CRE News: What We’re Reading the Week of December 31

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 31.

540 West Madison St.

540 West Madison St.

  • The largest downtown office transaction of 2012 in both overall price and cost-per-foot occurred this week. A venture of New York investors purchased 540 W. Madison St. for $350 million, or nearly $315 per square foot. The 30-story tower is more than 92 percent leased, although its seller and largest tenant, Bank of America Corp., is poised to vacate about 400,000 of its 750,000 square feet. The bank has the option to vacate the space as part of the sale-leaseback deal, which would make the property only 56 percent leased.

What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.

Advertisements

About BOMA/Chicago

The voice of Chicago's office building industry since 1902.
This entry was posted in Chicago News and Events and tagged , , , , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s