Open/Close
Close

Real Estate

Better Development Happens with like-minded advisors

Real estate is a business endeavor, often serving as the cornerstone of your wealth and success. However, ownership of and investment in real property is wrought with potential pitfalls that can cost you time and money.

Our attorneys are more than your legal advisors. We are business advisors who happen to be real estate attorneys, combining a commercial and legal mindset for all your acquisition, operation, leasing, financing and development needs.

Seeing Past the Transaction

We work with you throughout the entire process of creating and maximizing the value of your real estate portfolio and deals—from developing the right real estate asset strategies to setting up organizational structures and joint ventures. The value we provide extends past your real estate transaction. We pursue deals with a business-first approach to provide the most efficient outcome for your business.

Read More

The Right Fit

We are a midsized firm with the depth of experience to handle complex, “big law” real estate deals. Our clients like this because their deals get done fast, they are served more cost- efficiently and they work directly with a principal at HMB.

We represent real estate developers, charitable institutions, tenants, landlords, brokers, institutional investors and property managers involved in a wide range of projects such as office buildings, public works, industrial parks, manufacturing sites, retail centers, affordable housing and multi-family residential buildings.

We’ve Been There Before

You need a team that has walked in your shoes. As former in-house counsel, investors and practitioners, we know what it takes to get your projects completed. Our team routinely works across the finance, tax, litigation and corporate matters that arise on sophisticated real estate deals. And we look to connect you to new deal opportunities whenever they present themselves.

Longer Notice Requirements for Residential Lease Renewals, Terminations and Rent IncreasesJuly 24, 2020

On July 22, 2020 the Chicago City Council passed the “Fair Notice” ordinance (the “Ordinance”) which requires longer notice periods for landlords who seek to terminate, not renew or increase rental rates for residential leases. Under the new Ordinance, a landlord must provide a tenant with prior written notification of its intent to terminate, not to renew, or increase rent…

Chicago City Council Passes New COVID-19 Residential Eviction "Moratorium" OrdinanceJune 23, 2020

On June 17, 2020, the Chicago City Council passed the “COVID-19 Eviction Protection Ordinance” (Ordinance O2020-3501), enacting a provisional moratorium on evictions based upon the failure to pay rent if the tenant has suffered any loss, reduction or delay in receipt of income or employment attributable to COVID-19 (a “COVID-19 Impact”).  Under the terms of the moratorium, a landlord pursuing…

Restrictions on Commercial EvictionsMay 5, 2020

Illinois Governor J.B. Pritzker’s Executive Order 2020-30 issued on April 23, 2020 in response to the COVID-19 pandemic offers relief to commercial tenants throughout the state by placing restrictions on evictions of commercial tenants. Following in the footsteps of New York and California, Gov. Pritzker banned state agencies from enforcing evictions of all non-residential premises unless “the tenant has been…

IRS Grants Extensions for Like-Kind (Section 1031) ExchangesApril 13, 2020

In Treasury Department Notice2020-23 (released April 9, 2020) and Internal Revenue Service update to Notice2020-18, the IRS provided additional relief for taxpayers amid the COVID-19 crisis by extending key deadlines for Like-Kind (Section 1031) Exchanges.  Specifically, the Notices extended some of the due dates related to the identification and final exchange periods.  These time periods are generally 45 days and 180…

A Warning: Cook County Assessor's Real Property Income and Expense (RPIE) LetterFebruary 26, 2020

The Cook County Assessor’s Office has recently begun mailing invitation letters to solicit participation in its Real Property Income and Expense (“RPIE”) system. The goal of the system is to collect extensive data to assess commercial properties in Cook County. It utilizes both an online portal and mailed forms for data collection. The Assessor will target properties used for the…

HMB Elevates Grant Hendricks, David Machemer and Tim Rybicki to PartnerJanuary 8, 2020

Chicago, IL December 12, 2019 HMB Legal Counsel, a preeminent provider of legal services in Business and Finance, State and Local Tax, Trusts and Estates, Bankruptcy, Reorganization and Creditors' Rights, Real Estate and Litigation announced that three associate attorneys were elevated to partner. Grant R. Hendricks Grant is a member of the firm's Private Client, Trusts and Estates Group. He…

New "Just Housing Ordinance" Changes Tenant Screening Procedures in Cook CountyDecember 10, 2019

Ordinance Prohibits Initial Inquiry of Tenant Criminal History On April 25, 2019, Cook County Commissioners approved an amendment to the Cook County Code, known as the “Just Housing Ordinance," that prohibits the denial of a tenant’s application or continuing occupancy of residential real property based on criminal convictions. Specifically, landlords may no longer inquire about, consider, or require disclosure of…

New Higher Majority Requirement for Condominium Deconversions in Chicago - Here's What You Need to KnowSeptember 20, 2019

Chicago Passes New Legislation Effective Immediately On September 18, 2019, the Chicago City Council unanimously passed a new ordinance that increases the percentage of owners required to approve the sale of a condominium building in the City. The ordinance, introduced by Alderman Brendan Reilly (42nd Ward), increases the required unit owner vote on a deconversion condominium sale to 85% of…

Illinois Appellate Court Holds Entities Must Be Represented By an Attorney At Administrative HearingsApril 25, 2014

Illinois Appellate Court Holds Entities Must Be Represented By an Attorney At Administrative Hearings A recent decision by the Illinois Appellate Court held that corporations may not represent themselves at administrative hearings, but instead must be represented by an attorney. In Stone Street Partners, LLC v. The City of Chicago Department of Administrative Hearings, Case No. 12 M1 450026, Stone…

New Ordinance Strives to Protect Tenants, Burdens Banks and Note PurchasersJune 13, 2013

On June 5, 2013, the City of Chicago's City Council passed an ordinance (the "Ordinance") that requires all purchasers of foreclosed rental properties in Chicago to either renew or extend each existing tenant's lease with annual rent increases not to exceed two percent (2%) or pay each existing tenant a relocation fee of $10,600.00 (per unit). All rental properties in…

City Seeks to Increase Revenue by Taxing Deed-in-Lieu TransactionsApril 25, 2013

In an effort to increase transfer tax revenue, the City of Chicago seeks to amend its Municipal Code in a manner that would result in tax liability for some real estate investors on transfers of real property that traditionally have been treated as exempt transfers. The City's proposed amendments come on the heels of several unfavorable Department of Administrative Hearing…

';
500 West Madison Suite 3700
Chicago IL 60661

Phone: 312-606-3200 Fax: 312-606-3232
© Horwood Marcus & Berk Chartered 2020. All Rights Reserved.
Close