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 April 9:
- A venture led by Michael Silberberg of Berkley Properties, LLC purchased the loan on the historic Roanoke Building at 11 S. LaSalle St. Additionally, the investor purchased the Civic Opera Building less than two months ago.
- A new report by BMO Harris Bank found that the Midwest is set for an economic recovery in its CRE markets this year. The report noted that commercial real estate demand in the Midwest is driven primarily by job growth, and office and retail space in many Midwest markets are achieving commodity statuses.
- Chicago ranked fourth in the EPA’s annual list of U.S. cities with the most Energy Star-certified buildings in 2011. Commercial buildings that earn the Energy Star designation perform in the top 25 percent of similar buildings nationwide.
- Los Angeles-based real estate firm CIM Group purchased Block 37 from Bank of America for $84 million. Block 37 at 108 N. State St. is about 30 percent leased, and CIM Group plans to lease space to both national and local retailers.
- Onshoring is becoming a long-term sustainable trend in the U.S. manufacturing industry. This will strengthen the outlook for the industrial real estate industry, and will affect the entire U.S. commercial real estate market.
What headlines caught your attention this week? Leave us a comment and let us know.