CRE News: What We’re Reading the Week of March 4

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 March 4.

  • New data from Crain’s Chicago Business found that Chicago is outperforming the suburbs in nearly every measure – jobs, income, retail sales and property values. The growth of Chicago’s “Mega Loop” is self-perpetuating, as more downtown jobs attract more residents to move nearby, which, in turn, becomes a magnet for more employers to join the inward migration. In fact, downtown Chicago is adding residents faster than any other urban core in America. Because of this, commercial real estate developers in Chicago are starting to invest again. However, developers need to present lenders with more detailed plans, stronger investment partners and more cash upfront to secure a mortgage.
100 W. Monroe St.

100 W. Monroe St.

The 22-story tower at 100 W. Monroe St. will undergo a “major redevelopment” and transform the office space of more than 60 tenants into a Hyatt-brand hotel. Although the office building is almost fully occupied, the property owners are looking to maximize the building’s value with a high-end hotel that includes a restaurant, bar and meeting space. Separately, the chairman of Loews Hotels & Reports plans to open a 400-room hotel in Streeterville in 2015. The new Loews Chicago Hotel is part of a 52-story mixed-use development at Illinois St. and Park Dr. that will also include 398 apartments. The project’s developer, DRW Trading Group, began construction in December but held a ceremonial groundbreaking last week.

  • Chicago Public Schools is planning on selling or leasing its headquarters at 125 S. Clark St. and downsizing its office space. Currently, the organization occupies about 450,000 square feet, or 89 percent, of the 125 S. Clark St. building, but is seeking about 200,000 square feet of space by the end of the year. In its request for proposals distributed this week, CPS noted it is looking for one or more firms to provide real estate brokerage, transaction management and strategic planning in regard to both 125 S. Clark and replacement offices.

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, CRE Trends 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