Each week, The Elevator Speech summarizes news related to some of the key industry trends, buildings, deals and dealmakers that shaped headlines. Here’s what caught our attention the week of October 17:
2011 is shaping up as the strongest year for local apartment sales in at least four years, with investors having spent $999 million on Chicago-area apartment acquisitions to date. This week, the 25-story apartment tower at 77 W. Huron Street sold for more than $90 million to an affiliate of L&B Realty Advisors.
- A total of $49.8 billion of U.S. commercial property changed hands during Q3 2011, according to Real Capital Analytics, Inc. This represents a 15 percent decline since Q2 2011 and the second-largest decline since Q1 2009.
- Bob Six, BOMA/Chicago President and COO of Zeller Realty Group, explained his views on the state of Chicago’s office market recovery in the October issue of Heartland Real Estate Business.
- Northwestern Memorial Hospital plans to build a 25-story, 1 million-square-foot medical office tower for $334 million in Streeterville. The building on Fairbanks Court, between Erie and Ontario streets, will house specialties such as orthopedics and neurosurgery, operating rooms, diagnostic equipment, doctors offices and a 575-car parking garage.
- A Crain’s Chicago Business analysis found that Illinois has a healthier business climate than its surrounding states.
What headlines caught your attention this week? Leave us a comment and let us know.