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 September 9.
- Speciality insurance services firm Ryan Specialty Group is moving its corporate headquarters to Two Prudential Plaza from the AON Center. The company signed a long-term lease of more than 18,000 square feet covering the entire 46th floor of the tower, allowing for future growth and continued global expansion.
- Chicago investors hired HFF Inc. to sell 200 S. Wacker Drive office tower. The 40-story, 744,751-sqaure-foot building is 95 percent leased and is predicted to sell for approximately $226 million, or $300 per square foot.
- A Chicago suburban venture agreed to buy 444 N. Wabash for $8.2 million. The six-story, 60,000-square-foot loft office building is located in River North, which is emerging as one of Chicago’s strongest downtown office submarkets, driven by demand from technology and marketing firms.
- A venture of Hamilton Partners and Multi-Employer Property Trust hired the Chicago office of CBRE to sell the 36-story Loop office tower at 20 N. Clark St. The sale of the building will allow for the opportunity to renovate the property and increase rent as new lease deals are signed.
- Led by the growth of Groupon, Chicago established itself as a major player in the technology start-up community with more than 400 digital start-ups in 2011 and 2012 combined. The sudden increase of new companies, fueled by strong support from private and public sectors alike, has had a significant impact on the local Chicago office market.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.