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 September 17.
- Advertising agency Draftfcb signed a lease at The John Hancock Center for approximately 185,000 square feet to consolidate its two Chicago offices into a new headquarters. The announcement is the third-largest new downtown Chicago lease this year, and boosts the Chicago landmark building’s value just as its owners prepare to sell it.
- After striking in downtown Chicago for seven school days, Chicago Public School teachers returned to their classrooms this week. The Chicago Teachers Union will formally vote in the coming weeks on the three-year contract proposal, which includes an option that both Chicago Public Schools officials and the Chicago Teachers Union would have to agree to for a fourth year.
- Downtown Chicago commercial real estate property taxes fell this year at eight of the 10 CRE properties in Cook County with the highest tax bills. The top 10 Cook County taxpayers include seven commercial office properties as well as Water Tower Place on Michigan Avenue. While the Willis Tower has the largest property tax bill in Chicago, its taxes decreased 0.4 percent to $24.3 million.
- Digital advertising agency Intouch Solutions signed a lease at Michigan Plaza, 205 N. Michigan Ave. The 22,000-square-foot lease will allow the company to lay out space more efficiently for its approximately 90 employees. In addition, staffing firm Creative Circle, LLC signed a lease at 330 N. Wabash Ave. Creative Circle’s 7,128-square-foot lease makes the marquee Chicago office tower 89 percent leased.
- After filing for Chapter 11 bankruptcy protection last month, famed Chicago clothing retailer Mark Shale will close all three of its Chicago stores, including its location at 900 N. Michigan Ave.
What headlines caught your attention this week? Leave us a comment and let us know.