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 January 21.
A 27-story office tower at 625 N. Michigan Avenue is for sale about four months after its lender seized the property through a $103-million foreclosure suit. Eastdil Secured LLC has been hired to sell the 343,072-square-foot building, which is expected to fetch about $90 million. To maximize the value, Eastdil is looking to divide up the ownership, and sell the retail space – tenants include Timberland and Coach, among others – separate from the office space, in order to secure multiple buyers.
- On Thursday, the Chicago Plan Commission voted unanimously to approve the proposed Wolf Point development plan. The $1 billion three-tower project is a victory for developers leading the proposal, Houston-based Hines Interests and the Kennedy family. The developers must now gain support from Chicago City Council and its Zoning Committee. The development plan for Wolf Point includes one 50-story apartment building tower, and two mixed-used buildings.
- Innovative video technology start-up Personify plans to move its headquarters to River North, the latest in a series of tech start-ups moving to the Chicago neighborhood. The Champaign, Ill.-based company founded by a University of Illinois electrical engineering professor was “front and center” at the 2013 Consumer Electronics Show as one of the hot new technologies. The CEO of Personify cites Chicago’s accessibility for its international partners as a major factor in the move.
- Chicago-based investor South Street Capital paid $10.9 million for a loft office building in River West, part of a broader push into the loft market. The eight-story 175,000-square-foot building at 770 N. Halsted Street is a second major loft acquisition in the area in less than a year for South Street Capital. The investor plans to continue buying smaller, loft-style office buildings this year to amass a portfolio of more than 500,000 square feet of older high-ceiling lofts, mostly in and around River North.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.