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 25.
- Jones Lang LaSalle has been hired as the exclusive leasing agent for the two-building, 2.1-million-square-foot Illinois Center office complex — at 111 E. Wacker Drive and 233 N. Michigan Ave. — in the Chicago Loop. This announcement coincides with efforts to reposition the buildings with an expansive plaza renovation, upgrades to the retail concourse and main building entrance, starting in May 2013 and to be completed in phases over the following 18 months.
- In 2012, Mayor Emanuel announced that German steel company ThyssenKrupp will open its U.S. headquarters in Chicago, which is expected to bring high-level jobs and advance the city’s leadership in the manufacturing and technology sectors. In the latest development, general contractor Leopardo recently completed the build-out of the company’s 25,000-square-foot interior office space at 111 W. Jackson Blvd.
- Seoul-based Mirae Asset Global Investments Co. is set to spend approximately $218 million to buy the 31-story 650,812-square-foot tower at 225 W. Wacker Drive located on the Chicago River. Chicago Real Estate Daily notes that as transaction costs soar in markets such as New York, D.C. and San Francisco, international investors are increasingly turning to Chicago for better pricing.
- In yet another sign the commercial real estate market is steadily improving, Marcus & Millichap Real Estate Investment Services recently released the NREI/Marcus & Millichap Investment Sentiment Index, demonstrating that investor confidence rose to another record high in the first quarter of 2013, continuing its build since the fourth quarter of 2010.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.