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 28.
- The new West Loop headquarters of Hillshire Brands is for sale. Chicago developer Sterling Bay Cos. acquired the property for $10 million a year ago with no tenant in place and spent $50 million on renovations, including a rooftop deck. The property could now command about $100 million or $435 per square foot. At that price, 400 S. Jefferson St. would eclipse the most expensive Chicago office building transaction of 2012.
- Nearly a year after it was established, Mayor Rahm Emanuel’s Chicago Infrastructure Trust is inviting potential investors to finance a retrofit of City buildings for energy efficiency. The project will cost $200 million. Investors would be equity partners and receive a part of the gains from what the City estimates will be a 20 percent reduction in energy costs. Responses are due by March 6, 2013. The Trust hopes to solicit bids from a select group of investors and complete the process sometime this year.
- The landmark office tower at 360 N. Michigan is for sale and could sell for more than $40 million or about $153 per square foot. Nearly all tenants have moved out of the former Crain’s Communications Building, enticing hotel developers to purchase the property and renovate the 21-story property into a high-end hotel along the Chicago River.
- A year and a half since British investor Bill Davies unveiled massive plans for the old and unused Chicago Main Post Office that spans Congress Parkway, he entered a new phase of planning. The new Chicago Main Post Office plan is significantly downsized, more practical, and seriously considers the option of adding a casino to the space.
- The “Focus” section of this week’s Crain’s Chicago Business centered on social marketing, and Crain’s asked readers to nominate the Chicago organizations they believe do the best job of using social media to communicate with customers, promote products/services and find new audiences. We’re proud to share that Crain’s selected The Elevator Speech as the “Best Use of Blog” in Chicago! Crain’s readers can vote for their favorite use of social media, and you can vote for The Elevator Speech here.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.