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 20.
- Jones Lang LaSalle has been hired to sell the Palmer House Hilton hotel at 17 E. Monroe Street. Built in 1873, the 1,639-room Palmer House is the nation’s oldest hotel in continual operation and second-biggest Chicago hotel, and may sell for as much as $500 million.
CBRE Global Investors announced two major downtown Chicago office market deals this week, including the purchase of the 50-story tower at 181 W. Madison for $300 million and the sale of the 40-story building at 190 S. LaSalle for $211 million. The transactions reflect a continued strong office investment market in downtown Chicago, with multiple towers fetching more than $300 per square foot.
- MB Real Estate completed a 112,000 square foot lease renewal for Omnicom Group Inc. at Michigan Plaza at 205 North Michigan Avenue. Omnicom, a global advertising and marketing communications company, has now leased more than 212,000 square feet at the property in the past 12 months and is the second largest tenant.
- Cole Real Estate Investments purchased the Hillshire Brands Co. West Loop headquarters for $97.5 million. The Class A, single-tenant 233,869 square foot office building underwent extensive internal and external renovations and includes a 15-year long-term lease.
- Idaho-based mining company Coeur d’Alene Mines Corp. is moving its corporate headquarters and signed a 10-year 30,000 square foot lease in the Monroe Building at 104 S. Michigan Avenue. The company also plans to hire and employ approximately 100 Chicago-based employees in the building.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.