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:
- 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.
- 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 2011 RealShare Chicago conference on June 15 was a success! Speakers generally agreed there will continue to be more leasing and less building for the remainder of 2011. BOMA/Chicago was among the Promotional Sponsors.
- 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.