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 December 3.
- Shidler Group agreed to buy the Burnham Center at 111 W. Washington St. from Harbor Group International for about $100 million. The 21-story building is just over 80 percent leased, and has marquee tenants such as GrubHub and Tribecca Flashpoint Media Arts Academy. The Burnam Center is the second downtown office acquisition for Shidler Group in less than six months.
- Capital One is opening a new office in downtown Chicago at 77 W. Wacker Dr., bringing 350 jobs to the city. The credit card issuer leased 65,000 square feet of space at the United Building, which will become one of three national hubs. Capital One’s lease is yet another example of large companies moving from the suburbs to downtown Chicago.
- A recent Investor Sentiment Survey from National Real Estate Investor and Marcus & Millichap found that commercial real estate investor confidence is surging. Investors are preparing to accelerate their commercial real estate purchases in the coming months, and investor sentiment is at its highest since the survey began in 2004.
- North Michigan Ave. has always featured important architectural landmarks of Chicago, but a new breed of retail architecture has emerged along the Magnificent Mile. These new stores — which include technology emporiums Apple and AT&T as well as apparel retailers Burberry, AllSaints, Nike Chicago and Topshop — use architecture and design to create unique environments (and in some cases function as mini-theme parks), while reinforcing their respective brand images.
- Chicago-based MillersCoors agreed to sponsor the CTA’s “penny rides” on New Year’s Eve. The brewing company agreed to a three-year, $1.3 million deal with the CTA, the first-ever corporate sponsorship of the initiative. The “CTA Penny Rides brought to you by Miller Lite” will be in effect from 10 p.m. Dec. 31 to 4 a.m. Jan. 1.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.