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 December 2.
AMA Plaza 92% Leased
Assisted Living Concepts, LLC (ALC), a leading provider of senior housing, signed a lease at 330 North Wabash. Beginning in December 2013, ALC will rent 25,265 square feet of space on the 37th floor of the AMA Plaza to house its corporate headquarters. The ALC lease will bring the AMA Plaza’s lease rate up to 92%.
11-Year Lease at 115 S. LaSalle
BMO Financial Group signed an 11-year lease at 115 South LaSalle St. for approximately 19,931 square feet of space. In March 2014, BMO Financial Group will take over 3,304 square feet on the 23rd floor of the building along with 16,627 square feet on the 25th floor. The BOMA/Chicago office resides on the 23rd floor of this building.
Another Move to River North
CBRE will be moving from its West Loop office space to a 35-story River North tower. Chris Connelly, CBRE’s Chicago market leader, confirmed that the company signed an 11-year lease for 61,400 square feet at 321 N. Clark St. This move signals CBRE’s passion for emulating the advice it gives to its own tenants on the north side of the river, which is to adopt an open-floor layout where employees work on laptops, tablets and phones in common areas to promote colleague collaboration.
Illinois Pension Reform
On Tuesday, December 3, the Illinois House and Senate approved a long-awaited measure to reform the nation’s state public pension system. The measure passed the Senate in a 30-24 vote and the House in a 62-53 vote and is expected to save Illinois about $160 billion over 30 years.
Landmark LaSalle Offices Converted to Hotels
One of Chicago’s landmark office buildings, 39 S. LaSalle, will be converted into a 225-room hotel. Kimpton Hotel & Restaurant Group LLC is spearheading the project, which is one of three hotels in the works on the block, including a 257-room Hyatt hotel that is under construction around the corner. Chicago-based developer of the JW Marriott, Michael Reschke, is also planning to covert 11 S. LaSalle St. into a 380-room Residence Inn by Marriott.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.