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 15.
- After a half-decade slump, the Chicago commercial real estate market is on the verge of something unseen since the recession: across-the-board growth. The industry is seeing single digit sustainable growth in the downtown, suburban, retail and industrial sectors. Downtown office vacancy in particular has fallen from its mid-2010 peak, and skyscraper sales prices are rising with competitive bidding.
- Marc Realty LLC and Winthrop Realty Trust bought a defaulted $10.5 million loan on the three-level, 70,853-square-foot Atrium Mall in the Thompson Center. The retail property has a unique ownership structure, with the state of Illinois as the owner, and is comprised primarily of retail tenants and restaurateurs.
- The former Chicago Reader headquarters sold for $5 million to a Northbrook real estate investor, who purchased the six-story, 30,000 square foot building from InStep Software. Located in River North at 11 E. Illinois St., nearly half of the 83-year-old building’s 30,000 square feet is available for leasing.
CBRE assisted The First United Methodist Church of Chicago Aid Society in completing two long-term leases in the historic Chicago Temple Building at 77 W. Washington. The neo-gothic skyscraper, which once held the title of tallest building in Chicago from 1924-1930, completed leases with two law firms for a combined 13,546 square feet and is now 88 percent occupied.
- According to a new report from the U.S. Bureau of Labor Statistics, Chicago is home to more CEOs than any other major U.S. city, with 13,580 individuals holding the title. Chicago is followed by New York City (9,610), Washington, D.C. (8,640), Los Angeles (8,330), and Boston (7,740).
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.