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 February 18.
- Developer Steve Fifield plans to build the next downtown Chicago office tower at 625 W. Monroe St. in the West Loop. Current development plans call for a 40-story office tower totaling 800,000 square feet. Depending on prospective tenants and the capital markets, the plan could add a 300-room hotel and 450 apartments above the office space. That would result in a tower 75 stories tall at up to 1.4 million square feet.
- CBRE Global Investors is putting the 40-story office tower at 190 S. LaSalle St. up for sale. The 798,782-square-foot property is 87.5 percent occupied, an increase of 42 percent from when CBRE Global Investors purchased it in 2006. Leasing efforts in recent years have transformed 190 S. LaSalle from a turnaround project to a lower-risk investment.
- Metropolitan Pier and Exposition Authority plans to build a second hotel near McCormick Place. The hotel would cost $400 million to build and would be located immediately west of McCormick Place’s newest facility, the West Building. However, JRM Technology, the property owner, plans to develop a $400 million data center at the site, and already received City Council approval.
- Developers have proposed to add more than 8.1 million square feet to the downtown Chicago office market. However, the recession brought downtown Chicago office construction to a standstill, after 17 office buildings encompassing 14.5 million square feet came on line between 1997-2009. Crain’s Chicago Business has more details on commercial office development proposals here.
- Chicago Mayor Emanuel launched round three of the Chicago Green Office Challenge, a competition among local businesses to reduce energy, water and waste by 10 percent. The third round of the competition will run through 2013 and suggests activities that employees and property managers can undertake to green their business practices and office space.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.