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 20:
- The unique office tower at 150 N. Michigan Ave. is for sale. The 41-story, 77 percent leased high-rise at the northwest corner of Millennium Park is the future home of Crain’s Chicago Business and will be called the Crain Communications Building.
- Three more downtown office towers on Monroe St. are for sale, as investor demand continues to grow for Class B properties in the Loop. The 624,000-square-foot building at 230 W. Monroe St., part of the 649,000-square-foot building at 200 W. Monroe St., and the 385,000-square-foot building at 311 W. Monroe St. are currently for sale.
- Internationally-renowned artist Jessica Stockholder will “wrap” four buildings in color on State Street in June. The artistic work, “Color Jam,” will be this summer’s Art Loop attraction and is reminiscent of street art that civic leaders painted on State Street in the 1940s and 1950s.
After nearly 20 years of occupancy at 161 N. Clark St., the Chicago Title & Trust Co. is considering relocating to 10 S. LaSalle St. Chicago Title is in advanced negotiations to lease about 80,000 square feet at 10 S. LaSalle St. 161 N. Clark St. was previously known as the Chicago Title & Trust Center.
- BGC Partners will acquire commercial real estate firm Grubb & Ellis. The purchase of Grubb & Ellis will impact the entire Midwest region, including the Chicago market.
What headlines caught your attention this week? Leave us a comment and let us know.