CRE News: What We’re Reading the Week of October 29

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 29.

  • This week, superstorm Sandy ripped through the Northeast, causing power outages, flooded streets and subway lines, and general havoc. While 800 miles from the storm, Chicago encountered severe weather that grounded planes, waves as high as 25 feet on the lakeshore and canceled Amtrak train service. The Chicago business community was also hit by Sandy, as restaurants could not receive fresh food from the Northeast, the NYSE was closed on Monday and Tuesday, and retail stores saw dramatic sales losses.

Superstorm Sandy flooded nearly all of the Northeast, including the MTA stations.

  • New plans were unveiled for the three proposed towers on Wolf Point, the first new towers proposed in Chicago since 2008. The buildings in the controversial $1 billion-plus riverside project would still rise 950, 750 and 525 feet, but would taper at the bottom to create more open ground-level space on the 3.9-acre parcel. Developers also outlined changes designed to address traffic concerns, including revised access routes, new traffic signals, turn arrows and medians and a reduction of parking spaces to 1,285 from 1,800.

125 S. Wacker Dr.

  • Two New York investors struck a deal for Prudential Plaza at 130 E. Randolph St. and 180 N. Stetson Ave. Lenders still need to approve the transaction, which includes investing $100 million into the office complex to gain control of the building and stave off a default on $470 million in loans.

What CRE or Chicago news headlines from the past week captured your interest?  Or do you have comments or further thoughts on the five items noted above?  We highly encourage you to post a comment.

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About BOMA/Chicago

The voice of Chicago's office building industry since 1902.
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