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 June 4:
- Chicago City Council approved official landmark status for the Wrigley Building, granting protection to one of Chicago’s most well-known buildings. The Wrigley Building’s new owners (a consortium of investors led by BDT Capital Partners, Zeller Realty Group and Groupon co-founders Brad Keywell and Eric Lefkofsky) are preparing to renovate the building.
- Delinquencies on Chicago commercial real estate loans held by banks increased in Q1 2012, reversing a recent downward trend. The delinquency rate for Chicago-area income-producing properties rose to 6.8 percent, compared to 6.5 percent last quarter. While delinquency rates have fallen over the past year, the recent numbers suggest that local CRE sales may have slowed.
- MB Real Estate Services, LLC secured leasing assignments at five Chicago office towers, adding almost 4.4 million square feet to its downtown portfolio. The 30 percent increase in MB Real Estate’s downtown portfolio will include marquee office towers such as 300 E. Randolph St. and Three First National Plaza.
- Plans are in the works to develop the 25-story building shell at 111 W. Wacker Dr. into a 59-story apartment building. The proposed plans are expected to come before the Chicago Plan Commission June 21. If approved, the building will include 506 units and 439 parking spaces.
- The Chicago area stacks up well against other large cities for corporate headquarter benefits, according to a new survey of 50 cities in the U.S. and Canada. Crain’s Chicago Business compared Chicago to other cities and found that Chicago has one of the lowest annual operating costs for major corporate HQ cities.
What headlines caught your attention this week? Leave us a comment and let us know.