CRE News: What We’re Reading the Week of June 13th

Each week, The Elevator Speech summarizes a list of important news stories impacting our industry and the City of Chicago. Here are the headlines and news stories that caught our attention this week:

The Chicago Board of Trade

  • CME Group Inc. put the 1.4 million-square-foot Chicago Board of Trade building up for sale.
  • Delinquency rates on Chicago commercial property loans rose in the first quarter, indicating a bump in the commercial real estate market’s road to recovery.
200 S. Wacker Drive
  • Billionaire financier Sam Zell bought a stake in the 40-story office tower, 200 S. Wacker Drive. This is his first major U.S. office investment since he sold his company, Equity Office Properties Trust, in 2007.
  • Hydro Green Energy moved to Chicago and has begun the approval process for the development of seven hydropower projects on the Mississippi River.
The Allerton Hotel on Michigan Avenue
  • The Allerton Hotel‘s $69-million loan is for sale after its owner, Petra Capital Management LLC, put the hotel into Chapter 11 bankruptcy protection last month.
  • The City of Chicago and Cook County plan to merge services, such as facilities management and purchasing, to save as much as $140 million annually.

These news items crossed our desk this week.  Let us know what local real estate or business news has made an impact on you.

 

 

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About BOMA/Chicago

The voice of Chicago's office building industry since 1902.
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