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 21:
- The NATO Summit in Chicago concluded earlier this week. Mayor Rahm Emanuel is proud of the way Chicago was represented during the NATO Summit and said “Chicago is an example of what to do.” Overseas journalists were wowed by Chicago’s architecture as well as the City’s setting along Lake Michigan and the Chicago River. Agence France-Presse reporter Michelle Stockman said, “I saw this gleaming city on the lake that was full of amazing architecture – I would say even better than New York City – and that was really impressive to me.”
- The 16-story office tower at 550 W. Washington Blvd. is for sale. Experts believe the 372,000-square-foot building will sell for $105 to $115 million.
- Signs of recovery in Chicago’s retail industry are sagging as anchor stores are closing more than they are opening, according to a CBRE survey report. Since one year ago, 2.3 million square feet of new anchor store deals were completed in Chicago, but 2.6 million square feet of anchor space was put on the market.
- An affiliate of Goldman Sachs Group Inc. and its Chicago-based partner Golub & Co. will pay about $45 million for the 15-story office building at 311 W. Monroe St. The $117 per-square-foot price reflects the 43-year-old building’s Class B status and leasing woes.
- Prime Group Realty Trust (PGRT) announced that accounting and consulting firm BDO USA will move its Chicago office to 330 N. Wabash. The 11-year lease is for 33,267 square feet of space, which now makes the iconic building 87 percent leased.
What headlines caught your attention this week? Leave us a comment and let us know.