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Real Estate and Development

Law firm Ropes & Gray moving and growing

Law firm's move within Willis Tower confirmed

Developer gets a loan: 'It was like wrestling down a greased pig'

Andersonville Wine & Spirits owner buys adjacent building

Loft office building near Goose Island sells

West suburban building fetches $9.75 million

Xerox unit doubles space in move next door

New Post Office plan: smaller but still really big

Illinois foreclosure activity falls in March

Mayor proposes closing tax loophole benefitting property investors

Mayor Rahm Emanuel proposed an ordinance at Wednesday’s City Council meeting that closes a property tax loophole, a move he says could save the city about $2 million in tax revenue over the next two years.

The measure amends the city’s Real Property Transfer Tax ordinance to clarify that only lenders such as banks or credit unions – not investors – that are selling or transferring properties foreclosed upon are exempt from paying a property transfer tax.