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 February 6:
- A joint venture led by Chicago developer GlenStar Properties LLC is in the process of buying two Chicago Board of Trade towers from CME Group. The purchase would include the north and south towers, which total nearly 1.4 million square feet, for $150-$180 million.
- The plights of Chicago’s two largest office buildings (the Willis Tower and the John Hancock Center) profile the difficulties of commercial real estate outside of U.S. core markets.
- Another positive sign for Chicago’s economy surfaced: the average occupancy rate for downtown Chicago hotels rose in 2011. Although occupancy rates rose 71.7 percent last year, rates are still short of pre-recession levels.
Sperry Van Ness recently sold two West Loop properties on Randolph Street. 1328 W. Randolph St., the former Weinstein Meatpacking Building, sold for $1.2 million and 935 W. Randolph St. sold for $725,000.
- Chicago office buildings are seeing a growing demand for flexible office space. The new businesses coming to Chicago and expanding companies particularly increase the demand for flexible local office space.
What headlines caught your attention this week? Leave us a comment and let us know.