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 23:
- Chicago-based CME Group Inc. sold two of three buildings that make up the Chicago Board of Trade Building Complex for $151.5 million. The new owners are a joint venture between GlenStar Properties, LLC and USAA Real Estate Co., and will own the north and south towers of the CBOT Building at 141 W. Jackson Blvd.
- A first quarter market report by U.S. Equities Realty found that the Chicago office market saw direct vacancy drop by 0.9 percent since one year ago. According to the report, direct vacancy dropped to 14.1 percent in the 140-million-square-foot downtown market, from 15 percent in the first quarter of 2011.
- The owners of the site at 300 W. Washington St., the location of the former Chicago Mercantile Exchange, have plans to build a one million-square-foot office building in the vacant lot. The billionaire Crown family, in partnership with Tishman Speyer Properties, are gearing up for the slowly improving office market in Chicago. Chicago-based architecture firm Krueck and Sexton Architects was hired to draw up plans for the new building.
- Toronto-based insurer Manulife Financial Corp. is paying nearly $105 million for the 41-story office tower at 150 N. Michigan Ave. Manulife is paying less than the $113.2 million SEB paid for the building in 1999 due to its 80 percent occupancy rate and the slow office investment market in Chicago.
- General Electric Co.’s pension fund will sell the 50-story office tower at 181 W. Madison St. The 936,683-square-foot building is expected to sell for more than $300 million.
What headlines caught your attention this week? Leave us a comment and let us know.