CRE News: What We’re Reading the Week of April 30

Each week, The Elevator Speech summarizes news related to some of the key industry trends, buildings, deals and dealmakers that shaped headlines. Here’s what caught our attention the week of April 30:

100 W. Monroe St.

• A study by World Business Chicago found that the NATO Summit in Chicago will give the City a $128 million boost. The group, which is affiliated with the NATO Host Committee, predicted 21,200 people will come to Chicago for the Summit; that translates to 49,300 hotel stays and 2,200 temporary jobs.

• An investor group led by the president of MB Real Estate paid about $12.5 million for the 22-story office building at 100 W. Monroe St. The buyer sees an opportunity to invest in mid-tier buildings in the Loop amid the rebounding Chicago office market.

• The owners of the United Center are planning a $75 million-$85 million retail development. Chicago Bulls owner Jerry Reinsdorf is leading a venture with Chicago Blackhawks owner Rocky Wirtz that plans to build 260,000 square feet of restaurants, bars, a team store and event space in the parking lot east of the arena.

• Nearly 140 people from 65 local startups moved into 1871, the 50,000-square-foot work space for digital entrepreneurs in the Merchandise Mart. The startup center in the Merchandise Mart further reinforces Chicago’s position as a technology hub.

The iconic Merchandise Mart on the Chicago River

• Two nearly full downtown Chicago office buildings were put up for sale, a sign that the downtown Chicago office investment market is improving. The 12-story office building at 300 W. Adams St. and the 30-story tower at 20 S. Clark St. were recently put up for sale.

What headlines caught your attention this week? Leave us a comment and let us know.

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