Each week, The Elevator Speech summarizes news related to some of the key events, buildings, deals and dealmakers that shaped headlines. Here’s what caught our attention the week of August 1st:
- After a long political debate, Congress delivered a bill to raise the debt ceiling and work towards reduced spending. While the implications of the bill on the commercial real estate industry are still unknown, real estate industry experts made predictions on how it will affect the market.
Behringer Harvard, the owner of One Financial Place, obtained a $90-million refinancing loan for the 39-story office tower at 440 S. LaSalle St.
- Mayor Rahm Emanuel recently helped settle the longest-running debate over neighborhood development in Chicago. Sandz Development Co. now has the right to build at the old Lincoln Park Hospital site at Lincoln and Webster.
- Many companies located in Chicago’s suburbs are relocating their headquarters to downtown because employees want to live and work in the city.
- It’s Lollapalooza weekend! 270,000 people are expected to attend this year, generating $85 million in local spending at hotels, restaurants and clubs.
- The vintage, 27-story office building at 203 N. Wabash Ave. will be converted to apartments as demand for older downtown buildings remains weak while the rental industry booms.
What headlines caught your attention this week? Leave a comment and let us know.