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 November 7:
The owners of the Willis Tower are taking a “marketing time out” in their efforts to sell the property. The Willis Tower, the tallest building in North America, was put on the market in June and is listed for sale at $1.5 billion.
- Former John Buck Co. executive, John O’Donnell, is next in line to build a large downtown Chicago office tower. He is scheduled to close in December on the half-acre site at 400 W. Randolph St., and plans to build a 50-story office building.
- One year after issuing details about the project, developers are seeking city permission to build a 22-story office building at 625 W. Adams St., across from Old St. Patrick’s Church. A new office building hasn’t been built in Chicago’s central business district since 2010.
- Experts in the commercial real estate industry believe CRE markets will continue to improve, albeit slowly.
- Thank you to all of our members who attended our Annual Meeting last night! We hope you enjoyed a night of networking, as well as our keynote speaker, Peter G. Sheahan.
What headlines caught your attention this week? Leave us a comment and let us know.