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 29.
- Cappex relocated from Highland Park to downtown Chicago, with plans to expand its technical talent. The startup – whose web-based tools match students with colleges and scholarship opportunities – moved its office to West Monroe and South Franklin streets, and continues the trend of suburban-based companies moving operations downtown to appeal to the younger workforce.
- To accommodate plans to expand its downtown workforce by a third by 2015, Zurich American Insurance signed a new 12-year lease for a 108,000 square foot space at 300 S. Riverside Plaza. The North American subsidiary of Switzerland-based Zurich Insurance Group is moving to the 1.1 million square foot tower from 10 S. Riverside Plaza.
- A Chicago-based venture of Shapack Development and AJ Capital Partners bought the Amity Packing Co. plant at 210 N. Green St. for $6.8 million. The six-story, 90,000 square foot building is expected to be converted into an office and retail space, adding to the flurry of recent Chicago real estate projects in the former meatpacking district and surrounding area.
- The Metropolitan Pier and Exposition Authority filed an eminent domain lawsuit to gain a parcel at Cermak Road and Indiana Avenue needed for the development of the new DePaul University arena and adjacent 500-room hotel. Should the Cook County Circuit Court determine that the property will provide adequate public use, the lawsuit will allow the government to take immediate control of the parcel.
- Chicago-based real estate investment firm General Growth Properties plans to buy a building at 830 N. Michigan Ave. for an estimated $148 million. Although the 126,000 square foot, six-story building is anchored by fashion retailers, approximately 60,000 square feet of the building is still available for office and retail use.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.