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 18.
More Help for Yelp
Yelp Inc. has signed a lease for more than 50,000 square feet at the Merchandise Mart with plans to move into the space in January 2015. Most of the space will be filled with sales employees that Yelp plans to hire over the next 12 to 18 months. The Mart is owned by New York-based Vornado.
Move Along Wacker
Heath insurance company Aetna has signed a lease at 333 W. Wacker Dr. for 53,824 square feet that spans the 21st and 22nd floors. Aetna currently resides at 1 S. Wacker Dr. and plans to relocate in March 2015. 333 W. Wacker is owned and operated by Hines while 1 S. Wacker is owned and operated by Harbor Group.
Renewal and Expansion for Law Firm
Dale & Gensburg P.C., a Chicago based law firm, has renewed its lease for the 24th floor at 200 W. Adams and has also agreed to expand its space to accommodate growing operations. Sterling American Property and Lincoln Property Company own this property.
Glass Over the River
Zeller Realty Group, owner of the 35-story office tower at 401 N. Michigan Ave., has announced plans to construct a glass box on its southern edge. This box would overlook the Chicago River and would serve as an entrance to a new riverside restaurant below the plaza. Zeller recently took out a new $190 million loan and plans to spend $25 million in improvements for this property. The glass box is still awaiting city approval.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.