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 April 14.
CareerBuilder LLC has announced plans to consolidate office space that it currently rents in multiple buildings. The Chicago-based job search website will vacate 40,686 square feet at 180 N. LaSalle St. and add 47,466 square feet to its headquarters at 200 N. LaSalle St. After the move, CareerBuilder will rent a total of 195,000 square feet at 200 N. LaSalle under a lease that expires in 2019. The move will take place in 2015.
Space Purchased Within 55 W. Wacker
Taipei Economic and Cultural Office in Chicago (TECO-Chicago) has purchased the 12th and 13th floors at 55 W. Wacker, a space that totals 20,315 square feet. The Taipei Economic and Cultural Representative Office in the US oversees TECO-Chicago, which serves Taiwanese citizens in the Midwest states and represents the interests of the Republic of China, also known as Taiwan. TECO-Chicago will move from its current location at Two Prudential Plaza this spring.
Increased Tourism Reason Behind Riverwalk Construction
In attempt to attract more tourism and tourist dollars into the loop area, Chicago secured a $100 million loan from the U.S. Department of Transportation to expand the downtown Riverwalk. Construction is kicking into high gear this spring for a continuous pedestrian path all the way from State Street to Lake Street, where each block of the park will have a distinctive theme. According to original estimates, the project will take 1.5 years to complete. The Chicago Department of Transportation estimates that the new and improved Riverwalk will receive about 2.8 million visitors a year.
River Point Secures Third Tenant
After losing a top-floor tenant earlier this year, River Point has secured a new 10-year lease with Sydney-based Servcorp Ltd. for 25,500 square feet. River Point, a 54-story tower being developed at 444 W. Lake St., now has three tenants on board, Servcorp, DLA Piper LLP, which is leasing 175,000 square feet, and McDermott Will & Emery LLP, which is leasing 240,000 square feet.
Riverside Sale and West Loop Blueprints
Owner Joseph Mizrachi is currently seeking bids for the almost fully leased 300 S. Riverside Plaza as he simultaneously plans to build a hotel and office tower in the West Loop. In 2012, Mizrachi and investor David Werner took ownership of the West Loop parcel at 540 W. Madison St. where they now plan to build a 1 million square foot hotel and office tower. In plans that Mizrachi and Werner are showing potential investors, the tower houses 338 hotel rooms and 616,000 square feet of offices.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.