CRE News: What We’re Reading the Week of November 11

By BOMA/Chicago

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 November 11.

2013 AMJoin Us for the 111th Annual Membership Meeting on November 21
BOMA/Chicago’s 111th Annual Membership Meeting will be held next Thursday, November 21 at the JW Marriott. Officers will deliver a ‘state of the membership’ address highlighting this year’s challenges and successes. Networking begins at 5:30PM with an opening reception sponsored by Able Services. The business meeting will begin promptly at 6:30PM, followed by an elegant dinner sponsored by Corporate Concierge ServicesZonatherm Products will sponsor wine service during dinner. The Annual Meeting will conclude with a special membership appreciation champagne and dessert service, sponsored by Concierge Unlimited International. If you and your teams have not yet registered, click here to secure your spot. Registration closes on Monday, November 18.

Clever Move to River North
Cleverbridge A.G., an ecommerce platform for digital products, signed a 10-year lease at the Thompson Building located at 350 N. Clark St. The firm decided to leave its current 10,000 square foot space at 360 and 333 N. Michigan Ave. to create a headquarters in 30,000 square feet of space at the vintage River North office building.

430 N Michigan

430 N. Michigan Avenue (Photo by Ovie Carter, Chicago Tribune, May 22, 1999)

Razing the Realtors’ Building
Earlier this week, the National Association of Realtors’ board of directors unanimously voted to proceed with a preliminary plan to raze the 13-story tower at 430 N. Michigan and replace its structure (plus land immediately to the west) with a one million to two million square-foot tower, possibly 93 stories high, and plaza space.

The national Realtors’ group owns this 50-year-old building. Once the redevelopment is complete, the group will own 180,000 square feet of space.

Second City, Second Tallest Tower
The Council on Tall Buildings and Urban Habitat announced that the needle on top of the new One World Trade Center in New York will be counted in the calculation of the building’s height, pushing the iconic Willis Tower out of the top spot for the tallest building in the Western Hemisphere. Once complete, the One World Trade Center will rise to 1,776 feet, surpassing our beloved Willis Tower by 326 feet.

CBRE Acquires Trophy Office Tower
CBRE Strategic Partners U.S. Value 6, a fund sponsored by CBRE Global Investors, acquired a 953,000 square foot building at 181 W. Madison St. for a reported price of $300 million. This 50-story tower is about 83% occupied and is currently anchored by Northern Trust Co.

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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