CRE News: What We’re Reading Week of July 18

Each week, The Elevator Speech summarizes some of the key events, buildings, deals and dealmakers that shaped headlines. Here’s what caught our attention for the week of July 18th:

The new Des Plaines casino reached capacity quickly on its opening day.

Chicago’s newest casino opened its doors this week to capacity crowds in suburban Des Plaines. It is estimated that the casino will generate annual revenues of $325 million to $400 million.

City Hall announced that Chicago is moving toward a new form of bidding following a “reverse auction” style that emulates eBay. A similar plan was recently put into place in Los Angeles, saving $700,000 (18%) on its first two contracts.

Plans were unveiled by British developer Bill Davies to redevelop the Old Main Post Office site over the next decade into a $3.5 billion dollar complex of offices, retail, residential and hotel properties. The capstone of the complex would be a 120-story tower.

Adding to recent sales of downtown Chicago office buildings, South Korean investors have agreed to pay $369 million for a 57-story Loop skyscraper at Three First National Plaza, 70 W. Madison St.
Three First National Plaza at 70 W. Madison Street

The 17-story office building at 22 W. Washington St. is under contract to be sold for $187 million to the Israeli firm, Property & Building Corp.

Wrigley will move from its namesake location on Michigan Ave., where it has been located for 90 years. Without Wrigley, the building’s occupancy would stand at 35 percent.

The Borders on State Street will close before October 1.

Borders plans to liquidate all 399 of its remaining stores after failing to receive a buyout bid. The 14 Chicago-area locations to close include its flagship location at 150 N. State St.