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 12.
Legal software maker, kCura Corp., is expanding its space at 231 S. LaSalle by 50,000 square feet. This will be the fourth time KCura has added space to its lease, bringing its total space to 133,609 square feet. KCura is best-known for its Relativity software for document management, which now has more than 90,000 users. The company continues to grow each year and added 150 to its staff in 2013 with plans to hire this same amount in 2014.
Jupiter Nixes Office Space
Jupiter Realty Co. has decided to fill its proposed tower at 108 N. Jefferson St. with two hotels, a 210-room Hampton Inn and a 128-room Homewood Suites. Jupiter previously planned to equip the space with apartments and offices when it purchased the site for $7.5 million in 2007. Before switching to a dual-hotel plan, Jupiter shrunk the project to a 20-story office tower. With the addition of these two hotels, the firm will join a horde of developers who plan to add more than 6,000 hotel rooms downtown Chicago.
Long-Term Lease Extension at The Rookery
Tabet DiVito & Rothstein LLC, a Chicago litigation firm, has signed a long-term lease extension for approximately 25,000 square feet at the historic Rookery Building at 209 S. LaSalle. Designed by famous architectural partners Burnham and Root, The Rookery is one of Chicago’s most highly recognized addresses. According to Studley, the global commercial real estate services firm that represented the litigation firm in the transaction, Tabet DiVito & Rothstein chose to stay in The Rookery for many reasons that include the building’s historical significance and its close proximity to the courts and public transportation.
Pension Reform Update
Officials are wrapping up a Cook County worker pension reform bill that will cut retiree benefits and require workers to pay more toward their pension funds. The bill does not address the estimated $144 million of revenue needed to fund the pension accounts. Sources report, however, that the money will likely be raised through property or sales tax hikes or a combination of both.
June Luncheon Registration Now Open
BOMA/Chicago will be hosting this year’s June Program Luncheon on June 19 at the Sheraton Chicago Hotel & Towers. Cook County Board President Toni Preckwinkle will host the event. All BOMA/Chicago members are invited to attend. Tickets are $75 and the luncheon will run from 12PM to 1:30PM. Doors will open at 11:30AM.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.