Each week, The Elevator Speech summarizes news related to some of the key industry trends, buildings, deals and dealmakers that shaped headlines. Below are articles that caught our attention the week of June 18.
- Google is in advanced talks to lease space at the Merchandise Mart. The lease could exceed 500,000 square feet, and would make Google the largest tenant in the largest office building in Chicago. At Google’s request, the owner of the Merchandise Mart would add a roof deck to the 82-year-old structure so Google employees could enjoy spectacular views along the Chicago River outside of the office.
- BOMA/Chicago’s Executive Vice President Michael Cornicelli wrote a Letter to the Editor of the Chicago Tribune. In his letter, Michael discussed the public-private partnership model Chicago adopted for its annual elevator inspections.
- According to commercial real estate experts, many large markets such as Chicago have demand for around four new office buildings, but only one has been announced. So far this year, Hines’ $300 million River Point project in River North is the only new office building moving forward.
- Online payment company Braintree leased 26,000 square feet at 111 N. Canal St. for its corporate headquarters. The company signed a five-year deal at the 769,000-square-foot River Center building.
- Businesses remain concerned about the subdued pace of U.S. economic growth, and are holding off on large-scale commercial real estate expansions. However, when businesses decide to expand, they are showing a strong preference for Class-A buildings in gateway markets.
What headlines caught your attention this week? Leave us a comment and let us know.