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 May 6.
While making continued strides toward recovery, the national commercial real estate industry is seeing the most leasing activity from technology organizations, a trend also mirrored throughout the Chicago market. Among the features that high-tech office tenants look for include a central urban location, converted warehouse-style industrial buildings, and collaborative workspaces for idea-sharing.
- Harbor Group International hired Jones Lang LaSalle to sell 300 S. Wacker Drive. The 35-story, 512,000 square foot West Loop office tower is expected to draw bids of more than $100 million.
- It’s no secret that many commercial real estate deals have been made from the fairway in the past – but is golf still a relevant way to foster business deals in the industry today? According to a recent poll from Bisnow Chicago, 63% of CRE leaders say yes, primarily citing the relationship building factor of the game.
Brijus Capital purchased River North loft building 363 W. Erie for $8.5 million this week. The seven-story, 115,000 square foot mix-use building will undergo more than $4 million worth of tenant improvements and upgrades.
- And finally, BOMA/Chicago executive vice president Michael Cornicelli was featured in Bisnow Chicago’s “My Story” CRE Leader Profile this week. Learn more about Michael, his professional career, and his favorite BOMA/Chicago project to date here.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.