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 March 26:
- The online food-ordering service GrubHub is moving into the top three floors of the Burnham Center at 111 W. Washington St, taking up a total of 60,000 square feet. One of Chicago’s fastest-growing tech companies, GrubHub signed a five-year lease after outgrowing its previous HQ in Bucktown.
- According to a new PwC Real Estate Investor Survey, Chicago-area office buildings will increase in value by 2.1 percent over the next year. That gain ranks Chicago 10th among 18 major metropolitan markets tracked in the survey.
- As the Wrigley Building awaits landmark status, the owners are continuing to enhance and restore the Chicago icon. Updates will range from low-profile, such as a new sprinkler system, to highly-visible, such as the replacing the metal and glass wall with terra cotta on the ground-level façade.
- A partnership between Deutsche Bank AG & NorthStar Realty Finance Corp. purchased $218 million of loans on the John Hancock Center. According to a Bloomberg report, the play involves only the Hancock’s 1 million square feet of office and retail space, as the building’s 705 condominiums are owned and financed separately.
- Donald Trump paid $48M to buy out junior creditors on the 92-story Trump International Hotel and Tower Chicago, the city’s second-tallest building. The deal represents a vote of confidence by Mr. Trump in the project, which has been hurt by weak hotel-condo sales and falling prices.
What headlines caught your attention this week? Leave us a comment and let us know.