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 August 11.
Acquisition of Clark-Adams Building
A venture led by Chicago developer John Murphy has struck a deal to acquire 105 W. Adams for an undisclosed price. Sources close to the deal say that Murphy will pay more than the $48 million the seller, Musa Tadros, paid for it in 2006. According to Murphy, the plan is to reposition the Clark-Adams Building as a “high-quality, affordable office option in an outstanding location.”
Signal Signs Sublease on Canal
Signal, a software startup formerly called BrightTag, will be moving from 9,000 square feet at 440 N. Wells St. to 27,000 square feet at 111 N. Canal St. Signal will be subleasing this space from Braintree, as Braintree will be moving to the Merchandise Mart. The startup has grown to 115 employees from 76 within the past eight months and the company expects to have 150 employees by year end.
NORC Extends and Expands
NORC, an independent research organization at the University of Chicago, has signed an extension on its existing 88,000 square foot lease at 55 E. Monroe, a building owned by GlenStar Properties and Walton Street Capital. NORC has also agreed to a 30,000 square foot expansion. We last reported on this property when Punchkick Interactive, Inc., a mobile marketing company, signed a lease for 23,401 square feet of space at 55 E. Monroe.
Three Floor Lease on Jackson
Enova International, an online loan provider, has signed a 12-year lease at 175 W. Jackson Blvd. for 160,240 square feet. This lease includes the entire tenth floor along with more than 30,000 square feet on the fifth and sixth floors. The tower, also known as the Insurance Exchange Building, totals 1,452,390 square feet and is 23 stories high.
Seyfarth Shaw to Relocate to Willis Tower
Chicago law firm Seyfarth Shaw LLP will be moving into 200,000 square feet at the Willis Tower after it relocates from its current 300,000 square foot space at 131 S. Dearborn St., also known as the Citadel Center. Seyfarth Shaw has signed a 15-year lease for the Willis tower and is exercising an option for the early termination of its 15-year Citadel lease in 2017. Melissa Copley, Seyfarth’s broker and a managing partner at Mohr Partners Inc., declined to disclose what Seyfarth will pay to terminate the lease.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.