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 30.
- Oprah Winfrey’s production company Harpo Inc. hired real estate firm Eastdil Secured LLC to explore options for its Harpo Studios properties, including potential plans to sell. The Harpo campus, considered largely responsible for the West Loop commercial and residential real estate boom, consists of four buildings totaling 170,000 square feet.
- The University of Chicago’s Booth School of Business is expanding into the NBC Tower with a 16,000-square-foot lease. Expected to open in early 2014, the space located on the ground level of 455 N. Cityfront Plaza Drive will house two classrooms and 16 study rooms.
- A venture led by Aries Capital purchased the office building at 540 N. LaSalle in River North. The 65,000-square-foot building was the subject of a recent bankruptcy proceeding, causing the venture to have to close on the purchase within five days after the sale auction.
- Montreal-based real estate investment firm Ivanhoe Cambridge is set to buy 10 and 120 S. Riverside Plaza for $367 million. The side-by-side towers along the west bank of the Chicago River total about 1.4 million square feet and are nearly fully leased.
- A venture of Chicago-based Marc Realty LLC completed the $22.3 million acquisition of 216 W. Jackson Blvd. from Michigan-based Farbman Group. In 2007, the 10-story, 176,622-square-foot West Loop tower was the first Chicago office building purchased by the Michigan real estate investment firm.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.