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 28.
Sun-Times to Reduce Space
Wrapports LLC, the owner of the Sun-Times Media Group newspapers, is currently negotiating a 54% reduction in space with the lease it signed with the owner of River North Point, Shorenstein Properties LLC. According to Crain’s Chicago Business, Wrapports plans to downsize the Sun Times office space from 98,000 square feet to about 45,000 square feet. It is not clear whether or not the Sun-Times name will remain in the building, which was formerly known as the Apparel Center.
Motorola Mobility Settles Into Merchandise Mart
Motorola Mobility has officially set up shop in 604,000 square feet at the Merchandise Mart. Hardware and software engineers are now the largest group occupying the space. Amenities include a rooftop deck overlooking the Chicago River, a game room that includes arcade games, pool, ping-pong and Foosball tables along with large common areas and 280 conference rooms. Click here to view pictures of the new Motorola offices. Motorola is currently being bought by Lenovo Group Ltd. in a deal expected to close later this year.
Wacker Drive Bankruptcy Ruling
A bankruptcy judge has signed off on a proposal that would allow NorthStar Realty Finance Corp. to recapitalize the office tower at 123 N. Wacker Drive with a $12 million to $15 million investment. In early April 2014, Judge Jack B. Schmetterer signed an order that gave the property’s largest investor, San Diego-based Sovereign Capital Management Group Inc., permission to enter into the recapitalization agreement with New York-based Northstar. The 30-story building entered Chapter 11 protection last year.
Greektown Office Fully Leased
Elevate Energy has signed a seven-year lease for 17,000 square feet in a Greektown office building located at 322 S. Green St. Urban Innovations Ltd. purchased the 90,000-square-foot office property last year for $8.4 million and with the signing of the Elevate Energy lease, the building is now fully occupied. Elevate Energy is a non-profit that designs and implements energy-efficiency programs for clients and the firm plans to move 90 employees from a 9,700-square-foot space in Bucktown into the Greektown office.
BOMA/Chicago Members Invited to Attend IED Counterterrorism Workshop
BOMA/Chicago, ASIS Chicago and the University of Illinois at Chicago’s Police Department will be sponsoring a series of training events sponsored by the U.S. Department of Homeland Security Office of Bombing Protection. Space still exists for the IED Counterterrorism Awareness Workshop on June 24. The workshop is meant to enhance the participant’s understanding of the IED threat, surveillance detection methods and soft target awareness. The workshop is free for BOMA/Chicago members, but advance registration is required. To register for the class, and check descriptions and availability of other courses, visit the ASIS Chicago website.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.