CRE News: What We’re Reading the Week of September 23

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 23.

  • Power Construction plans to move its corporate headquarters to Chicago from Schaumburg, Ill., in March 2014, as a result of anticipated employee growth and a current outdated office space. The commercial construction company will lease 35,000 square feet of space at 8750 West Bryn Mawr Ave. near O’Hare International Airport, and plans to increase its workforce by at least 15 percent over the next few years to support expansion plans.
Rendering of the new Navy Pier water fountain

Rendering of the new Navy Pier water fountain

  • Work on Navy Pier’s $176 million modernization began this week, with the first phase focusing on adding additional green spaces, converting an indoor walkway to a Chicago-themed food experience, and building a water fountain and ice rink just outside the entrance. The 50+ acre lakefront tourist and entertainment hub will remain open during the construction, which will be phased over the next 20 months.
Rendering of 1100 W. Grand Ave.

Rendering of 1100 W. Grand Ave.

  • In addition to renovating Google’s new Chicago headquarters in Fulton Market, Sterling Bay announced plans to buy eight more properties in the area, including the development of the 106,000-square-foot office building at 1100 W. Grand Ave. Noting that demand for commercial real estate in the neighborhood far exceeds supply, the Chicago real estate investment and development company’s plans will bring an abundance of available office space.

What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.

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About BOMA/Chicago

The voice of Chicago's office building industry since 1902.
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