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 October 1.
- The largest downtown Chicago commercial real estate sale in 2012 was announced this week. The 40-story, 1.2 million-square-foot office tower at 1 S. Wacker Dr. will be sold for about $230 million. Harbor Group International LLC is purchasing the office tower, which has a 4.7 percent higher vacancy rate than average West Loop buildings. The firm plans to upgrade the lobby, common areas and retail space to make the building more attractive for tenants.
- GE Transportation selected 500 W. Monroe St. for its new headquarters after announcing in May that it planned to move from Pennsylvania to Chicago, bringing 50 employees and adding 100 by 2014. GE Transportation signed a 53,972-square-foot lease at the building, where GE Capital is currently the largest tenant.
- The Illinois Commerce Commission voted to reverse itself and allow ComEd to collect a return on its pension assets. The decision means ComEd won one of three previously decided rate issues that the utility had said would jeopardize its $2.6 billion grid-modernization program if left unchanged.
- Cook County is preparing to lease prime office space at 69 W. Washington St., which is in close proximity to the Daley Center and the Thompson Center. Cook County officials hope to receive $1 million by leasing the top two floors of the office building.
- With just one month left before the 2012 presidential elections, the first of three presidential debates was held this week at the University of Denver. National Real Estate Investor polled 16 industry professionals about their thoughts on the upcoming presidential election’s affect on the commercial real estate industry. Some professionals believe the election will play a significant factor in the future of CRE, while others believe factors outside of politics will drive the industry.
What headlines caught your attention this week? Leave us a comment and let us know.