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 January 6.
Concealed Carry Countdown
As of Tuesday, January 7, the Illinois State Police completed the initial approval of more than 13,000 concealed carry applications – a reminder to building owners and managers that they must decide whether or not to prohibit concealed carry by the end of this month.
BOMA/Chicago would like to remind you that if you choose to prohibit concealed carry, then you must conspicuously post a notice of the prohibition at each public entrance in your building. Buildings are allowed to use their own sign vendors, but please keep in mind that the sign vendor should be familiar with the requirements and should be able to provide you with signage that is compliant with the law. Early next week, BOMA/Chicago will publish a concealed carry FAQ on the website to help you decide upon and implement concealed carry processes.
Fire Fatalities Fall to Record Low
2013 ended with the lowest number of fire fatalities in Chicago’s history — 16 fire deaths, 11 less than the 27 fire deaths in 2012. Chicago Fire Department spokesman Larry Langford attributes this record number to the increased safety provided by sprinklers and smoke detectors, public education and advances in emergency medical service. None of the fatalities occurred in commercial office buildings, an indication that Chicago’s approach to commercial high rise fire and life safety is working.
In the summer of 2012, Illinois State Fire Marshal Larry Matkaitis proposed to update the Illinois fire safety code, which would have required the installation of fire sprinklers in all high-rise buildings and new homes. After many high-rise residents and condominium owners expressed their anger about the exorbitant expenses tied to these sprinklers, Matkaitis withdrew his plans.
Newark’s Southward Move
Newark Corp., an electronics distributor, is reportedly finalizing an agreement to lease about 65,000 square feet at 300 S. Riverside Plaza. After receiving nearly $1 million in tax credits from Illinois, Newark decided to move its office and about 350 employees downtown from its current warehouse-style building at 4801 N. Ravenswood Ave. on the North Side.
Redico Enters Market
Redico, a suburban Detroit real estate firm, has paid nearly $11.5 million for 10 N. Dearborn St. The office building, which is home to the Trattoria No. 10 Italian restaurant, is currently 70% leased and is Redico’s first acquisition in the Chicago market. Redico bought the 80,228-square-foot office building from a venture of New Mexico-based Rosemont Realty LLC, which paid $7.4 million for it in 1997.
After leasing 200,000 square feet at 1000 W. Fulton Market in June 2013, Google Inc. is now acting upon its option to lease even more space. In late December 2013, Google increased its lease space in the West Loop by about 26 percent – bringing its total square footage to 252,000 square feet.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.