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 April 15.
- In light of the tragic events that took place at the Boston Marathon this week, our thoughts continue to be with the City of Boston and all who were affected. As a precaution, security officials throughout Chicago and Illinois are taking additional preventative measures to ensure public events, festivals and sporting events are as secure as possible.
- Chicago-based developer Sterling Bay Cos. aims to buy 300-310 N. Michigan Ave. With a prime location between Millennium Park and the Chicago River, the four-story property would add to Sterling Bay’s growing portfolio of local properties, including Sara Lee Corp.’s new West Loop headquarters.
- Chicago’s commercial real estate market continued to show signs of strength in the first quarter of 2013, according to recently released data from MB Real Estate. Overall, River North and West Loop continued to see the most activity, with a high amount of transactions and low vacancy rates.
- According to Crain’s Chicago Business’ recent findings, at 31 minutes, Chicago has the fourth-longest commute time in the U.S. – behind New York City, Poughkeepsie, NY and Washington, D.C. – with 13.2% of Chicagoans spending 60 minutes or more getting to work each day.
- Marc Realty Residential LLC paid $4.7 million to purchase the vacant seven-story office building located at 2036 S. Michigan in the South Loop. While definitive plans for the 146,088-square-foot property have not been confirmed, CBRE Inc. noted that it was an excellent adaptive reuse opportunity to convert into residential or self-storage.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.