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 15.
Partial Sale of the Sullivan Center
Winthrop Realty Trust and Elad Canada Inc. are seeking buyers of their 76% stake in the Sullivan Center, located at 1 S. State. The CityTarget store currently serves as the anchor tenant to this 15-story, 943,944 square foot building and according to sources, the property would be worth about $250 million in an outright sale. However, a partial sale and the unusual ownership structure make it difficult to estimate a sale price.
Freedom Center Redevelopment
Tribune Media announced earlier this week that it plans to redevelop a seven-acre portion of its Freedom Center campus, located at 700 W. Chicago Ave., that contains a vacant, 115,000 square foot industrial building. Tribune Media, in attempt to gain revenue from its real estate holdings, will seek a development partner for this project and will soon issue a request for proposals.
Uber Signs Another Sterling Bay Lease
Uber Technologies Inc., a fast-growing ride-sharing company, has signed a lease for 58,000 square feet on the ninth floor of 111 N. Canal St. This property is owned by Sterling Bay. In March of this year, when Uber moved into another Sterling Bay building located at 370 N. Carpenter St., the firm stated that it planned to have 100 Chicago-based employees by the end of 2014 and 200 by the end of 2015.
Renewed Lease and Increased Space on Wacker Drive
Rise Interactive Inc., a digital marketing business, has expanded its space at 1 S. Wacker Drive by 19,000 square feet to a total of 35,000 square feet in a new 12-year lease. Harbor Group International purchased this 40-story tower in 2012 for $221 million.
Law Firm Takes Full Floor on LaSalle
Blatt, Hasenmiller, Leibsker & Moore, a Chicago-based law firm, has signed a 10-year lease for a full floor (23,000 square feet) at 10 S. LaSalle. The firm will take occupancy in October when it relocates 170 employees from its corporate headquarters at 125 S. Wacker.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.