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 13.
- The world’s largest airline, United Airlines, announced it is moving its headquarters to the Willis Tower. United signed a lease for 200,000 square feet, and will move its corporate staff from The United Building at 77 W. Wacker Dr. to the landmark Chicago building. Once complete, United will occupy about 25 percent of the Willis Tower.
- A venture affiliated with jeweler Nakamol Design purchased 335 N. Michigan Ave. for $2.9 million. Nakamol currently leases space in the building and plans to renovate and occupy all six floors of the 12,000-square-foot building. It is on a stretch of Michigan Ave. — between Millennium Park and the Magnificent Mile — that has become a hotspot for retailers in recent years, driven by dramatic increases in the number of hotel rooms, new residential developments and more pedestrian traffic.
- Delinquency rates for Chicago-area commercial property loans dropped in Q2 2012 to 6.2 percent, the lowest level in more than two years. Banks are continuing to sell off bad CRE loans, a large reason delinquencies have fallen to such low levels.
- A joint venture comprised of Lubert Adler and The Farbman Group purchased 200 W. Monroe St. for $75 million. The 23-story, 535,900-square-foot office building is currently 80 percent occupied, and is leased and managed by MB Real Estate.
- The Community Development Commission voted to subsidize a microbrewy in Motor Row on the South Side in hopes of creating an entertainment district that will attract McCormick Place conventioneers. The panel approved $628,000 in tax-increment financing (TIF) to cover the cost of turning the vacant building at 2337 S. Michigan Ave. into Broad Shoulders Brewery.
What headlines caught your attention this week? Leave us a comment and let us know.