre-COVID normalcy. We can expect consumer spending patterns to follow suit. That means more spending on services and less on goods. In a sign the reversion has begun, spending on services rose in December while shoppers spent less on goods. As people feel comfortable going out again, more discretionary income will flow to travel, gyms, movies, spas and concerts. Illinois doesn’t collect sales tax on those services. Inflation isn’t likely to keep lifting sales tax revenues indefinitely, either. Eventually, supply chains will get unsnarled, easing shortages that push prices up. And even if inflation keeps running hot, price hikes will start to dampen spending at some point, as Mondelez International CEO Dirk Van de Put acknowledged Jan. 28. A rebalancing of consumer spending away from goods and toward services wouldn’t threaten Illinois’ finances if the state taxed a significant number of the services that are taxed elsewhere. Illinois sales tax applies to only 17 services, most of them related to utilities. Neighboring Iowa, by contrast, levies sales tax on more than 100 services ranging from dry cleaning to limo rides. Wisconsin and Indiana also tax significantly more services than Illinois. These states have wisely linked their sales tax systems to the faster-growing services sector. Illinois, meanwhile, depends on the lagging goods segment. That’s a recipe for fiscal stagnation. COGFA has estimated that a sales tax on services would generate between $1 billion and $3 billion in additional revenue for Illinois, depending on the number of services taxed. More importantly, revenues from a sales tax on services would likely grow over time, as it tracks the direction of the economy. Taxing more services would give Illinois something that Pritzker’s budget lacks: a sustainable new revenue source that would help put the state on a path to fiscal stability.

2/4/22 3:58 PM

4 February 7, 2022 • CRAIN’S CHICAGO BUSINESS

After the Chicago Blackhawks’ latest PR disaster, which Wirtz is in charge? Rocky Wirtz’s tirade at a recent town hall highlighted what might be the thorniest issue facing the franchise

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relinquishing that (spotlight) is clearly not easy for (Rocky),” Culp said, pointing to his conduct Feb. 2 interjecting on a question posed to his son. “It’s a bad sign when you’re saying, ‘We’re turning over a new leaf and this is how the operation is going to run,’ and then you tell the person who is supposed to be the leader that ‘No, you’re not. I still own this place,’ ” Culp said. “In major corporations, that’s a major no-no.”

‘UNACCEPTABLE’ BEHAVIOR

STEPHEN J. SERIO

ith a pair of exasperated public comments, Chicago Blackhawks owner Rocky Wirtz last week abruptly ripped the scab off a healing franchise wound tied to its mishandling of sexual assault allegations more than 11 years ago. In the process, he put a new spotlight on who’s actually calling the shots for the team. Wirtz’s viral tirade—which he has since apologized for— admonishing reporters for asking CEO Danny Wirtz about changes the team is making after issuing a report last fall detailing the disturbing 2010 incident with former video coach Brad Aldrich and former player Kyle Beach made one thing crystal clear: Rocky Wirtz was done talking about it. “We’re not going to talk about what happened. We’re moving forward,” he said sharply in a response to a question from the Athletic’s Mark Lazerus that was directed at his son, Danny Wirtz. “That is my answer.” When Danny Wirtz then started to speak about steps the team is taking today, the elder Wirtz cut him off, castigating Lazerus for inquiring about something that Rocky Wirtz said was “none of your business.” He Rocky Wirtz, left, and his son Danny. subsequently rebuked the Chicago Tribune’s Phil Thompson a dark chapter of the team’s for a similar question. history? Both Rocky and Danny Wirtz responded Feb. 3 to an inquiry ‘MOVING FORWARD’ The interactions on Feb. 3 from Crain’s about the team’s put on display several tricky path forward and changes it issues the franchise is now try- is making with a pair of stateing to navigate: Managing its ments. “First of all, I acknowledge way out of a crisis, improving company culture, and perhaps that I was not asked this questhe thorniest challenge of all— tion, and if I could do it over ironing out which Wirtz should again, I would let Danny share be the public face of the fran- the incredible work he, Jaime chise and makes final decisions and our staff have done to imabout the team’s path. How the prove our culture and team,” Rocky Wirtz said. “HowTHE CURRENT CRISIS ISN’T SHOWING SIGNS ever, what I would also OF GOING AWAY FOR THE BLACKHAWKS. say if given another opteam resolves those matters portunity is that the first step after the setback to its crisis is putting the right people in recovery will shape the future place. Danny and Jaime have spent the past year understandof its business. The central question con- ing how this happened and necting it all: After light was where it is happening.” The statement continued: shined on a scandal that led to the ouster of the team’s top “Again, I regret the outburst. I executives, what does “moving suddenly felt incredibly frusforward” mean? Does repair- trated as I perceived we were ing its image with sponsors and looking back instead of looking season ticket holders call for forward.” From Danny Wirtz: seeking out opportunities to “We are going to support and talk more about internal culture change and spotlighting participate in the initiatives the issue of sexual assault more that come from the NHL, which broadly in society? Or is it bet- will absolutely help our game ter to avoid the topic as much progress, but we have also put as possible, so as to not revisit our own programs, policies and

BY DANNY ECKER

trainings in place. For example, we have built a whole mental health department available to both players and employees, are currently in the process of launching an employee-led committee focused on aspects of culture, and have implemented mechanisms to ensure any reports of non-compliance are investigated immediately. “There is no finish line to this work. And Rocky and I are united that we will learn from the mistakes in this organization’s past and do the things that move our sport forward.” However the team decides to approach questions about the topic in the future, there needs to be a better-organized plan, said Jared Nelson, who runs the crisis and risk team in the Chicago office of public relations firm Edelman. “There’s a way the (team) can avoid talking about the details of what happened while taking a forward-looking view on how they’re going to improve the culture of the organization,” Nelson said. “That’s where they need to focus moving forward.”

CRISIS MANAGEMENT

Companies that do that well have a “road map” with milestones to speak about publicly to show sponsors and fans they are making progress, Nelson

said. Part of that plan also involves ensuring that the message is being delivered by the right people, which Nelson said should no longer involve Rocky after the Feb. 3 incident. “He probably needs to take a back seat and really allow Danny to serve as the face of the recovery,” he said. “He can pivot and say all the right things, but after last night’s tirade, I don’t know that people will believe him. To the extent that Danny can serve as the forward-looking face of the recovery and the organization— that would be smart.” That generational transition is part of the tough task ahead for Danny Wirtz, who became CEO in late 2020 and appeared alongside his father in a video message last fall announcing the troubling findings of the Aldrich investigation. “What the Chicago Blackhawks do off the ice is equally important as what we do on it,” Danny said at the time. But changing the culture now may include creating more public separation between Danny and Rocky, said Ron Culp, a corporate public relations veteran who has taught public relations at DePaul University for the past decade. He likens the situation to a company giving an outgoing CEO a lower-profile nonexecutive chairman role. “But

Whether the verbal scrap alone makes any difference to the team’s bottom line is still to be determined. Several top Blackhawks sponsors did not immediately respond to requests for comment on whether they plan to continue to align with the team. Improving the team’s performance on the ice—the Hawks have one of the worst records in the Western Conference after missing the playoffs three of the past four seasons—would go a long way in giving corporate partners a reason to stick with the team, sports sponsorship experts say. Many fans, meanwhile, may put little stock in the team’s off-ice issues or internal culture when deciding whether to buy tickets or merchandise or watch games. But societal issues are increasingly affecting change across sports. The Washington Redskins and Cleveland Indians have changed their nicknames to the Commanders and Guardians. Former Carolina Panthers owner Jerry Richardson was effectively forced to sell the National Football League franchise amid allegations of sexual harassment. “Teams and owners are suffering the consequences of behavior that’s now being deemed unacceptable,” said one local sports marketing executive who declined to be named. “Twenty or 30 years ago, we didn’t factor that in. But regardless of what side you sit on (in a controversy), that’s a reality.” In the meantime, the current crisis isn’t showing signs of going away for the Blackhawks. Even as the team tries to mitigate fallout from the Feb. 2 event, Canadian network TSN reported the next day that there are three more “potential plaintiffs who are weighing lawsuits against the Blackhawks” involving allegations against Aldrich. Those threats come in the wake of the team recently settling lawsuits filed by Beach and a former high school hockey player who alleged he was sexually assaulted by Aldrich.

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6 FEBRUARY 7, 2022 • CRAIN’S CHICAGO BUSINESS

TECH TAKEAWAY

2022

Dize Hacioglu

RESIDENTIAL REAL ESTATE BROKERS

Hacioglu, 29, is the chief technology officer of Chicago’s mRelief, which offers an easy-to-use platform that helps families connect to Supplemental Nutrition Assistance Program, or SNAP, benefits. Since it was founded in 2014, the small tech nonprofit has helped 2.8 million Americans unlock $1 billion in food stamp benefits. Hacioglu lives in Uptown. By Laura Bianchi

Crain’s 2022 Notable Real Estate Brokers will recognize top Chicago area real estate brokers for their success and accomplishments during the last 18 months.

How do you help people? By speeding up access to food stamps and making the process more dignified. Applying for SNAP is a complicated, lengthy process. Our clients tell us that they experience a lot of condescension along the way. We try to empower them so they can advocate for themselves and get the assistance they need.

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ChicagoBusiness.com/NotableREBrokers

How did your childhood affect you? When I was 6, my parents moved my brother and me from Northern Cyprus to Boulder, Colo., which wasn’t very diverse. Growing up, I was bullied for my nose and frizzy hair.

How did you cope? My friendships, especially with other kids who immigrated to the U.S., got me through feeling like an outcast. That, plus years of therapy during and after college.

Why did you get into tech? During middle school, (social network) MySpace was all the rage. I started designing page layouts for myself and others, thinking that I was coding. I wasn’t, but I ended up in computer science at (New York University) and I love the real thing.

> Any interesting tattoos? I have Van Gogh’s “Wheatfield with Crows” on my back. I first saw it at the Van Gogh Museum in Amsterdam. That painting made me understand what it means to being emotionally moved by a piece of art.

2022

Deadline is Mar. 11

Nominate at

First or worst job? Being an usher at a Boulder movie theater was my first and worst. I loved the free movies, but the people were gross. You wouldn’t believe the number of chewed-on sunflower seed shells on the floor, chewing gum and other sticky stuff that I had to clean up.

How I wa the pan an “ resp rela

ChicagoBusiness.com/NotableConstruction

Your favorite app? YNAB—You Need a Budget. I’ve never had any financial acumen, but I know how vital financial well-being is. Many of us are one emergency away from the burdensome process of applying for aid.

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Why did it affect you? The dark, stormy skies above the lush wheat fields felt like an unexpectedly hopeful combination from an artist who was so troubled.

Crain’s 2022 Notable Executives of Color in Construction and Commercial Real Estate will recognize top minority leaders in the fields of construction and commercial real estate.

EXECUTIVES OF COLOR IN CONSTRUCTION AND COMMERCIAL REAL ESTATE

You volunteer as a jail lead with Chicago Votes. Why? The 2016 election and my subsequent rage at the state of the world was my catalyst. Registering incarcerated community members has been on hold for a while with COVID, but I hope to get back to it.

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CRAIN’S CHICAGO BUSINESS • FEBRUARY 7, 2022 7

Loop Capital dives into asset-management biz BY STEVE DANIELS Chicago’s Loop Capital has closed a deal with a unit of Torontobased BMO Financial Group to dramatically bolster its asset-management arm. Loop Capital acquired Miamibased Taplin Canida & Habacht, a $6.2 billion-asset bond investment manager, from BMO Asset Management, a sister company of Chicago’s BMO Harris Bank. The business will be rebranded as Loop Capital Asset Management. The Jan. 28 deal provides scale to the asset-management business of one of Chicago’s most prominent Black-owned financial firms. Loop Capital for decades has been primarily an investment bank focused on municipal bond offerings. It now is expanding its horizons. Terms of the deal weren’t disclosed. Loop Capital and BMO signed a letter of intent on June 2, three weeks before Loop announced a substantial minority equity investment in the firm from another large Canadian bank, CIBC. “Loop Capital and TCH share

a decades-long working relationship, and I’m pleased that it has led to this moment,” Loop CEO Jim Reynolds said in a statement. “Our team looks forward to the value this new extension of services provides to our clients.” Reynolds said last year that he hoped to take Loop Capital public in 2022. The firm’s revenue topped $200 million in 2020, and he said at the time he hoped for a market valuation exceeding $1 billion. Since then, though, the market for initial public offerings has cooled significantly. The deal for TCH provides more scale and diversity of revenue streams when the time comes. Loop Capital President Kourtney Gibson said in an email that an IPO “is still in our sights.” “We have a lot of exciting opportunities right now that require our attention. Our current partners appreciate that, and I’m sure any future shareholders will too,” she said. BMO owned TCH since 2008, when it acquired an 80% stake in the fixed-income asset manager for $64 million in stock, according to a filing. At the time, TCH

JOHN R. BOEHM

One of Chicago’s most prominent Black-owned financial firms has acquired a Miami-based bond manager, bolstering its assets under management to $7 billion

Loop Capital CEO Jim Reynolds had $7.3 billion in assets under management, so that figure has declined 15% since then. BMO acquired the remaining 20% in the years following. In November, BMO replaced TCH as a subadvisor on some of its mutual funds, including the $875 million BMO U.S. High Yield Bond fund and the $330 million Crossover Bond fund. BMO said at the time that the manager change would entail a new investment

strategy for the high-yield bond fund. “This transaction preserves the TCH investment culture and returns our firm to its roots as a boutique asset manager under the umbrella of a highly respected, minority-led firm with whom we share the same core values,” Scott Kimball, the new head of investments for Loop Capital Asset Management, said in a statement. TCH was founded in 1985.

Its business will be far more meaningful to Loop Capital than it was to BMO, which is one of the largest banks in Canada. Before this deal, Loop Capital’s asset-management arm consisted of an infrastructure fund, launched with former NBA star Magic Johnson, that has $850 million in assets. Loop Capital plans later this year to launch a second infrastructure fund, Gibson said.

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8 FEBRUARY 7, 2022 • CRAIN’S CHICAGO BUSINESS

Related Midwest tapped for big West Side project BY DANNY ECKER As it vies to win City Hall’s blessing to build a casino on its South Loop megaproject, developer Related Midwest has won a different city contest to transform the largest vacant plot of land on the city’s West Side. The city announced it has selected a venture of Related Midwest and 548 Development to build a 300,000-square-foot industrial complex at 4300 W. Roosevelt Road in the North Lawndale neighborhood. The $38 million project—Related Midwest’s firstever industrial development— would also include a two-building North Lawndale Innovation Center with retail and office uses, as well as an adjacent park. The proposal, which is subject to City Council approval, is the latest development chosen under Mayor Lori Lightfoot’s Invest South/West initiative, a program launched in 2019 to steer $750 million in public funding and resources into 10 designated South and West Side neighborhoods that have suffered significant disinvestment. The city’s planning department previously selected winning bidders for 10 other projects, but issued a separate request for proposals last year for the nearly 21-acre North Lawndale site, which is bounded by Roosevelt Road and Kostner, Kildare and Fifth avenues,

and is bisected by CSX’s active Altenheim rail line. The site was the center of controversy in the 1990s when several Chicago aldermen took bribes to allow illegal dumping on the land. That ultimately led to 18 indictments—including those of six aldermen—under a Federal Bureau of Investigation probe known as Operation Silver Shovel.

BIDDERS

Related and 548 were chosen out of eight bids to redevelop the property, including one from the Chicago Cubs and Pritzker Realty Group that proposed an industrial building on one part of the site and a Cubs Urban Youth Academy campus with multiple playing fields. If the proposal gets its needed approvals, the developers would acquire the land for $1 from the city, according to a statement from the planning department, which said construction could begin by the end of this year. The statement said tax-increment financing would likely be used to help with environmental remediation of the site, which was home to a Copenhagen snuff plant and other industrial users before being cleared in the 1990s after the Silver Shovel probe. In addition to the City Council, Related Midwest would likely need approval from the Chicago Plan Commission and the city’s Community Develop-

ment Commission, which oversees the sale of city-owned land being redeveloped. Lightfoot said in the statement that the project will build on the city’s reputation as a hub for industrial operations and “bring lucrative freight and logistics jobs and a community innovation space to our North Lawndale community.” The project could generate as many as 700 permanent and temporary jobs, according to the city. Plans for the development show a pair of solar-powered warehouse buildings on either site of the CSX rail line, each close to 150,000 square feet in size and including 31 dock spaces. Such industrial properties have been popping up all over the Chicago area amid a rush of demand from retailers for space to store and distribute products purchased online. Despite developers building a record amount of warehouse space in the area in 2021, the local industrial vacancy rate still finished the year at its lowest level since 2000, according to data from Colliers International. That backdrop makes it likely that Related and 548 won’t struggle to land financing to build the properties or tenants to lease them, though a spokeswoman for Related said it doesn’t have either lined up. The developers are targeting uses such as last-mile product distribution, cold storage and light manufacturing, the spokeswoman said.

This startup is betting on the future of retail real estate Leap, which helps e-commerce brands open physical stores, lands $50M from area and coastal investors BY KATHERINE DAVIS Leap, a Chicago startup that helps e-commerce brands open brick-and-mortar stores, has raised $50 million in venture capital funding. The company, founded in 2018 by co-CEOs Amish Tolia and Jared Golden, says it works with online brands like Something Navy, Lunya and Ring Concierge to open physical spaces faster and cheaper than they could on their own. Leap connects brands with the real estate, a custom store design and workers to staff each location. The average client remains in a space for about two years and pays Leap daily operating fees, Tolia said.

MARKETS

Leap says more than 30 brands have used it to open 50 stores across eight markets, including Chicago, New York, Los Angeles and San Francis-

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co. Local stores operated by Leap include A Pea in the Pod in Bucktown, Public Rec in the West Loop and UpWest in Oak Brook. Tolia said the company is raising more money now because it sees demand rising for in-person shopping experiences since COVID-19 vaccines were released. In 2021, Leap expanded from about 12 stores to 50. The new funding will be used to scale its technology and open more stores. “It became pretty clear to us early on into the pandemic that actually, at some point, there would be an inflection point where things would kind of restore a bit and brands couldn’t just keep scaling on ecommerce,” Tolia said. Real estate technology companies raised a record $32 billion in venture-capital funding in 2021, according to a Center for Real Estate Technology & Innovation report. Other Chi-

cago real estate startups that raised money recently include Cohesion, which makes building management software and is backed by Ken Griffin, Morgan Stanley Next Level Fund and Hyde Park Angels.

STAFFING

Leap employs about 300 people, 80 of whom are full-time corporate staff split between Chicago and New York. The rest are retail workers in brick-andmortar locations, Tolia said. Tolia wouldn’t disclose revenue and said the company is not yet profitable. To date, Leap has raised about $70 million. Leap’s Series B financing round was led by Chicago-based BAM Elevate, the private investment division of Balyasny Asset Management. Harbor Spring Capital, Northern Trust, Simon, Costanoa Ventures, Hyde Park Venture Partners and Equal Ventures also participated. “We continue to be really excited about the future of retail,” Tolia said. “Our strategy is one of the most scalable solutions out there.”

RELATED MIDWEST/548 DEVELOPMENT

The developer is poised to build a pair of warehouses in North Lawndale, a project that could breathe new life into the largest vacant site on the West Side

A rendering of the proposed industrial development at 4300 W. Roosevelt Road. “The site at 4300 W. Roosevelt Road will generate valuable jobs at a state-of-the-art facility, and the planned innovation center will be a rich asset for those who live here,” Related Midwest President Curt Bailey said in the statement.

VENTURES

The project will be the first under the Invest South/West banner for Related, but not for Chicago-based 548 Development, which has had its fingerprints on other real estate projects in blighted parts of the city. The firm is part of a joint venture selected by the city to develop a residential complex and community center dubbed “Lawndale Redefined” on a series of vacant lots along Ogden Avenue between Homan and Trumbull avenues. The winning bidders to redevelop properties through the Invest

South/West program collectively have projects totaling more than $365 million in costs. For Related Midwest, the North Lawndale effort comes as it focuses on jump-starting the 78, its 62acre megaproject along the South Branch of the Chicago River south of Roosevelt Road. Related recently partnered with Rivers Casino developer Rush Street Gaming to propose a $2 billion casino and entertainment complex on the north end of the 78. That is one of five finalist bids the city is considering as it aims to have the city’s first casino up and running by 2025. Related is well known locally for high-end projects, such as the One Bennett Park condo tower in Streeterville, but it has also led the redevelopment of affordable housing projects in blighted parts of the city.

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10 FEBRUARY 7, 2022 • CRAIN’S CHICAGO BUSINESS

C CREDIT

EDITORIAL

Doing more than rescuing a newsroom

hat was most refreshingly stunning in the news of the historic combination of WBEZ-FM 91.5 and the Chicago Sun-Times was the enthusiastic support shown by the city’s biggest foundations. With a goal to raise $50 million to combine the news operations into a new nonprofit entity, the combination blew that away, raising $61 million from the likes of the Chicago Community Trust, the Joyce Foundation, the MacArthur Foundation and others. No doubt more than a few at the big newspaper across town, the Chicago Tribune, were scratching their heads and saying, “Why them and not us?” A year ago, if you recall, journalists at the Trib and elsewhere around the country shook their collective fists at big donors and foundations in town that didn’t “step up’’ to help “save the paper’’ from the clutches of their incoming owner, Alden Capital—a hedge-fund-led Darth Vader known for swinging wrecking balls through newsrooms and leaving little journalism in its wake. Big-name talent eventually walked out the Trib’s door, vowing to risk losing a steady paycheck rather than work for an overlord with a penchant for defunding journalism. What was missing in the argument to save the Trib is now on full display in the tantalizing prospect of what might be in a combination of the leading NPR affiliate and the scrappy, but journalistically sound, tabloid in town: a mission and sense of purpose. The idea that combining the journalism power of two independent news entities

WHAT HAS JUST HAPPENED BETWEEN THE SUN-TIMES AND WBEZ ADDS A NEW CHAPTER TO THE HISTORIC MEDIA BUSINESS IN CHICAGO. will end up bringing more, not less, reporting and editing firepower to a city that has experienced its share of cuts over the years is certainly an enticing prospect on its own. But perhaps more alluring are the dollars committed for this that go beyond adding journalists. Look for significant investments in technology resources and

platforms to create stronger communities of readers and listeners to local journalism, so that hopefully what is created out of this combination provides a pathway for sustainable local journalism everywhere, not just Chicago. And not just for one newspaper looking for a savior.

To a foundation leader or a businessperson seeking out a place to invest, the Sun-Times/WBEZ combination, with its higher-order mission, looks much more appealing than merely trying to keep a newspaper out of the hands of a penny-pinching operator. No surprise, then, that this proposed combination had donors and foundations gushing. Chicago has been depicted, mostly unfairly, as Exhibit A in the demise of journalism. Despite the issues of the past few years, the Tribune is still full of outstanding journalists doing groundbreaking work every day. Here at Crain’s, we are a healthy, strong news operation with a strategy that’s fueling growth. And numerous startups and nonprofit media shops in neighborhoods have long dotted the city landscape and continue to do extremely important work. A lot of out-of-towners incorrectly wrote off the city’s media business at the very same time the city was actually incubating more journalism innovation than most media markets in the country. What has just happened between the Sun-Times and WBEZ adds a new chapter to the historic media business in Chicago. Financier Michael Sacks, who stepped in to save the Sun-Times a few years ago, deserves more credit than he gets for seeing over the horizon to how a deal like this could not only sustain the Sun-Times for a long time, but create something that might benefit news organizations everywhere. That’s why industry eyes everywhere are watching. Of course, now comes the hard part— making sure it works.

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YOUR VIEW

Vice

It’s time for a new firm to run the Illinois Lottery

performance of our lottery. went to the Illinois Lottery’s For the last three fiscal years, website to buy a Powerball the lottery has been managed ticket for a $600+ million top by a U.K. company owned by a prize a week or two ago and was Canadian pension fund, opticonfronted by an offer to buy mistically named Camelot. Fast Play tickets. And not just It is paid a $24 million fee one: I could buy 75 Fast Play each fiscal year. And all expenstickets a day, on credit, a potenes. Camelot ranked 20th in lottial expenditure of $750 every tery performance in fiscal 2021. 24 hours, seven days a week, with immediate drawings. Gary Fencik, a former While many state lotteries have set all-time records each year The new Fast Play game is chairman of the since the pandemic started, clearly a casino game disguised Lottery Control Camelot has missed our record as a lottery. Board, is a partner FY13 revenue total by $40 milI’m a former member of the and head of busilion each year. state’s Lottery Control Board, ness development Compared to other state lotserving in the 1980s during a at Adams Street period of rapid lottery sales Partners in Chicago. teries of similar size, Camelot’s performance to date is disapgrowth—a billion dollars in He also played for three years—and recently as 12 seasons with the pointing: chairman of the board during Chicago Bears. $770 million less in profits its transition to a private manthan the Georgia lottery proagement model and the introduction of duced in FY21, in a state with 2 million online sales of Powerball and Mega Mil- fewer people than ours. lions games. I’m keenly interested in the $162 million less in profits than the North

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Carolina lottery, a state with only 10 mil- administration despite being the only bidder, it is clear that they are unable to maxilion people. $1.5 billion less than Florida’s lottery. If mize the value of the Illinois lottery. It’s time to seek a new, competent priCamelot had produced the same per-capita profits as the Florida lottery, we would vate manager who understands what we have had an additional $600 million for realized in 1982: The key to lottery profit growth is to broaden the player base, to schools and other good causes. If Camelot had done as well as those have millions play a little, rather than usstates, Illinois would have received hun- ing marketing tactics like second-chance dreds of millions of dollars in additional revenue for schools, COMPARED TO OTHER STATE LOTTERIES OF capital development projects and specific causes like breast cancer SIMILAR SIZE, CAMELOT’S PERFORMANCE research, veterans programs, MS, TO DATE IS DISAPPOINTING. AIDS and more. All those states sell similar lottery games, all face gaming competition, lotteries, $30 instant tickets or the new Fast all of them set all-time profit records in Play games to encourage a core group to play excessively. FY21 despite the pandemic. That won’t happen with Camelot, a U.K. In fiscal 2021, Camelot reported generating $751 million in lottery profits, $60+ company that has used maps of Illinois demillion dollars less than the lottery gener- picting moose, sheep and mountains in its marketing materials. ated in FY13, nine years ago. I urge the Pritzker administration to After three years of experience with this private manager, appointed by the Rauner consider seeking a new private manager.

Write us: Crain’s welcomes responses from readers. Letters should be as brief as possible and may be edited. Send letters to Crain’s Chicago Business, 150 N. Michigan Ave., Chicago, IL 60601, or email us at letters@chicagobusiness.com. Please include your full name, the city from which you’re writing and a phone number for fact-checking purposes.

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

2/4/22 3:52 PM

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CRAIN’S CHICAGO BUSINESS • FEBRUARY 7, 2022 11

Crain’s names Davis as its new health care reporter and as the host of “Inno Minute.” Katherine Davis, a general She also managed Chicago Inassignment and tech startup reno’s social media platforms and porter at Crain’s since July, has regularly planned and organized been promoted. She will now programming for events. report on health care for Crain’s Davis, 27, has experience covChicago Business as well as ering the health care industry, Crain’s Health Pulse newsletter. having reported for CardiovasDavis came to Crain’s from the cular Business prior to Chicago Chicago Business Journal/ChiInno and having done two incago Inno, where she had been Katherine Davis ternships at Crain’s sister publia reporter and associate editor cation Modern Healthcare while she was since August 2017. At Chicago Inno, Davis contributed a student at Columbia College Chicago. Prior to Chicago Inno, Davis had weekly to WGN Chicago Radio, both as a guest on the “Wintrust Business Lunch” worked in Crain’s newsroom, serving as

a research intern while she was still a student at Columbia, where she graduated in 2015. Crain’s hired her again for a six-month reporting fellowship in 2016. Davis will now be responsible for covering Chicago-area hospitals, physicians groups, pharmaceutical companies, medical products manufacturers, biotech startups and health insurers. She will work closely with Crain’s contributor Jon Asplund, the primary reporter for Health Pulse, Crain’s newsletter delivering exclusive, actionable intel on the local health care sector.

“Over time, Katherine has impressed her colleagues as well as the people she covers as a smart, nimble and perceptive journalist,” said Crain’s Editor Ann Dwyer. “We’re confident she will deliver the fresh news and insights that people in the health care industry have come to expect from Crain’s.” Davis is a member of the National Association of Black Journalists and the Chicago Headline Club. Last month, she completed an in-depth fellowship on fiscal reporting at the City University of New York’s Craig Newmark Graduate School of Journalism.

CRAIN’S CHICAGO BUSINESS

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12 FEBRUARY 7, 2022 • CRAIN’S CHICAGO BUSINESS

The former Tribune Tower on North Michigan Avenue accounted for four of the 50 highest-priced home sales of 2021. At left, from top: The St. Regis tower in Lakeshore East delivered nine of the top 50 sales; this home in Streeterville was No. 3 on the list, at $11.3 million; this mansion in Lincoln Park was last year’s highest-price sale, at $12.6 million.

PRICIEST HOME SALES OF 2021

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@PROPERTIES

condominiums, mostly in downtown neighborhoods. That’s despite widespread complaints that the city’s epidemic of downtown crime would stall the condo market. “I don’t think there’s really any other way to interpret it than people speak with their actions,” said Tim Salm, a Jameson Sotheby’s International Realty agent. Salm represented the sellers in the highest-priced condo sale of the year, an $11.25 million deal for a Lake Shore Drive penthouse. A big contributor to the list of top sales is the St. Regis tower in Lakeshore East, which delivered nine of the 50 highest-priced homes during the year. New downtown buildings often dominate a list: In 2018, it was No. 9. Walton, and in 2019, it was One Bennett Park. The St. Regis is not done delivering high-end product. As of Jan. 24, the developers have eight condos at prices of $8 million or more marked “contract pending,” and two others listed for sale. The other noteworthy new condo development downtown is the former Tribune Tower. Four of the top 50 sales were in that North Michigan Avenue building. Salm and Sheahan both said high-net-worth people see how much less they have to spend in Chicago than in coastal cities or wealthy enclaves like Jupiter Island or Aspen and consider it a good investment here. “You and I both know we’ve had crime issues and tax issues and pension issues,” Sheahan said, “but we still have a lot of high earners who make their living in Chicago and they’re not going anywhere. Chicago looks like a real value to them. “In Chicago, there is more value in the real estate space vs. many other high-cost cities,” Salm said.

JAMESON SOTHEBY’S INTERNATIONAL REALTY

n a year when home sales boomed at all prices, the upper end of the market boomed even more. Over the six years prior to 2021, an average of 52 homes sold each year in the Chicago area for $4 million or more. In 2021, there were 101. That includes all sales of mansions, penthouses and estates in the $4 million-and-up category in the six-county metropolitan area. It’s an aftereffect of the abundant money the stock market and other investments have been generating. “People with money have seen their investments go up, their portfolios grow,” said Tim Sheahan, the Compass agent who represented the buyers of the most expensive home of 2021, a Lincoln Park mansion that sold for $12.55 million in December. “That’s making the upper end of the real estate very hot,” not only in Chicago but in other cities, Sheahan said. A result of the big increase in sales shows up in Crain’s list of the year’s 50 highest-priced sales. Last year at this time, Crain’s published a 2020 list in which the lowest price was $3.9 million. On this year’s list, the bottom price is slightly more than a million dollars higher. Affluent people shifted back to buying in the city after shying away in 2020 in the wake of pandemic shutdowns and social unrest. In 2020, three of the 10 highest-priced sales of the year were in the city and seven were in the suburbs. Those figures reversed in 2021, to eight in the city and two in the suburbs. In all, 32 of the 50 highestpriced sales of the year were in the city, and of those, 23 were

ANGIE MCMONIGAL PHOTOGRAPHY

A sign of how vibrant it’s been at the upper end of the market: The lowest price on this year’s list is $1 million higher than last year’s lowest | BY DENNIS RODKIN

2/4/22 2:48 PM

CRAIN’S CHICAGO BUSINESS • FEBRUARY 7, 2022 13

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@PROPERTIES

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GOOGLE EARTH

NORTH BURLING, CHICAGO 60614 Purchase price: $12.6 million Square feet: 8,000 Price per square foot: $1,569 Bedrooms/bathrooms: 6 BR/7 BA Purchase date: Dec. 20 Buyer: Chicago Title Land Trust Sellers: Andrew and Sandy Killion Neighborhood: Lincoln Park

JAMESON SOTHEBY’S INTERNATIONAL REALTY

NORTH ORCHARD, CHICAGO 60614 Purchase price: $12.5 million Square feet: 8,229 Price per square foot: $1,519 Bedrooms/bathrooms: 5 BR/4.5 BA Purchase date: Feb. 5 Buyer: David Williams Seller: Jeffrey Applebaum Neighborhood: Lincoln Park

NORTH LAKE SHORE DRIVE, CHICAGO 60611

Purchase price: $11.3 million Square feet: 8,800 Price per square foot: $1,278 Bedrooms/bathrooms: 6 BR/7 BA Purchase date: June 24 Buyer: Chicago Title Land Trust Sellers: Bruce and Beth White Neighborhood: Streeterville

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2/4/22 2:48 PM

14 FEBRUARY 7, 2022 • CRAIN’S CHICAGO BUSINESS

CRAIN’S LIST 50 HIGHEST-PRICED HOME SALES OF 2021

The t

@PROPERTIES

JAMESON SOTHEBY’S INTERNATIONAL REALTY

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NORTH MICHIGAN, CHICAGO 60611 Purchase price: $8.1 million Square feet: 4,185 Price per square foot: $1,933 Bedrooms/bathrooms: 4 BR/4.5 BA Purchase date: June 29 Buyer: PLS Holdings LLC/Patrick and Linda Salvi Seller: Tribune Tower W Owner LLC (developers Golub Realty and CIM Group) Neighborhood: North Michigan Avenue

EAST WACKER, CHICAGO 60601 Purchase price: $8.4 million Square feet: 5,734 Price per square foot: $1,468 Bedrooms/bathrooms: 4 BR/4.5 BA Purchase date: Sept. 24 Buyer: Tony J Liu, trustee Seller: Parcel C LLC (developer Magellan) Neighborhood: Lakeshore East

LONGWOOD AVENUE, GLENCOE 60022 Purchase price: $8.7 million Square feet: Not available Price per square foot: Not available Bedrooms/bathrooms: 6 BR/9 BA Purchase date: Dec. 17 Buyer: Not available Seller: Chicago Title Land Trust

LAKEVIEW, CHICAGO 60614 Purchase price: $9.0 million Square feet: 8,000 Price per square foot: $1,125 Bedrooms/bathrooms: 5 BR/5.5 BA Purchase date: Jan. 14 Buyer: Chicago Title Land Trust Seller: Dan and Megan O’Keefe Neighborhood: Lincoln Park

SHERIDAN ROAD, KENILWORTH 60043 Purchase price: $9.5 million Square feet: 8,700 Price per square foot: $1,086 Bedrooms/bathrooms: 7 BR/8.5 BA Purchase date: Oct. 6 Buyer: Thackeray Lane LLC Seller: 233 Sheridan LLC (developer Heritage Luxury Builders)

NORTH HOWE, CHICAGO 60614 Purchase price: $9.5 million Square feet: 11,000 Price per square foot: $864 Bedrooms/bathrooms: 6 BR/7 BA Purchase date: Feb. 26 Buyer: Chicago Title Land Trust Seller: Chicago Title Land Trust Neighborhood: Lincoln Park

MAGELLAN REALTY

@PROPERTIES

LOCUST STREET, WINNETKA 60093 Purchase price: $8.0 million Square feet: 8,962 Price per square foot: $893 Bedrooms/bathrooms: 6 BR/6 BA Purchase date: Dec. 23 Buyer: Not available Seller: Paul and Meinhard St. John

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EAST WACKER, CHICAGO 60601 Purchase price: $8.0 million Square feet: 6,121 Price per square foot: $1,301 Bedrooms/bathrooms: 4 BR/4.5 BA Purchase date: Dec. 16 Buyer: Blake and Beth Horio Seller: Parcel C LLC (developer Magellan) Neighborhood: Lakeshore East

COLDWELL BANKER REALTY

@PROPERTIES

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EAST 8TH, HINSDALE 60521 Purchase price: $7.7 million Square feet: 17,581 Price per square foot: $437 Bedrooms/bathrooms: 5 BR/9 BA Purchase date: Jan. 13 Buyer: ATG Trust Seller: William and Mary Castellano

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CRAIN’S CHICAGO BUSINESS • FEBRUARY 7, 2022 15

$340.3 MILLION The total amount spent on the 50 homes on this list

@PROPERTIES

The most popular ZIP code on the list was 60614 (Lincoln Park) with 11 homes, including No. 21, above. The second most popular ZIP code was 60601 (Lakeshore East) with nine homes, all of which were in the St. Regis tower. Other ZIP codes in the city that made the list were 60611 (Streeterville/North Michigan Avenue) with seven, 60610 (Gold Coast) with six, and 60654 (River North) with one.

BAIRD & WARNER

NORTH BURLING, CHICAGO 60614 Purchase price: $7.5 million Square feet: 10,000 Price per square foot: $750 Bedrooms/bathrooms: 5 BR/7 BA Purchase date: March 31 Buyer: Chicago Title Land Trust Seller: Laurel and Eric Hansen Neighborhood: Lincoln Park

EAST WACKER, CHICAGO 60601 Purchase price: $7.0 million Square feet: 5,133 Price per square foot: $1,365 Bedrooms/bathrooms: 4 BR/5.5 BA Purchase date: Sept. 22 Buyer: Not available Seller: Parcel C LLC (developer Magellan) Neighborhood: Lakeshore East

ANGIE MCMONIGAL PHOTOGRAPHY

@PROPERTIES

JAMESON SOTHEBY’S INTERNATIONAL REALTY

WHERE THE HOMES ARE

EAST WACKER, CHICAGO 60601 Purchase price: $7.0 million Square feet: 4,985 Price per square foot: $1,398 Bedrooms/bathrooms: 4 BR/5.5 BA Purchase date: Sept. 7 Buyer: Not available Seller: Parcel C LLC (developer Magellan) Neighborhood: Lakeshore East

@PROPERTIES

EAST WACKER, CHICAGO 60601 Purchase price: $7.1 million Square feet: 5,261 Price per square foot: $1,349 Bedrooms/bathrooms: 4 BR/7.5 BA Purchase date: Oct. 29 Buyer: Adrian and Antoinette Golobic Seller: Parcel C LLC (developer Magellan) Neighborhood: Lakeshore East

2015 2016

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2018 2019 2020 2021

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WEST WALTON, CHICAGO 60610 Purchase price: $6.9 million Square feet: Not available Price per square foot: Not available Bedrooms/bathrooms: 3 BR/3.5 BA Purchase date: March 3 Buyer: Khalil Mack Seller: MBR Property & Mgmt LLC/Robert Breslow Neighborhood: Gold Coast

JAMESON SOTHEBY’S INTERNATIONAL REALTY

NUMBER OF SALES OF $4 MILLION OR MORE

PREMIER RELOCATION

COLDWELL BANKER REALTY

Two suburbs had four homes each: Glencoe (including No. 46, above) and Winnetka (No. 30 ). Other suburbs represented on the list were Lake Forest with three homes, Kenilworth and Hinsdale with two each, and Highland Park with one.

WEST HURON, CHICAGO 60654 Purchase price: $6.8 million Square feet: 10,360 Price per square foot: $654 Bedrooms/bathrooms: 7 BR/9.5 BA Purchase date: May 12 Buyer: Thomas R. Merkel Seller: Roger Charms Neighborhood: River North

2/4/22 2:48 PM

16 FEBRUARY 7, 2022 • CRAIN’S CHICAGO BUSINESS

CRAIN’S LIST 50 HIGHEST-PRICED HOME SALES OF 2021 Address

Purchase price (millions)

Square feet

Price per square foot

Bedrooms/ bathrooms

Purchase date

Buyer(s)

Seller(s)

Neighborhood

19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 38 40 41 42 43 44

WEST WALTON, CHICAGO 60610

$6.8

4,776

$1,413

4 BR/ 3.5 BA

7/13

Chicago Title Land Trust

Rafael and Rachel Santana

Gold Coast

EAST WACKER, CHICAGO 60601

$6.7

4,900

$1,363

4 BR/ 5.5 BA

7/16

Parcel C LLC (developer Magellan)

Lakeshore East

NORTH ORCHARD, CHICAGO 60614

$6.6

9,000

$733

8 BR/ 7.5 BA

10/15

David Scherer, Rose Lizarraga

Colin Gibson, Midwest Trust

Lincoln Park

EAST FIRST, HINSDALE 60521

$6.6

10,815

$606

5 BR/ 7 BA

5/19

Chicago Title Land Trust

Karin K and Dean Teglia

EAST WACKER, CHICAGO 60601

$6.5

5,208

$1,251

4 BR/ 5.5 BA

8/11

David and Rebecca Carlins

Parcel C LLC (developer Magellan)

Lakeshore East

NORTH SEDGWICK, CHICAGO 60614

$6.5

7,000

$929

6 BR/ 6.5 BA

10/14

Justun Volesko Trust, Steret N Sedgwick Trust

Morgan and Ann Carroll

Lincoln Park

EAST WACKER, CHICAGO 60601

$6.4

4,708

$1,353

4 BR/ 7.5 BA

11/8

Jordan Frecka

Parcel C LLC (developer Magellan)

Lakeshore East

EAST WACKER, CHICAGO 60601

$6.4

5,059

$1,258

3 BR/ 5.5 BA

5/3

Jose L. Prado, Rosa Acevedo

Parcel C LLC (developer Magellan)

Lakeshore East

NORTH KENMORE, CHICAGO 60614

$6.3

9,400

$670

4 BR/ 8 BA

3/24

Ryan and Beth Satterfield

Peter Bernick

Lincoln Park

NORTH GREEN BAY, LAKE FOREST 60045

$6.2

9,167

$676

6 BR/ 9.5 BA

6/15

Chicago Title Land Trust

Marshall Field V and Jamee Field

NORTH MICHIGAN, CHICAGO 60611

$6.0

3 BR/ 3.5 BA

9/28

Chicago Title Land Trust

Tribune Tower W Owner LLC (developers Golub Realty and CIM Group)

PRIVATE ROAD, WINNETKA 60093

$6.0

9,600

$625

7 BR/ 8.5 BA

7/7

Chicago Title Land Trust

Bradley and Lizabel Young

CRESCENT, HIGHLAND PARK 60035

$6.0

10,147

$591

7 BR/ 10.5 BA

12/27

Lorry Lichtenstein

EAST GRAND AVENUE, CHICAGO 60611

$6.0

4,798

$1,251

3 BR/ 3.5 BA

8/4

KDSM LLC

Developer RMW Streeterville LLC

NORTH GREEN BAY, LAKE FOREST 60045

$5.9

11,986

$492

7 BR/ 9 BA

8/24

ATG Trust

NORTH LINCOLN PK W, CHICAGO 60614

$5.8

6,031

$962

5 BR/ 4.5 BA

9/14

2120 Nlpw LLC

Stuart Kipnes

Lincoln Park

NORTH MICHIGAN, CHICAGO 60611

$5.8

Reserve Investments LLC

Tribune Tower W owner LLC (developers Golub Realty and CIM Group)

North Michigan Avenue

WEST WALTON, CHICAGO 60610

$5.7

4,278

$1,338

4 BR/ 4.5 BA

6/7

Chicago Title Land Trust

Ashley and Jennifer Keller

Gold Coast

WEST WALTON, CHICAGO 60610

$5.5

4,065

$1,359

3 BR/ 4 BA

11/18

Matthew and Cassandra Lawton

Gold Coast

SURFSIDE PLACE, GLENCOE 60022

$5.5

5,481

$1,003

5 BR/ 3.5 BA

Gwenn Knapp

WHITEBRIDGE HILL, WINNETKA 60093

$5.5

6 BR/ 8 BA

8/30

Yong Chin Park

Whitney O’Neill

NORTH CLIFTON, CHICAGO 60614

$5.4

7,790

$690

6 BR/ 6 BA

3/29

Chicago Title Land Trust

Chicago TItle Land Trust

EAST ONWENTSIA, LAKE FOREST 60045

$5.4

10,687

$501

8 BR/ 9 BA

6/1

Chicago Title Land Trust

Jeffrey Gannon

LAKESIDE TERRACE, GLENCOE 60022

$5.3

4,020

$1,326

6 BR/ 4 BA

8/5

Mathew Baden

Jason and Janice Alwin

NORTH LAKEVIEW, CHICAGO 60614

$5.3

5 BR/ 5 BA

6/23

Lincoln Park

NORTH MICHIGAN, CHICAGO 60611

$5.1

John and Alisa Hoyden

Tribune Tower W Owner LLC (developers Golub Realty and CIM Group)

North Michigan Avenue

45 46 47 47 49 50

NORTH CLARK, CHICAGO 60610

$5.1

4 BR/ 3.5 BA

10/25

1550 N Clark Owner LLC (developer)

Near North

SHERIDAN ROAD, GLENCOE 60022

$5.1

11,000

$461

5 BR/ 7 BA

10/22

Edward H. Sargent, Shana Olwyn Kelley

Cloud 9 LLC

DEWINDT, WINNETKA 60093

$5.0

7 BR/ 8.5 BA

9/8

Matthew Dillig

Thomas Formolo and Stephanie Andersen-Formolo

ESSEX ROAD, KENILWORTH 60043

$5.0

10,685

$468

6 BR/ 7 BA

5/10

Brittany A. Smith Trust, John A. Gottschall Trust

Gerald and Sharron Putnam, Tibor Real Estate Holdings

EAST WALTON, CHICAGO 60611

$5.0

4,000

$1,238

3 BR/ 3.5 BA

6/23

Wray Philip and Nicole Gouvela Wilmington

Charles Harris

NORTH STATE PARKWAY, CHICAGO 60610

$4.9

5,913

$836

5 BR/ 5.5 BA

6/30

Kerim and Britt Taner

Michael B. Mikhail

North Michigan Avenue

Streeterville

Lincoln Park

Gold Coast

Ranked by purchase price. Includes homes sold in Cook, DeKalb, DuPage, Grundy, Kane, Kendall, Lake, McHenry and Will counties and reported in real estate listings or public records by Jan. 31, 2022. Purchase price is rounded to the nearest thousand; only those homes that share a ranking number have identical full prices. NA: Not available.

Researched by Dennis Rodkin and Sophie Rodgers

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2/4/22 2:48 PM

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A new session of Crain’s Academy for strategic leaders in DEI practices, with our partners at Pivot One-Eighty

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18 FEBRUARY 7, 2022 • CRAIN’S CHICAGO BUSINESS

PEOPLE ON THE MOVE

Advertising Section To place your listing, visit www.chicagobusiness.com/peoplemoves or, for more information, contact Debora Stein at 917.226.5470 / dstein@crain.com

ACCOUNTING

ACCOUNTING / CONSULTING

BANKING

EDUCATION

HEALTH CARE

ORBA, Chicago

Wipfli LLP, Lincolnshire

First Bank Chicago, Northbrook

Bennett Day School, Chicago

ORBA, one of Chicago’s largest public accounting firms, welcomes Yolanda Calderon and Alex Isdell, CPA, MAcc. Yolanda Calderon joins the Cloud CFO Services Calderon Group. She prepares individual and corporate tax returns, maintains bookkeeping and accounting records, and reviews monthly financial statement reports. Alex Isdell joins the firm’s Tax Group. She works with family businesses, Isdell professional services firms, high-net-worth individuals and real estate clients to provide tax planning and compliance services.

Wipfli LLP is proud to announce that Matthew Kleinow is joining the firm as a partner with nearly 20 years of tax and consulting experience in public accounting. Prior to Wipfli, Matt gained extensive experience at a Big Four accounting firm providing state, federal, and international tax compliance and consulting services to publicly and privately owned companies. Matt will continue providing these services to closely held businesses, focusing on complex federal and international tax matters.

First Bank Chicago, a Division of First Bank of Highland Park, is proud to announce Nancy Rollin Boshes has been promoted to Senior Vice President, Director Private Banking Group. She will manage a team of expert banking advisors in our Private Banking Group while supporting our expansion strategy. Nancy and her team will be responsible for enhancing relationships and developing banking solutions for clients and prospects throughout the Chicagoland market. Nancy joined our team in 2018.

Bennett Day School has appointed Jackie Miller as Principal, Chief Academic Officer. Prior to this, Jackie served as the Director of Intermediate School at Bennett for two years. Jackie now oversees the school’s operations and programming, partnering with faculty and outside resources to deliver an innovative PreK-12 program where students learn by doing. She brings more than a decade of experience in education to the role, previously serving as an administrator at Frances Xavier Warde School.

Access Community Health Network, Chicago

ACCOUNTING / CONSULTING

ACCOUNTING / CONSULTING PKF Mueller, Elgin PKF Mueller, a Certified Public Accounting firm, announces that Jeffrey A. Delheimer, CPA, has been appointed President of PKF Mueller, effective 1/1/22. Delheimer has Delheimer held several positions and leadership roles, including Partner throughout his 25-year tenure. Most recently, he was President of the Firm’s wealth management firm. As President of PKF Mueller, he will manage the company’s Nissen daily operations, talent development, and lead the implementation of strategic initiatives. David J. Nissen, CPA/ABV, CVA, the Firm’s past CEO/President, will continue as CEO and will be responsible for developing the Firm’s short and long-term strategic direction, developing the company’s vision and mission, and spearheading the Firm’s continued growth.

EDUCATION

Wipfli LLP, Naperville

CONSTRUCTION

Loyola University, Chicago

Wipfli LLP is proud to announce that Tony Magnafici has joined the firm as a partner in our construction and real estate practice, focusing on attest and accounting services. He works with owners and management to improve internal controls and business operations, utilizing his experience auditing multiple billion-dollar general contractors in the Chicagoland area. Tony has expertise in planning and coordinating audits with complex corporate structures and multiple entity consolidations.

BIG Construction, Chicago

Loyola University Chicago has named Michèle Alexandre, JD Dean of the School of Law, effective July 15, 2022. A recipient of Fulbright and Watson fellowships, Alexandre has devoted her career to civil rights law, sustainability, economic independence, gender equity, and social justice. She received her BA, summa cum laude, from Colgate University and her JD from Harvard Law School. Prior to joining Loyola, she served as Dean and Professor of Law at Stetson University College of Law.

BIG Construction is celebrating the promotion of Kevin Chua to Project Executive. As one of BIG’s first team members, Kevin has managed foundational projects for BIG, including headquarters for GrubHub, Home Chef, CareerBuilder, and Numerator, playing an integral role in the company’s success. With his operations background through project management, Kevin has taken on a leadership role with BIG’s Preconstruction Team as well as furthering the company’s growth.

ARCHITECTURE / DESIGN Lamar Johnson Collaborative, Chicago Lamar Johnson Collaborative welcomes Jim Jobes, AIA as Senior Principal. In this role, Jim will help drive studio development in the aviation / aerospace and industrial / advanced manufacturing market sectors. For over 25 years, Jim has managed global teams and large-scale design and construction projects for Fortune 500s such as Southwest Airlines, Amazon Air and John Deere, in addition to establishing new offices for strategic growth. He holds an M.Arch from the University of Oregon.

ARCHITECTURE / DESIGN

Access Community Health Network (ACCESS) is pleased to announce that Jason Hutton has joined the senior leadership team as Vice President of Human Resources. Jason offers expertise in driving strategy for employee recruitment and retention, training and development, performance management, and compensation practices. As ACCESS continues to strengthen its workforce, his focus will be on placing people in the right careers to be successful while fulfilling ACCESS’ mission.

CONSTRUCTION Leopardo Companies, Chicago Jose Bedolla joins Leopardo as national director of strategic accounts. He will lead in expanding Leopardo’s national presence, which currently spans more than 30 states and features a massive network of subcontractors. With 15 years of experience in commercial real estate, Jose has the expertise to service all types of markets from office to life sciences. Jose is a member of the Urban Land Institute and serves on the board of directors for the West Central Association – Chamber of Commerce.

ENERGY Invenergy, Chicago

INSURANCE

Invenergy has appointed Andy Knapp as Executive Vice President, Public Affairs where he will lead communications, government affairs, and marketing activities. Knapp joins Invenergy from the Energy Workforce and Technology Council where he led the organization’s ESG, energy transition and technology programs. A seasoned energy industry professional, Knapp previously held positions at BP and Exxon Mobil managing numerous assignments with a range of domestic and international responsibilities. “Andy’s senior-level experience in business and government brings an important strategic perspective to the Invenergy team and our partners.” said Jim Murphy, President and Corporate Business Leader at Invenergy.

OMSNIC, Schaumburg OMS National Insurance Company (OMSNIC) is pleased to announce the appointment of Matthew Nielsen, JD, CPCU, as the new President & Chief Executive Officer. Matt joined the company in 2015 and his extensive legal, claims, reinsurance and underwriting expertise has resulted in significant operational improvements. His data and analytics focused vision will further enhance operations and benefit policyholders. The OMSNIC Board is confident Matt will do an outstanding job as the next President/CEO.

FGM Architects, Chicago Elizabeth Wojtowicz, SPHR, SHRM-SCP has joined FGM Architects as Chief People Officer. Ms. Wojtowicz will manage FGMA’s HR infrastructure including benefits/ compensation; recruitment/retention; staff development; and strategies to strengthen diversity, equity and inclusion. Her overarching goal is creating exceptional employee experiences. Most recently, Ms. Wojtowicz was Senior HR Director at Quorum Software. She received her B.S. degree in HR Management from Central Michigan University.

P018_CCB_20220207_v1.indd 1

ENGINEERING

AUTOMOTIVE Vehicle Acquisition Network, Chicago Mark Curcio was named Chief Operating Officer of Vehicle Acquisition Network, a leading software provider to automotive dealerships. Mark brings over 25 years of experience in operations, sales and coaching to the position. He joined Vehicle Acquisition Network in 2016 as Director of Training and was promoted to Director of Operations, overseeing daily operations in 2018. In his new role, Mark will be working closely with the executive team implementing strategies for growth.

TranSystems, Chicago CONSULTING Salo, Minneapolis / Chicago Salo has named Kaleen Robinson as chief talent officer (CTO) to lead Salo’s talent team effective Jan. 3, 2022. Robinson has a strong skillset in development and implementation of workforce strategies used to drive company growth. She has expertise in creating annual formal review processes and has led large performing HR teams in North America, India and Poland.

TranSystems is pleased to announce Brian Fairwood as Central Region Senior Vice President overseeing sales and operations for eight offices across five states in the Central Region. Fairwood has more than 28 years of experience with planning reports, contract plan preparation, and coordination for municipal projects. He’s held multiple roles within the company leading sales and operations for our Chicago offices and serving as a Principal-in-Charge on numerous projects.

INSURANCE BROKERAGE Lockton, Chicago Lockton has named Andy Conti as Senior Vice President, Complex Casualty. In his new role, Conti will focus primarily on complex casualty insurance for the Midwest, while also assisting in organic growth – present, onboard, service for large domestic casualty and complex global risks. Motivated by high performing teams, Conti is excited to join and foster a highly collaborative learning environment and help recruit the bestin-class talent that will elevate clients’ risk strategy and execution.

2/2/22 9:56 AM

CRAIN’S CHICAGO BUSINESS • FEBRUARY 7, 2022 19 INTERIOR DESIGN

LAW

MARKETING

NON-PROFIT

PUBLIC AFFAIRS

Morgante Wilson Architects, Evanston

King & Spalding, Chicago

Bader Rutter, Chicago

Opportunity International, Chicago

Culloton + Bauer Luce, Chicago

Morgante Wilson Architects proudly announces the promotion of Siobhan Barrett to associate of architecture. Barrett will continue to oversee residential design projects, and take on new responsibilities managing commercial projects. Barrett joined the firm in 2016 as project manager after receiving a Master of Architecture and Bachelor of Science in architecture from the University of Illinois Chicago. She is active in Chicago Women in Architecture as well as the UIC Alumni Association.

Tom Ahlering has joined King & Spalding’s Chicago office as a partner in the firm’s Global Human Capital & Compliance practice. Tom advises and represents clients internationally on a wide range of complex privacy, employment, and consumer issues, including developing multi-jurisdictional transactional and compliance related strategies, representing clients in class action litigation, and advising clients relating to corporate transactions.

Bader Rutter, full-service advertising and marketing agency with offices in Milwaukee and Chicago, is pleased to congratulate David Jordan, former chief growth officer, and Tom Posta, former chief Jordan client officer, on their promotions to president. With over 25 years in the industry and 15 years at Bader Rutter, David is responsible for leading strategic business expansion. With a 26-year legacy at Posta Bader Rutter, Tom will focus on ensuring the agency has the strongest infrastructure for future growth. This move to co-presidents aligns with the agency’s emphasis on modern, shared leadership and succession planning to cement future success and best serve the needs of employees and clients.

Opportunity International, a global leader in providing financial services to lift people out of poverty, welcomes Michael Chitwood as Chief Philanthropy Officer. Chitwood, former Executive Director of Church and Ministry Partnerships for World Vision, is recognized for inspiring individuals and organizations to act in the fight against global poverty. Chitwood holds a master’s degree in social work from the University of Illinois, and he is a published author and marathon runner.

Culloton + Bauer Luce, a boutique public affairs and crisis communications firm, welcomes Courtney Avery as senior consultant. Avery brings nearly two decades of leadership with the Illinois Health Facilities and Services Review Board where she managed the approval and oversight of $3 billion in health care infrastructure and capital improvement projects. In her new role, she will advise the firm’s growing health care practice and help clients develop winning public affairs campaigns.

LAW King & Spalding, Chicago LAW Franczek P.C., Chicago Franczek P.C. is pleased to announce that Jason Patterson has been made partner. Jason advises employers on all aspects of employment law including workplace discrimination, health and safety, wage and hour, whistleblowing, employee handbooks, termination, and disciplinary action. Jason also counsels employers in traditional labor matters including collective-bargaining, union organizing campaigns, grievance arbitration, and matters before federal and state labor boards.

Jennifer Neilsson has joined King & Spalding’s Chicago office as a partner in the firm’s Global Human Capital & Compliance practice. Jennifer assists both managers and investors with investment-related issues that arise for employee benefits plans subject to ERISA Title I. Specifically, she focuses on ERISA issues that arise in connection with the structuring and operation of private funds, investor negotiations in connection with fund raising activities, and ongoing compliance.

Chicago’s Children’s Museum, Chicago

LAW King & Spalding, Chicago

LAW Ice Miller LLP, Chicago Jason Lundy has joined Ice Miller LLP as a partner in the firm’s Chicago office. He joins Ice Miller from Polsinelli, bringing a wealth of experience representing long-term care, skilled nursing facilities, assisted living establishments, continuing care retirement communities, residences for adults and children with developmental disabilities, and senior housing companies.

LAW Patterson Law Firm, Chicago Patterson Law Firm, LLC, a business litigation firm, has elevated David L. Sanders to Member of the firm, from Senior Associate. David represents clients in business lawsuits, including professional malpractice, insurance coverage, shareholder disputes, and cryptocurrency cases. He has experience litigating a variety of cases on behalf of businesses and individuals, both at the trial and appellate level. David is licensed to practice in Washington State and Illinois.

P019_CCB_20220207_v1.indd 1

NON-PROFIT

Lazar Raynal has joined King & Spalding’s Chicago office as a partner in the firm’s Trial and Global Disputes practice. Lazar counsels clients on a wide array of fiduciary and complex commercial litigation, including patent cases, fiduciary disputes, breach of contract, fraud, long-term supply agreements, challenged business practices and management of litigation across U.S. and non-U.S. jurisdictions. He also has led internal investigations for clients and tried a variety of criminal cases.

LAW

The Board of Directors of Chicago Children’s Museum has named William J. Kelley, Jr. and Jennifer Vachon as chair and vice chair, respectively. Their terms Kelley will begin on July 1. William J. Kelley Jr. (Bill) is Executive Vice President and CFO of TreeHouse Foods, Inc. A food industry veteran, he has held leadership positions at TreeHouse, The Kraft Heinz Company, Hillshire Vachon Brands, PepsiAmericas, and Cargill. Bill also sits on the Board of Directors of Thor Industries, Inc. Jennifer Vachon is Executive Vice President at the Blue Cross Blue Shield Association, and has overall accountability for a wide range of strategic functions, covering more than 5.4 million members. Jennifer is also a board member of the Greater Chicago Food Depository.

King & Spalding, Chicago Pete Wozniak has joined King & Spalding’s Chicago office as a partner in the firm’s Global Human Capital & Compliance practice. Pete focuses his practice on defending complex workplace class and collective actions across the country. He defends employers in a variety of wage and hour class and collective actions and single plaintiff litigation, complex employment discrimination class actions and single plaintiff litigation, and multi-plaintiff Equal Employment Opportunity Commission litigation.

To order frames or plaques of profiles contact Lauren Melesio at lmelesio@crain.com or 212-210-0707

NON-PROFIT USO, Chicago USO is proud to announce Don Cooke of McCormick Foundation has been appointed as the 2022 USO Midwest Region Board Chair. Don has vast experience in the non-profit world and has a dedicated history of advocating for military and veterans’ issues. He has been instrumental in bringing philanthropic growth to the USO over the last several years. USO is a non-profit organization whose mission is to keep service members connected to family, home and country throughout their service to the nation.

REAL ESTATE Newcastle Limited, Chicago Newcastle Limited promoted Steve Merchant to Chief Operating Officer. As COO, his responsibilities will expand to all operations for Newcastle’s multifamily and retail portfolios. Merchant joined Newcastle in 2020 as Managing Director of Multifamily Operations. Under his leadership, apartment operations increased occupancy and revenue, and improved its operational efficiency. In his new role, he will also drive profitability for retail and mixed-use assets and develop operational leadership.

NON-PROFIT USO, Chicago USO is excited to welcome Jill Sullivan as the Senior Development and Board Relations Officer in the Midwest Region. Jill brings over 15 years of multi-disciplinary focus on strategy, marketing, business development, communications and collaborative relationship building in both non-profit and corporate arenas, locally and globally. USO is a non-profit organization whose mission is to keep service members connected to family, home and country throughout their service to the nation.

REAL ESTATE Renovo Financial, Chicago Renovo Financial, a real estate investment lender, has appointed Marina Bokserman as Chief Human Resources Officer. Marina brings expertise, energy, and knowledge with over 16 years of HR experience within financial services industry. “What’s exciting about this opportunity for Marina and Renovo, is our mutual passion for a thriving inclusive culture, entrepreneurial mindset, growth, customer service, and empowering all to achieve their fullest potential!” said Kevin Werner, Founder and CEO.

PROFESSIONAL SERVICES NON-PROFIT

Mercer, Pittsburgh / Chicago

Embarc, Chicago

Sylvia Diez has joined Mercer as its new Central Wealth Business Leader in Pittsburgh. Ms. Diez has more than 20 years of institutional investment and retirement plan experience. Most recently, she was an Executive Vice President and Regional Managing Director at PNC, where she led PNC’s Institutional Asset Management groups in the Midwest and West regions. Her responsibilities at Mercer include building brand and market awareness, driving revenue growth and providing strategic direction.

Lynn Jerath, President and Founder of Citrine Investment Group, has been elected Chair of Embarc’s Board of Directors. Lynn joined Embarc in 2019, and is committed to helping Embarc dissolve barriers in Chicago’s education system so equitable learning is accessible to all students. Citrine Investment Group is an institutional quality real estate private equity platform that harnesses its decades-long relationships to create compelling investment opportunities and empower and elevate communities.

WEALTH MANAGEMENT BMO Wealth Management, Naperville BMO Wealth Management welcomes Don Degen, CFP ® as Director, Private Wealth Advisor in Naperville. In his role, Don serves as a lead advisor and relationship manager to high-net-worth individuals, families and organizations, including closely-held and family-owned businesses. He works with clients to gain a complete understanding of their lifestyle, career, philanthropic and wealth planning goals. Don has over 17 years of experience in the financial services industry.

2/2/22 9:56 AM

20 FEBRUARY 7, 2022 • CRAIN’S CHICAGO BUSINESS

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Office owners facing pain as leases expire OFFICES from Page 1 Building and the office portion of 208 S. LaSalle St., while landlords at 300 W. Adams St. and 65 E. Wacker Place simply handed their property deeds to their lenders late last year rather than face a legal battle over their loans. Now, more owners are beginning to stare down the prospect of handing over the keys or facing foreclosure if demand for offices doesn’t pick up in a big way, and quickly. At least a half-dozen prominent downtown office properties aren’t generating enough net cash flow to cover their debt payments, and many others are now much closer to that distinction than they were two years ago, according to a Crain’s analysis of Chicago office building loans that were repackaged and sold as bonds. While most of those owners are still paying their mortgages and hoping demand will stabilize soon, some will likely have to plow big money into updating their properties or dole out generous concessions to get leases done—a daunting investment while companies’ appetite for office space remains uncertain. It’s good news for those hunting for workspace, with some financially stressed landlords dangling bargains. But it’s also a signal that broader financial carnage is approaching for local office landlords, as is a massive reset of downtown property values. “The big question is, ‘Is the pool of tenants getting bigger or smaller?’ “ says Bart Johnson, who runs the commercial real estate group at Rosemont-based lender Wintrust Financial. “It is definitely a cycle, and we’re not at the bottom yet.”

REPERCUSSIONS

Some landlords have reason to believe the worst is behind them. But offices, which are typically the last commercial real estate sector to feel the financial strain of a downturn because of their long-term leases, are finally starting to see COVID repercussions. Driven primarily by office properties, the national delinquency rate on loans that were packaged and sold off to commercial mortgage-backed securities investors rose in December for the first time in 18 months, according to data from Trepp, a New Yorkbased research and consulting firm. Chicago played a key role in the recent jump, Trepp data shows, with the owners of buildings at 135 S. LaSalle St., 175 W. Jackson Blvd. and 181 W. Madison St.—whose loans total more than $600 million combined—missing mortgage payments. The Madison Street property is caught up in the recent Chapter 11 bankruptcy filing of its owner, Chinese conglomerate HNA Group, which did not respond

COSTAR GROUP

CLASSIFIEDS

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Net cash flow at 79 W. Monroe St. recently has been well short of its debt service. to a request for comment. New York-based AmTrust Realty and Toronto-based Brookfield Properties, which own the LaSalle Street and Jackson Boulevard properties, respectively, both said in recent statements or messages to local brokers that their defaults were intentional to begin negotiations about restructuring their loans. A source familiar with AmTrust’s strategy, however, told Crain’s in December that the firm will most likely surrender the property through a deed-in-lieu of foreclosure. A snapshot of Chicago office properties with CMBS loans— which makes their financials publicly available—reveals more pandemic pain, especially among older buildings. After recently losing one of its largest tenants, the vintage 10-story building at 216 W. Jackson Blvd. generated about $467,000 in net cash flow during the first nine months of 2021, or about 60% of what the owner, a venture of Chicago-based Marc Realty, owed in debt service on its $16.5 million loan tied to the building, Bloomberg data shows. In 2019, net cash flow was nearly double the debt service. Marc Realty didn’t respond to a request for comment. In another case, the net cash flow generated by the 23-story building at 200 W. Monroe St. during the first nine months of last year was just 73% of what the owner, a venture of Florida-based real estate firm Accesso, owed in debt payments during that period. Accesso did not respond to a request for comment. Some buildings are still in the black, but with thin margins. The $7.4 million of net cash flow generated during the first nine months of 2021 by the 44-story tower at 333 S. Wabash Ave. was higher than the $6.4 million in mortgage payments owed by its owner, a joint venture led by New Yorkbased investor Shvo. But when Shvo took out the loan in 2020, the property was forecast to generate almost three times as much cash flow as debt service, according to loan documents. One likely factor was a series of concessions handed out to tenants in 2021, according to Bloomberg loan data. A statement from Shvo CEO Michael Shvo noted that the Wabash building—the former CNA Center,

known for its bright red facade—is more than 90% occupied and that the company expects its financial performance to improve. “We have never been more confident in Big Red as the premier office asset in Chicago.”

DECLINES

At Illinois Center, the 2.1 million-square-foot complex in the East Loop, third-quarter revenue dropped by $2.5 million from the same period in 2020, according to data tied to owner AmTrust Realty’s $260 million loan on the property. Net cash flow during the first nine months of 2021 cleared AmTrust’s debt service total by $1.2 million, down from $11.9 million in 2019. To try to stop the bleeding, the real estate firm is planning to give Illinois Center a face-lift as part of a $100 million plan to renovate a handful of its downtown Chicago office buildings. “As the country begins to emerge from the pandemic, we have complete confidence in the return of the Chicago office market, and are particularly bullish on best-in-class properties such as Illinois Center,” AmTrust President Jonathan Bennett says. Pandemic-weakened demand for offices in the Loop spurred a strategic shift for Chicago developer R2, which paid about $25 million in 2018 for the leasehold interest in a 14-story building at 79 W. Monroe St. After a renovation helped it land a big new tenant, R2 refinanced the building just before the pandemic with a $27 million CMBS loan. But the soft market has likely eroded the building’s market value. With 34% of the building vacant, net cash flow was just under $1.1 million in the 12 months ended Sept. 30, well short of its $1.4 million in debt service for that period, according to Bloomberg. With the mortgage maturing in early March, R2 plans to split up the retail, office and upper floors of the property, selling the first two and potentially redeveloping the upper floors as apartments to pay off the debt and try to generate a profit. “We aren’t going to sit around idly,” said R2 Managing Principal Matt Garrison, whose firm is best known locally for redeveloping properties on Goose Island. “We innovate, pivot and maximize value.”

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CRAIN’S CHICAGO BUSINESS • FEBRUARY 7, 2022 21

CRIME from Page 1 scene of the shooting. “I get asked (by potential hires): ‘I don’t have to live in Chicago, do I?’ It wasn’t a question before. It is now.” Rupp’s concerns, which are shared by others in the industry, confirm that violence has joined money and talent as the biggest challenges facing Chicago tech companies. Fear of crime is making it harder to recruit and retain workers, threatening Chicago’s hopes of becoming a hub for high tech and the well-paying jobs that come with it. The day after the Sept. 29 shooting, an out-of-town tech company walked away from plans to lease an office in Fulton Market, says a broker involved in the project. “Their biggest concern was the violence, and then it played out right in front of them,” says the broker, who spoke on condition of anonymity and declined to name the company.

NOT IMMUNE

Fulton Market, the city’s hottest new business destination, still bustles with new development. But after two years of COVID-19 dislocation, executives reconsidering their post-pandemic office requirements realize that no neighborhood is immune to rising violence across the city. Chicago had 836 murders last year, the most since 1994, according to the Cook County Medical Examiner. Shootings rose 9%, topping 3,500 for the second time in five years. Carjackings soared 30% to 1,836, three times the total in 2019 and the most in two decades. “(The violence) is a bad look that impacts hiring,” says Jett McCandless, CEO of Project 44, a fast-growing logistics-software maker that

employs 1,100 globally and 280 at its River North headquarters. McCandless, who owns a condo in Fulton Market, says several candidates for senior-level jobs have balked at moving to the city because of crime, accepting offers only when the company agreed to let them work remotely. A spokeswoman for Chicago Mayor Lori Lightfoot acknowledges the rise in crime, and says the city is working with companies “to ensure Chicago is a safe place to work and live for everyone.” She adds that “public safety is Mayor Lightfoot’s No. 1 priority, and the mayor’s office and World Business Chicago are in constant contact with both current and potential future employers about what steps the city is taking to address the national trend in violent crime.” Once relegated to whispers among CEOs, local business leaders’ concerns about violent crime spilled out into public view less than a week after the Milwaukee Avenue incident, when billionaire Ken Griffin compared the city to Afghanistan. The founder of Citadel, one of the world’s biggest hedge funds and a significant tech employer, said crime could cause him to move his headquarters, and noted that he’s been hiring more people in New York and Florida than Chicago. A reputation for violence has dogged Chicago since the days of Al Capone. Until recently, real estate brokers and city officials wooing corporations were able to downplay the threat to office workers. When Chicago was pursuing Amazon’s second headquarters five years ago, the city’s pitch team presented charts and heat maps showing that carjackings, shootings and homicides happened mostly in areas where its employees were unlikely to live or work.

NEWSCOM

Chicago’s violent crime poses a recruiting challenge to its technology sector

‘A BAD LOOK’

VIOLENCE ON THE RISE

Chicago is smaller than New York and Los Angeles but had more murders last year.

Tracking Chicago’s violent crimes: homicides, shootings and carjackings.

2021 homicides

Homicides

Shootings 3,258

Los Angeles

3,561

Carjackings

397 New York

2,146

485

1,836 1,416

Chicago 836 Sources: Cook County Medical Examiner and news reports

533 2019

Chicago can’t offer such assurances anymore. Steven Galanis, CEO of Cameo, an e-commerce company that has been operating remotely throughout the coronavirus pandemic, recently brought about 70 workers back to an office in the Merchandise Mart for a few weeks. “The first night we were there, a couple employees witnessed someone getting mugged under the el on Wells Street,” he says. Even more alarming was a shooting of two people next door to the River North condo that he’s

803

836

2020

2021

603 2019

2020

2021

2019

2020

2021

Sources: Chicago Police Dept., Cook County Medical Examiner, Chicago Civic Federation

owned for 11 years. “These things didn’t happen before. Now they’re happening,” says Galanis, who spoke out about the crime issue on Twitter.

DEPARTURES

Galanis, who moved to Miami during the pandemic, says more than a dozen Chicago employees also have moved out of town. “It may have started with CEOs and investors leaving, but now it’s rank-and-file employees, which

you didn’t see (in 2020). It’s gotten worse, especially in the last six months.” The five-year-old company employs roughly 400, about 350 of whom were hired in the past 18 months. Headcount in Chicago increased by 20 or 30. “We hired a lot of people in Chicago, but we had a lot of people who left,” he says. “Some great people are leaving, and it seems harder to attract people to Chicago than ever before.”

Allstate is aggressively raising auto insurance rates nationwide as growth slows price increases. But auto insurance is different than most products. For one thing, car owners for Wall Street. The reason is simple: Investors are required by law to have it. are less concerned about last year Northbrook-based Allstate effecthan what’s happening in 2022. tively is betting that most customThey liked the message from CEO ers won’t make the time and effort Tom Wilson: We’re raising auto in- to seek out cheaper alternatives. The primary reason car insurance rates everywhere and doing it aggressively. In fact, Allstate surers are seeing their margins was so intent on convincing Wall squeezed—and Allstate is far from Street how steely eyed it intends to the only one experiencing this—is be that it plans to update investors soaring prices for used cars and, to monthly on rate changes across a lesser degree, auto parts. Insurers promise policyholders they’ll the country. replace their cars they’re damaged ILLINOIS ALREADY IS A PRIME EXAMPLE. ifbeyond repair with something similar. ALLSTATE RAISED RATES BY 2.5% ON The inflated used-car AVERAGE IN OCTOBER AND THIS MONTH prices mean those claims’ payouts per IS JACKING THEM ANOTHER 12%. accident are significantly higher. In an earnings call with analysts Illinois customers will be some of the first to experience the stick- Feb. 3, Wilson faced no questions er shock as their policies renew, on how this relentless rate camwith Allstate hiking auto rates 12% paign might affect his “transforon average beginning this month. mative growth” strategy, meant That will mean about $200 more a to reverse years of market-share erosion to fast-growing rivals like year for the average policyholder. It’s not often that companies Geico and Progressive. But that shouldn’t have been sound the trumpets about sharp ALLSTATE from Page 3

P021_CCB_20220207.indd 21

too surprising. Allstate shareholders for years have prized the company’s industry-leading profitability over its ability to grow. First thing’s first. Regarding auto rate hikes, Glenn Shapiro, Allstate’s president of personal property and liability, told analysts, “We’re not stopping in the fourth quarter, and we did a little bit in the third quarter. We took about $800 million in rate increases between the two quarters, and we’ll continue to.” Illinois already is a prime example. Allstate raised rates by 2.5% on average in October and this month is jacking them another 12%. The numbers tell the story. Companywide, Allstate lost $300 million on auto insurance in the fourth quarter, nearly double the $159 million loss in the third. Overall, helped by a profitable homeowners’ insurance business and solid investment returns, the company posted $790 million in fourth-quarter net income. But that was down 70% from $2.6 billion the year before. The fourth quarter of 2020 was the peak of the COVID windfall, when auto insurers profited from the dramatic

decline in driving after commuting plummeted. In characteristic form when the industry suffers profit declines, Allstate is leading the rate-hike charge. Archrival State Farm, the largest auto insurer in the country, largely has kept intact the double-digit rate cuts it made during the worst of the pandemic. Geico and Progressive are hiking prices, but not as aggressively as Allstate.

STAGNATION

So what happens to growth? Unsurprisingly, it’s showing signs of slowing. Allstate brand auto policies were essentially flat from the third quarter to the fourth. National General Insurance, which Allstate acquired a little over a year ago to sell car insurance through independent agents to car owners with less-than-stellar driving records, grew its policies by 7%. Traditional Allstate agents, who sell auto policies priced higher than what customers pay when they buy online or over the phone, are struggling to generate new business. National General, which is one-sixth the size of Allstate’s branded auto business, brought in 504,000 new

policies in the fourth quarter, not far off from the 574,000 Allstate’s 10,000 agents generated, according to investor disclosures. Allstate’s customer retention remains at historically low levels as well. Its 2021 renewal ratio was 87%, down from 88.6% as recently as 2019. While Allstate is a major homeowners’ insurer and provides coverage for identity theft, consumer technology purchases and other personal lines, auto insurance still dominates. Auto premiums accounted for over two-thirds of total premiums last year. For now, investors are likely to fixate on boosting profitability and will overlook growth pressures. The question will be how Allstate is positioned against State Farm, Progressive and Geico after the dust settles over the course of this year. It’s far from just a braggingrights issue for Allstate. The lack of growth is the primary reason Allstate’s stock is valued so cheaply compared with Progressive. Allstate’s stock sells at a little over 1 times its book value; Progressive’s trades at well over 3 times.

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22 FEBRUARY 7, 2022 • CRAIN’S CHICAGO BUSINESS

PSYCHEDELICS from Page 3 Spravato, esketamine is tightly regulated by the FDA to require a specific strategy, used on patients with treatment-resistant depression, with little room for variation, said Dr. John Zajecka, a Rush University professor of psychiatry and director of the Woman’s Board Depression Treatment Research Center. Zajecka said the off-label, intravenous use of ketamine in clinics preceded the FDA-approved nasal spray. The prospects for psychedelic therapies, from ketamine to psilocybin to MDMA, the drug known as molly, drew Florida attorney and certified public accountant Dustin Robinson to investing in the cannabis industry. As co-founder of Iter Investments, with 15 companies in its portfolio, Robinson said he was struck by the psychedelic space’s reliance on science, including the prospect of FDA approval. Psychedelics “will grow by being available throughout the country and around the world, not through a patchwork of state laws like with marijuana.” In the meantime, for Wesana Health, ketamine is something of a means to an end. Wesana’s two area clinics, in Oak Brook and downtown Chicago, saw dramatic growth since being purchased

in September. The clinics logged a 40% increase in new patients and a 29% increase in new appointments between the third and fourth quarters of 2021, the company said in a statement. It has also announced plans to open a 3,100-square-foot clinic in Naperville in the coming months. The clinic will offer ketamine infusions; the nasal-spray form of ketamine, Spravato; plus insurancereimbursable services, such as general psychiatric care, individual psychotherapy, neurocognitive testing and addiction medicine, the company said in a statement. “These are not ketamine mills,” Carcillo said. “We do things correctly. I don’t even like to be called a psychedelic company.”

CREATING SUSTAINABLE CHANGE

At Field Trip Health’s Chicago location in River North, patients see a nurse practitioner and therapist, go through one or two prep sessions before ketamine sessions and see therapists afterward to help sustain positive behavior changes realized by the ketamine trip, said Matt Emmer, vice president of health care practice at Field Trip Health. “You can have illuminating sessions (with ketamine), but it is the therapy that helps create sustainable change,” he says. Field Trip Chicago, open for almost a year, has provided “sever-

al hundred sessions” to patients who have treatment-resistant depression, severe anxiety and often post-traumatic stress disorder, says Anya Ravitz, a Field Trip psychotherapist. “In the middle of a pandemic, with the general state of the world, trauma is just more attenuated. I’ve seen ketamine therapy be so helpful for almost all our clients. It moves people past that place of ‘stuckness’ and takes them beyond an ordinary state of consciousness. Talk therapy can take you there, too, but it takes a long time,” she said. Field Trip’s treatment is the ketamine-through-intramuscular-injection route. The company said in a statement that its doses are “significantly lower than what has been safely used in anesthesia for decades.” Zajecka said that, like the Spravato model, “what’s going to have to happen with these other treatments is there’s going to need to be guidance of what will be the standards of care. We need to stay focused on where the empirical evidence takes us.” Nevertheless, ketamine therapies—specifically, Spravato—have been “kind of groundbreaking, Zajecka said, and research into all these different compounds “has opened the door to many possibilities.” At Rush, Zajecka’s research is

WESANA

Psychedelics emerge as growing therapy trend

Daniel Carcillo, co-founder and CEO of Wesana Health. moving toward a study of Spravato being used in conjunction with cognitive behavioral therapy. He said he also plans to be involved in psilocybin studies in which the drug is used in a systematic way that involves clinicians monitoring the patient’s experiences and talking through the experience afterward. Beyond ketamine, Wesana is in the early phases of seeking FDA approval of its combination psilocybin and cannabidiol therapy drug candidate, SANA-013. The company will have a pre-Investigational New Drug meeting with the FDA on March 11 to discuss the proprietary protocol of SANA013 for the treatment of traumatic

brain injury-related major depressive disorder. Field Trip Health is developing psychedelic therapies, beginning with a psychedelic molecule, FT-104, informally known as Isoprocin Glutarate. “We designed FT-104 to provide a more convenient, practical and consistent experience, while retaining the characteristics of a classical serotonin psychedelic,” Joseph del Moral, Field Trip Health CEO, said in a statement. “These aspects are important therapeutic and commercial differentiators which may truly separate FT-104 from psilocybin for clinical operators and for patients seeking psychedelic psychotherapy.”

Solving Chicago Tech’s Racial Gap A Crain’s Webcast Thursday, Feb. 24, 2022 | 1:00 p.m. A recent report from economic development organization P33 shows racial disparities are linked to a shortage of Black and Latino computer science students graduating from Illinois colleges. P33 CEO Brad Henderson, Cleveland Avenue Investor Andrea Zopp and Techstars Managing Director Neal Sáles-Griffin will join Crain’s reporter Katherine Davis to discuss the gaps in tech workforce training, who will fill them and other avenues to pursue a career in technology.

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CRAIN’S CHICAGO BUSINESS • FEBRUARY 7, 2022 23

Modernist home on sale for first time since ‘79 Designed by architect Don Erickson with a high-flying ceiling like a tent, windows on all four sides of the primary bedroom and other inventive details, this house in Winnetka is priced at $1.75 million BY DENNIS RODKIN

hen modernist architect Don Erickson designed this Winnetka house in the late 1960s, he mustered all the exuberance of the era, with a ceiling that reaches high, big open spaces, and curves where they wouldn’t traditionally be, including the roofline and the conical copper cap above the fireplace. Erickson’s lively design choices run through the home, on Old Green Bay Road in Winnetka. There’s a brick outer wall that curves like a snake along one side of the property, brick floors whose pattern suggests an old-time cobblestone street, common square sidelights placed at an angle to become diamonds, and a primary bedroom that has windows on all four sides. “There are so many details to look at,” says Lou Zucaro, the Baird & Warner agent who will represent the home when it comes on the market Feb. 15. That will be the first time since 1979 that the home was up for sale. Mead and Ann Montgomery, who bought the house then, “have taken such good care of it,” Zucaro said. “It probably feels like when it was brand-new” a decade before the Montgomerys became the house’s third owners. The Montgomerys, who were not available to be interviewed for this story, are asking $1.75 million for the home, which includes five bedrooms and nearly 5,000 feet on the main floor, along with a finished basement. The home is on two-thirds of an acre.

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Our neighbors across the Chicago region deserve equitable opportunities for ssuccess, and we know how to make that possible. United Way of Metro Chicago works k with community groups to help them develop programs and initiatives to bring their visions to life. With your support, we can ensure individuals and families can meet their basic needs—like food, healthcare and housing—and work together to reverse the effects of disinvestment in our Black and Latinx communities.

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