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 28:
- As Memorial Day kicked off summer this past weekend, Chicago’s tourism season also began. Chicago was the second most popular Memorial Day weekend destination in the country this year. In the next three months, Chicago will host nearly 40 percent of the more than 40 million domestic tourists expected to visit the city this year. This translates to 125,000 jobs, $11.1 billion in direct spending and $616 million in tax revenue.
- GE Pension Trust is selling two downtown Chicago buildings on Monroe St. The 29-story, 623,524-square-foot building at 230 W. Monroe St. sold for $93.5 million. In addition, GE Pension Trust is selling most of the 23-story, 649,265-square-foot tower at 200 W. Monroe St.
- The intersection at State St. and Adams St. in the Loop is receiving a bright orange, lime green and turquoise makeover for Color Jam, the largest public art work in Chicago’s history. Color Jam is the Chicago Loop Alliance’s next big project, and will be at the busy downtown intersection from June 5 through September 30.
- The Kennedy family and three financial partners unveiled plans for the largest new real estate development in Chicago since 2008. The project is estimated to cost more than $1 billion, and features a three-tower office and apartment complex along the Chicago River next to the Merchandise Mart.
- National Real Estate Investor compiled its 21st annual Top Lenders Survey, which ranks the largest direct commercial real estate lenders and intermediaries in the past year. While Wells Fargo tops the direct lender list by a wide margin, PNC Real Estate and MetLife were also substantial lenders last year.
What headlines caught your attention this week? Leave us a comment and let us know.