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headquarters to Chicago from Schaumburg, Ill., in March 2014, as a result of anticipated employee growth and a current outdated office space.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.
- 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.
- The Muscular Dystrophy Association plans to move its national headquarters to Chicago from Tucson, Ariz., with plans to lease an office beginning in early 2014. The move will further establish Chicago as a leading U.S. healthcare and medical research hub.
- 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.
- Food processing giant Archer Daniels Midland is considering Chicago for its new global headquarters, which is currently in Decatur, Ill. A downtown Chicago headquarters would provide easy access to O’Hare International Airport, which offers nonstop flights to numerous international destinations where the global company operates.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.