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 29.
- Amidst ongoing contract negotiations between the Chicago Cubs and the City of Chicago, the Cubs unveiled plans for the Wrigley Field renovations, including a 6,000-square-foot Jumbotron in left field and a horizontal 1,000-square-foot advertising sign in right field.
- Chicago-based global commercial real estate firm Jones Lang LaSalle issued its second biennial Global Corporate Real Estate Trends Report, revealing the top five industry trends and risks. Among the key insights include the evolution of CRE outsourcing, as well as the need for collaboration among CRE, HR, IT and finance departments.
- Crain’s Chicago Business assessed the most active foreign investors in the commercial real estate market, both locally and nationally. Since January 2012, Chicago ranks fifth among major metropolitan areas for the most property purchases by foreign investors, with Canadian-based companies leading deal activity.
- In partnership with South Korean investors, the John Buck Company purchased 161 N. Clark St. for $348 million, or about $325 per square foot, for the 50-story 1.1 million square foot high-rise.
- The last pieces were added to One World Trade Center this week, completing construction for the 104-story, 1,776 feet tall building (reference to the birth of the nation in 1776). With the 408-foot spire atop the skyscraper, One World Trade eclipsed Willis Tower as the tallest building in the Western Hemisphere.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.