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 June 16.
Braintree Plans Expansion Within New Merchandise Mart Headquarters
Ebay Inc., parent company of credit-card software company Braintree Inc., has announced plans to hire 360 new employees over the next three years. Braintree recently moved its corporate headquarters to a 60,000 square-foot space in Chicago’s Merchandise Mart. The hiring spree will result in $12 million in state tax incentives if the company fulfills its hiring pledge.
1871 to Expand Office Footprint by 50 Percent
Entrepreneur and tech incubator 1871 has been awarded a $2.5 million state grant and plans to add 25,000 square feet to current space in Chicago’s Merchandise Mart. The expansion will be used to house companies with between 10 and 20 employees. Construction will begin in July, and the new space could be completed as early as October.
Sterling Bay Signs on to Old Main Post Office Redevelopment
British developer Bill Davies has partnered with Sterling Bay Cos. on a $500 million redevelopment of the empty Old Main Post Office in Chicago’s West Loop. The development will include office and retail space within the 2.7-million-square-foot building. The Post Office is rumored to be a potential location for the new Walgreens corporate headquarters.
Willis Tower Hits Financial Turbulence
Owners of the Willis Tower are seeking a loan modification to support recruitment of new tenants. Building spokespeople have stressed that investing in current occupants and attracting new leases will ensure the long-term financial viability of Willis Tower. As of 2013, the 4.6-million-square-foot tower increased its occupancy to 83 percent.
BOMA/Chicago’s June Program Luncheon
Cook County Board President Toni Preckwinkle addressed BOMA/Chicago members during the June Program Luncheon at the Sheraton Chicago yesterday. Preckwinkle focused on budget and pension issues as well as the city of Chicago’s economic development. When asked about her political future, she emphasized her commitment to completing the public health and safety to-do list she created upon being elected Board President.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.