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 May 5.
Walgreens Focuses on Chicago Headquarters
Walgreen Co. is currently in talks to move its headquarters downtown into the old Main Post Office. Although some shareholders are pressuring the company to move its Deerfield headquarters to Europe, Walgreens has been exploring downtown options for months with the plan to move thousands of jobs into the CBD.
CVS Gains Traction
CVS Caremark Corp. has plans to open a pharmacy in the former Sears store located at 2 N. State. CVS is currently negotiating a lease for at least 23,000 square feet, a deal which will amp up the competition with Walgreens. Walgreens currently runs seven stores within this area while CVS operates four, the largest of which is 13,200 square feet at 55 E. Monroe St.
Rise of the TRUMP
Earlier this week, workers began to install the 20-foot stainless steel letters spelling out developer Donald Trump’s last name on the 92-story Trump International Hotel & Tower. Workers are installing “TRUMP” just below the 16th-floor terrace. According to the sign permit application approved by the city, “TRUMP” will be back-lit with white LED lighting.
State Street SSA
The Chicago Loop Alliance (CLA) unveiled the details about their plan to renew and expand the State Street Special Service Area at a public meeting held on May 1st. Many BOMA/Chicago building members that would be part of the expansion voiced concern about the anticipated new tax burden, which is expected to be between 5 and 6 percent. Members who were in the existing SSA also voiced concerns about the services provided. CLA will hold a second public meeting on May 21st, from 8:00AM to 10:00AM at University Center Chicago, 525 South State Street. BOMA/Chicago members are encouraged to attend. For more information about the SSA proposal, contact Ron Tabaczynski.
Chicago Energy Benchmarking Ordinance
The first compliance deadline for the Chicago Energy Benchmarking Ordinance is June 1, 2014. Buildings that must comply by that date include municipal and commercial buildings larger than 250,000 square feet. Benchmarking, verification, and reporting deadlines for additional buildings covered by the ordinance will phase-in through 2016. Under the ordinance, buildings will be required to track whole-building energy use, report to the City annually, and verify data accuracy every three years.
The City of Chicago has established an Energy Benchmarking Help Center and provides phone and email support for all questions related to the ordinance. Live support is available via the hotline Monday-Friday from 9:00am to 5:00pm by calling (855) 858-6878. Email support is available at Info@ChicagoEnergyBenchmarking.org.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.