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 29:
The Hines US Core Office Fund sold the 57-story Three First National Plaza building for $349.3 million. Located at 70 W. Madison St., the building was the company’s first Chicago asset.
- The historic Chicago Defender building is in foreclosure. As result, five of the city’s struggling pension funds could end up losing $1 million.
- BOMA/Chicago’s executive vice president, Michael Cornicelli, was interviewed by Real Estate BisNow Chicago about smart grid technology applications for commercial real estate.
The Multi-Employer Property Trust, an investment fund for union and public pensions, agreed to buy the 45-story office tower at 200 W. Madison St.
- Venture capitalists are zeroing in on Chicago early-stage investment opportunities as the city’s entrepreneurs and angel investors pump up the local startup scene.
- The Chicago Jazz Festival is this weekend! Free admission, beautiful weather, a great lineup and a three-day holiday weekend will make this event the perfect way to end the summer festival season.
What headlines caught your attention this week? Leave a comment and let us know.