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 July 28.
Another Sterling Bay Acquisition
Sterling Bay Cos. has purchased 87% of the office space at the LaSalle-Wacker Building, located at 221 N. LaSalle St, for $53 million. Sterling Bay bought the tower from Cape Horn Group LLC, which paid $53 million for the building in 2006 before selling off individual pieces that now house retail space and a parking garage. The 360,000 square feet Sterling Bay has purchased in the building is 80% leased.
High Occupancy Amid Renovations
300 S. Wacker Dr., purchased by Beacon Capital Partners last year, is now 88% leased. Three of the building’s tenants, Swoon Technology Resources, NextGen Global Resources and Ironshore Inc., have signed new leases that will double or almost triple their footprints. Beacon has also launched a multi-million-dollar building renovation initiative that will include a redesigned lobby, upgraded corridors and restrooms, a new state-of-the-art fitness center, conference facilities and new spec suites.
InStep Moves to Wacker Drive
InStep Software LLC will be relocating from about 17,500 square feet at 200 W. Jackson Blvd. to nearly 19,000 square feet at 225 W. Wacker Drive in order to make room for additional employees. InStep has signed a sublease from AEP Energy Inc. that will end in early 2022.
Lofty CPS Headquarters
A venture of Blue Star Properties currently has a contract to purchase 125 S. Clark St., the current headquarters of Chicago Public Schools, for an undisclosed price. Blue Star plans to invest more than $30 million to renovate the 507,920 square foot tower into loft office space once CPS moves out later this year.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.