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 24.
- The John Hancock Center will undergo a $45 million renovation as the new owners Hearn Co., Mount Kellett Capital Management L.P. and Lynd Co plan to spruce up the 100-story skyscraper, including new outdoor gathering areas and general aesthetic improvements. The ownership group purchased the building’s 856,000 square feet of office space and 710-car parking deck for an estimated $145 million.
- It was a historic sports week for Chicago: after an exciting five month season, the Chicago Blackhawks beat the Boston Bruins in game six to bring the Stanley Cup back to the city. To celebrate, hundreds of thousands of Blackhawks fans will flood the downtown streets today, starting with a parade beginning at the United Center and then culminating in a victory rally at Hutchinson Field in Grant Park.
- Google bought an additional 32,000 square feet of office space in the Merchandise Mart for its Motorola Mobility unit, adding to its existing 770,000 square feet of new office leases throughout Chicago over the past year. The company plans to move 2,000 Motorola Mobility employees from north suburban Libertyville to the new space by early 2014.
- Citigroup Center’s ownership group hired HFF Inc. to sell 500 W. Madison St., the 1.5 million-square-foot office tower atop the Ogilvie Transportation Center. The owners are believed to be seeking at least $460 million for the property, just over $315 per square foot.
- Crain’s Chicago Business released a multi-part real estate series this week, with insights on how to get the most value for your commercial real estate dollar. CRE professionals weighed in, saying that both tenants and developers should shop around for upgrades, ensure the amenities are a good match, and explore options with Class B buildings.
What CRE or Chicago news headline from the past week captured your interest? Leave us a comment and let us know.