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 27.
- The Monroe Building received two awards recognizing its renovation work: the 2013 Award for Preservation Excellence in Restoration from the Chicago Landmarks Commission and the 2013 Merit Awards for Rehab Construction from the Chicago Building Congress. The landmark building at 104 S Michigan Ave. completed a five-year long renovation in 2012 to restore and preserve the historical authenticity of the 16-story terra cotta skyscraper built in 1912.
- Beech Street Capital closed on a $43.9 million loan for 2 E 8th St., a 330-unit South Loop tower intended for student housing purposes, further evidence of the growing momentum and demand in the student housing space.
- The Illinois Medical District is planning a $300 million 55-acre expansion for a seven-building retail and office complex on the Near West Side. The expansion project is estimated to create up to 2,500 to 4,500 new permanent jobs and more than $300 million in new revenue in the next 10 years.
- A Water Tower Place investor put 50 percent stake up for sale for the 778,000-square-foot property. The iconic eight-story Chicago luxury mall is more than 98 percent leased and valued at more than $900 million.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.