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 May 7:
- BentleyForbes Holdings LLC selected CBRE Inc. to take over leasing the Prudential Plaza, just north of Millennium Park. In addition to handling the leasing, CBRE has also been hired to find investors to recapitalize the 2.2 million square foot office complex at 130 E. Randolph St. and 180 N. Stetson Ave.
- In an annual report measuring effective rents, the Studley Effective Rent Index shows that rents at high-end downtown office buildings are rising again. Average net effective rents for landlords rose 1.7 percent from a year earlier, to $6.10 per square foot, but far below the $10.86 landlords collected in pre-recession 2007. Rents have risen as the slowly improving economy has boosted demand for office space and a lack of development has kept a lid on new supply.
- The city of Chicago is offering for-profit education DeVry Inc. $1 million to open an operations center in the West Loop that is expected to employ 600 people. According to a report for the city Community Development Commission, DeVry plans to move to 300 S. Riverside Plaza from its current location at 3300 N. Campbell Ave.
- The iconic Forever Marilyn statue left Magnificent Mile this week, having attracted millions of tourists to its Pioneer Court location situated between the Chicago River and Tribune Tower. Hundreds of bystanders watched as the 40,000-pound sculpture was dismantled.
- According to a survey by Chicago-based real estate consultant firm Christenson Advisors, lenders’ salaries, recruiting activity and deals in general increased in 2011 compared to 2010. The increases are directly tied to the increase in commercial real estate transaction activity improving the past year. Most of the 75 commercial lending companies surveyed indicated they expect salaries to continue increasing as a result of the solid growth in the markets.
What headlines caught your attention this week? Leave us a comment and let us know.