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 28:
- Chicago’s beloved former first lady Maggie Daley passed away from breast cancer last week. BOMA/Chicago buildings displayed pink exterior lighting and lowered City of Chicago flags to half mast this week to honor Mrs. Daley.
- Prudential Real Estate Investors LLC closed the sale of the office tower at 22 W. Washington St. The 17-story, 439,434-square-foot building is fully leased, and was sold for $183.5 million.
- Navy Pier selected five finalists that will bid for a contract to redesign some of its public spaces, including Gateway Park at the Pier’s west entrance, Crystal Gardens and Pier Park. Navy Pier is looking to renovate the 95-year-old lakefront icon as part of a $155 million rehabilitation project.
- Newcastle Ltd. paid $10.1 million for 7,100 square feet of retail space at the base of a condominium building at 6 N. Michigan Ave. The retail space is 100% leased, including a Panera Bread and Starbucks.
- A joint venture between Chicago-based Centrum Properties and New York-based Angelo Gordon & Co. hired the Chicago office of CBRE Inc. to recruit buyers for the site at 222 E. Illinois St. The site could accommodate a 775,000-square-foot building.
- The Lakeview Baseball Club, a three-story building at 3633 N. Sheffield Ave. with rooftop bleachers that face Wrigley Field, is up for sale three months after its owners filed for bankruptcy protection.
What headlines caught your attention this week? Leave us a comment and let us know. And, one more thing: This post is the 51st published in The Elevator Speech. That’s quite a milestone; thanks to all who subscribe to and read this commercial real estate industry blog.