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 August 6.
- Chicago hosted Lollapalooza for the eighth annual year last weekend, which included performances from Black Sabbath, the Black Keys and the Red Hot Chili Peppers. This year’s Lollapalooza drew a record-tying 270,000 fans to Grant Park, despite the heat and a thunderstorm August 4 that prompted officials to evacuate the park.
- Last week we shared that Google plans to move all Motorola Mobility offices from the suburbs to the Merchandise Mart. The Chicago Sun-Times chronicled the Merchandise Mart’s development and explained what the Google lease means to the marquee Chicago building.
- The average downtown Chicago asking rent for Class A office space spiked 28 percent from 2006. Downtown Chicago Class A office building owners are seeking an average of $37.41 per square foot, according to Studley Inc. The downtown office market is gaining stability, which is often followed by a spike in rental rates.
- The office building at 205 W. Wacker Dr. is for sale. The building is about 70 percent leased, and was purchased for $30.9 million in 2008 by a venture that includes South American investors.
- Hyper Marketing Inc. leased office space in the Monroe Building at 104 S. Michigan Ave. This is the first major tenant to lease space in the Monroe Building after a costly gut rehab that preserved the architectural details of the Gothic design.
What headlines caught your attention this week? Leave us a comment and let us know.