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 June 3.
- According to a new report from the Economist Intelligence Unit, Chicago is poised to become the second most competitive U.S. city by 2025, and will rank ninth globally in terms of its ability to attract capital, talent, businesses and people. Aside from New York City, Chicago was the only other U.S. city in the top 10 among 120 global cities analyzed.
- Google Inc. is exploring moving its Chicago office from River North to the West Loop, where it will need to lease more than 200,000 square feet to allow for its expanding workforce. Google is expected to move into a 540,000 square foot warehouse at 1000 W. Fulton St. that is being converted into an office building. The move is expected to greatly reshape the Fulton Market-Randolph area by bringing “instant legitimacy” to an area where major office tenants have yet to arrive.
- Commercial real estate firm NelsonHill sold its 6,250 square foot office building at 1229 W. Randolph St. to Suburban Orthopaedics for $1.1 million, further demonstrating an active CRE transaction market in the West Loop.
- Although commercial real estate lending remains sluggish, the proposed South Loop Maxwell shopping center secured $53.4 million in construction financing from BMO Harris and PrivateBank & Trust Co. Construction has already started on the 230,000 square foot project near Roosevelt Rd. and Canal St. and is expected to open in September 2014.
- This week, Ford’s chief creative officer, J. Mays, participated in a panel discussion at the Chicago Architecture Foundation, where he cited Chicago architecture as a major influence in his car designs for the company, referencing the parallels between the way architects approach building designs and how he designs new automobiles.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.