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 December 5:
- Sara Lee announced its move to Chicago from Downers Grove. The food company will move to 400 S. Jefferson St. in the West Loop. Sara Lee is among a number of companies that are moving to Chicago to recruit talent that want to live and work in the city.
- O’Vie Bar & Grill will open in the MetraMarket at Ogilvie Transportation Center next May. The sit-down restaurant, bar and deli will occupy nearly 13,000 square feet of the 67,000-square-foot MetraMarket.
- Summit Design & Build LLC began converting the Esquire Theater to a high-end retail center. Construction of the 33,000-square-foot building should be completed in Q2 2012.
- A new Jones Lang LaSalle study found that 80 percent of real estate industry executives believe office tenants are becoming more powerful and gaining the upper hand from their landlords and investors.
- The Chicago-area construction industry is on track to post its sixth straight year of falling sales. Construction contracts for new commercial and residential projects in Chicago totaled $4.73 billion in the first 10 months of 2011, down 5.9 percent from one year ago.
- The National Association of Realtors paid $1.45 million to buy the building housing Phil Stefani’s 437 Rush restaurant next to its Michigan Avenue headquarters from Wm. Wrigley Jr. Co. The sale mark’s Wrigley’s exit as an owner of Chicago properties.
What headlines caught your attention this week? Leave us a comment and let us know.