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 August 5.
- Marc Realty plans to buy back a West Loop office building that it sold to an investor six years ago. The 10-story 176,622-square-foot building at 216 W. Jackson Blvd. is more than 95 percent leased.
- Beacon Capital Partners returns to the Chicago office market with a deal in place to buy a 35-story West Loop tower at 300 S. Wacker Drive. Harbor Group International and Electra Real Estate made a deal to sell the tower for just over $113 million, or roughly $220 per square foot.
- Wolcott Group agreed to buy a vacant loft office building in River North out of bankruptcy for $6.3 million. Wolcott and developer Blue Star Properties agreed to pay $96 a square foot for the 65,100-square-foot building at 540 N. LaSalle St., and plan to turn around the property amid strong demand for space in the area.
- AT&T Illinois is bringing another 500 employees to downtown Chicago. The employees will join the company’s 3,900 employees that already work at its headquarters at 225 W. Randolph St. AT&T joins a growing number of companies, including Google and Sears, that have migrated from the suburbs to Chicago’s Business District.
- According to a new study from Colliers International, Chicago’s CBD experienced modest improvement in Q2 2013, with an even more encouraging long-term outlook. Key reasons for this improvement include the migration of high-tech jobs to downtown, as well as Chicago’s growing reputation as a technology start-up.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.