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 31:
The former Apparel Center (now the Chicago Sun-Times building) at 350 N. Orleans St. sold for $228 million/$190 per square foot. San Francisco investor Shorenstein Properties signed a contract to purchase it from Vornado Realty Trust.
- Cannon Design plans to move its Chicago office from the Burnham Center (111 W. Washington St.) to the Illinois Center (205 N. Michigan Ave.). The lease illustrates a significant challenge for Chicago property managers: competing for tenants that are limiting office space.
- Sara Lee Corp. is considering moving its headquarters to downtown Chicago. The four-story, 304,000-square-foot building at 400 S. Jefferson St. has emerged as a leading contender for its corporate headquarters, along with The Willis Tower and 500 W. Monroe St.
- Although investors show increasing confidence in Chicago-area real estate, a recent survey by the Urban Land Institute and PricewaterhouseCoopers LLP ranked Chicago 12th among 15 major U.S. markets for real estate investment potential in 2012.
- A new market report by Grubb & Ellis found that this year’s industrial property absorption is the highest since 2007. The 6.6 million-square-foot positive absorption shows Chicago is still a major distribution hub.
- Registration is now open for our building and affiliate members to participate in the Greater Chicago Food Depository’s annual holiday food drive. Last year, our members collected more than 18,000 pounds of food to help Chicago’s hungry.
What headlines caught your attention this week? Leave us a comment and let us know.