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 July 8.
- U.S. Equities Asset Management has been selected by Amtrak to manage Union Station starting on August 1, 2013. U.S. Equities signed a five-year deal to manage the iconic Chicago property, during which time it plans to modernize the building, including refurbishing the waiting and retail areas.
- It’s well known that following the destruction caused by the Great Chicago Fire of 1871, the city quickly worked to rebuild. Using commercial real estate data, Cube Cities released a video depicting the construction of Chicago’s skyscrapers, and showing just how dramatically the city’s skyline has changed from 1862 to present.
- The relatively quiet three-block stretch south of the Chicago River on Michigan Avenue is seeing heightened interest from developers. There are currently four hotels, two apartment towers and a new retail space in the works for the area, which is expected to better bridge the gap between the Magnificent Mile north of the river and the park and cultural attractions to the south.
- The River Point office development located at 444 W. Lake St. gained a notable 225,000 square feet, 20-year lease with McDermott Will & Emery LLP. Developers began work on the 45-story tower in January 2013, with plans to open in late 2016 or early 2017.
- As anticipated, Google’s move to its new Chicago headquarters in the Fulton Market is reshaping the area, which historically hasn’t seen major office tenants. Restaurants, retailers and hotel developers are scrambling to secure commercial real estate space in the area, which is currently averaging around $35- to $40-per-square-foot.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.