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 February 17.
Long-Term Lease at Illinois Center
Burrell Communications signed a long-term renewal of its lease at 233 N. Michigan Ave., part of the 2.1 million square feet Illinois Center office complex. The 34,508 square-foot lease renewal comes as the building owner, CommonWealth REIT, prepares to open a new outdoor plaza with complimentary tenant Wi-Fi access and redesigned seating areas.
Thresholds, a social service agency providing healthcare and housing for individuals struggling with mental illnesses, has signed a lease at 120 S. LaSalle for 8,800 square feet. The Chicago-based nonprofit will use the new Central Loop location for its executive, finance and development offices while continuing to operate at its 4101 N. Ravenswood Ave. location.
View of the Lake
The Alliance for the Great Lakes completed a 6,674-square-foot lease at 150 N. Michigan Ave., also known as the Crain’s Communications Building. The non-profit, which currently leases 3,400 square feet at 17 N. State, tried to find a larger space in the building that also had a view of Lake Michigan. When no such space was available, the Alliance began a search for Class-A space that had a view of the lake and ENERGY STAR-certification, which is a requirement for an environmental organization.
The Active Transportation Alliance, a Chicago a non-profit that works to improve conditions for bicycling, walking and transit, has proposed that parts of 20 Chicago streets, including Michigan Avenue, become car-free zones. The Alliance believes that car-free streets will cause more pedestrians to bike and walk which will make communities more attractive to live while also improving mobility and health. In response to this announcement, Alderman Brendan Reilly claimed that closing Michigan Avenue to cars would be “irresponsible.”
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.