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 22:
Chicago-based Hearn Company has agreed to buy the Helmut Jahn-designed tower at 55 W. Monroe St. for about $140 million. The 40-story tower is under contract for about $170 per square foot — even though the building is only about 75% leased.
- New Chicago market leader Shawn Mobley, of Cushman & Wakefield Inc. will focus on expanding its presence and activity in Chicago. “In Chicago, we’re a growth company that’s only halfway home,” Mobley said in a recent Crain’s Chicago Business interview.
- U.S. commercial property prices rose 0.9% in June, the second straight monthly gain, as buyers increased purchases in smaller cities in search of higher returns.
- Chicago’s new $21 million Poetry Foundation building in the Gold Coast has been featured in the Wall Street Journal and the Chicago Tribune.
What headlines caught your attention this week? Leave a comment and let us know.