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 16.
- Marriott International Inc. won the contract to operate the new convention hotel planned just near McCormick Place, as part of the larger project which will include a multi-use arena and a 500-room boutique hotel. The Metropolitan Pier and Exposition Authority approved the 10-year contract for the $400 million, 1,200-room convention hotel that is expected to open in late 2016.
- Wells Fargo & Co. opened its new regional headquarters in the CME Center on Wacker Drive with a lease that runs through 2028. The San Francisco-based mortgage lender shifted staff from 40 business lines housed in four Chicago locations to the new 300,000 square foot space.
- The revamped historic Wrigley Building signed two new major retail tenants, a two-story flagship Walgreens and a Peet’s Coffee & Tea. The new Walgreens will occupy 30,000 square feet of retail space in the building’s north tower, while Peet’s signed a deal to occupy 1,350 square feet of space in the building’s south tower.
- Beacon Capital Partners announced plans to buy the 38-story office building at 180 N. LaSalle for $126 million. The deal is the second downtown Chicago office market acquisition in the last month for the Boston-based real estate investment firm, following the purchase of 300 S. Wacker Drive for $113 million.
- A joint venture led by Convergint Technologies paid $6 million for the development site at 601-613 W. Jackson Boulevard in Chicago’s West Loop. The venture plans to build a 15-story, 190-unit on the 26,000-square-foot site.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.