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 September 8.
Billion Dollar Pricetag for Several CBD Towers
Several downtown towers, with a combined value of about $1.8 billion, will soon be on the market. Here are several future sales predicted by Crain’s Chicago Business:
- 353 N. Clark St. for $700 million or more
- 55 E. Monroe St. for a pricetag of $380 million
- 515 N. State St. may fetch $130 million
- 550 W. Adams St. for $190 million
- 222 S. Riverside Plaza may be worth $330 million
Portion of River North Office Space for Sale
Alter Group Ltd. plans to sell 141,957 square feet of office space located at 111 W. Illinois St. for $71 million. This sale would not include the three floors owned by the Erikson Institute, a non-profit graduate school, or the 10,000 square feet owned by the Roka Akor restaurant. Salesforce.com, a company that sells sales-automation software, has nine years remaining on a 116,819 square foot lease at this property.
Downtown Move After Three Decades
GlobeStreet.com reported on the growing trend of companies moving to the CBD from other Chicagoland areas – a trend that is attributed to the many amenities and conveniences that downtown offices provide. Newark element14, an electronics and engineering firm, is the most recent firm to make the move to the CBD after spending 34 years in Ravenswood.
Wacker Pricetag Disclosed
Last week, we reported the sale of 101 N. Wacker Drive, a property previously owned by Hines Interests L.P. The price paid for the property by the now-owner, LaSalle Investment Management, has been disclosed – $210 million. The 24-story tower is currently 90% leased.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.