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 18.
Thank You for Attending the 111th Annual Membership Meeting
BOMA/Chicago thanks all of you who joined us for our 111th Annual Membership Meeting on Thursday, November 21 at the JW Marriott. We hope you had a wonderful evening of networking, reflection and elegant dining. Our officers delivered a very thorough ‘state of the membership’ address highlighting all of the membership benefits we provided you with over the last year. We look forward to advocating on your behalf and equipping you with the tools and information necessary to confront the challenges and opportunities of our ever-changing industry in the years to come.
We would also like to thank our sponsors: Able Services (opening reception), Corporate Concierge Services (dinner service), Zonatherm Products (dinner wine service) and Concierge Unlimited International (champagne and dessert service).
CBOT Data Center
Houston-based Data Stream LLC signed a 7,882 square foot lease at the Chicago Board of Trade with plans to build and maintain one of the highest connected and service oriented data centers in the industry. In August of this year, Data Steam officially entered the Chicago market when moved its regional sales team into 1,459 square feet at the Board of Trade. Ronald Bailey, president and CEO of Data Stream, said that the $1.5 to $2 million data center construction should be completed by February 2014 and that if demand is strong, the firm may lease another 10,000 square feet across the hall.
Beitler Backs Down and Buck Pushes Ahead
J. Paul Beitler has dropped plans to build a 23-story office tower at 200 W. Randolph St. after his partner in the project, Next Realty LLC, sold the parking garage there to InterPark Holdings Inc. in October. The construction of this building would have blocked a tower development by John Buck at 151 N. Franklin Street. Now that Beitler is out of the race, Buck has demonstrated his zest in pushing ahead with his plans to build the 36-story building by raising $145 million in equity. However, Buck will still need city approval and an anchor tenant before he can break ground on the 825,000 square foot building.
John Hancock Presence on Wacker
John Hancock Real Estate signed a deal to purchase 200 S. Wacker Drive, a 40-story tower measuring 754,751 square feet, for $215 million. Equity Group Investments, Pearlmark Real Estate Partners LLC and Behringer Harvard, the former owners, began a $10 million capital improvement program for this building in the summer of 2012. Improvements included an enhanced building entrance, lobby upgrades and the addition of a new tenant amenity center with a rooftop deck.
Cybercrime Expansion on Madison
Trustwave Holdings Inc., an information security company that helps businesses fight cybercrime, signed a lease earlier this week for an additional 15,000 square feet at 70 W. Madison St. This lease has increased the size of Trustwave’s Chicago headquarters by nearly 30%. Trustwave leased this space to accommodate future growth and will occupy the space by February 2014, bringing its total square footage to 65,740 square feet.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.