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 22.
- After a long bidding process, the Broe Group signed a 62-year lease deal to manage the Port of Chicago. The private equity and management firm plans to invest $500 million to modernize the port over the next 10 years, which will improve Chicago’s overall infrastructure and could generate hundreds of new jobs.
- United Continental Holdings finished its massive three-year move into Willis Tower this week, becoming the biggest tenant in Chicago’s tallest skyscraper. With more than 4,000 employees, the company now occupies 830,000 square feet across 16 floors, taking up nearly a quarter of the building.
- Acadia Realty Trust continues to expand its local acquisition portfolio with the $22.5 million purchase of a high end retail property at 8-12 E. Walton St. in Gold Coast. Acadia paid nearly $2,729 per square foot for the fully leased 8,244 square foot property.
- The Chicago Cubs’ $500 planned renovation of Wrigley Field was unanimously approved by Chicago City Council this week. The approval gives the Cubs the green light on the construction of a plaza in its adjacent triangle property, a six-story office building and a boutique hotel across the street from the ballpark.
- With the recent passage of the Illinois Firearm Concealed Carry Act, Chicago property owners and managers are beginning to adopt or alter policies regarding firearms on their premises. Under the new law, Chicago building owners have the authority to prohibit people from entering their property with a concealed firearm, but signs indicating firearms are prohibited must be clearly displayed. Property managers are advised to review their own internal policies and consult with the building owners to make sure that they are aware of their rights and obligations.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.