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 13.
- Plans for the Chicago Spire may be back on. The abandoned super-skyscraper project, which would be the tallest building in the Western Hemisphere if built, received several promising development bids this week, including ones from DeBartolo Development, Related Midwest and Garrett Kelleher – the original developer. The site has already been approved for a 150-story, 2.3 million square foot tower slated for luxury condominiums.
- US Bank announced a lease expansion at 190 S LaSalle St, which includes nearly 110,000 square feet of office space as well as the naming rights to the building. The Minneapolis-based bank is hoping the expansion will help raise its profile within the Chicago market.
- Urban Innovations purchased two Greektown buildings at 833 W. Jackson Boulevard and 322 S. Green Street for a combined $14 million. The deal – $1.3 million above the list price – demonstrates the growing demand within the neighborhood.
- Manufacturer John Crane Inc. is moving its headquarters to the Franklin Center at 227 W. Monroe St. in Chicago’s West Loop. The 15,000-square-foot lease continues the trend for suburban-based companies to move operations downtown to appeal to the younger workforce.
- Chicago-based CRE firm Bradford Allen was hired as the exclusive leasing agent and property manager for 357-363 W. Erie. Extensive renovations are planned for the 115,000-square-foot property to improve its infrastructure, image and functionality.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.