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 22.
Former BOMA/Chicago President Named a Top JLL Executive
Maureen Ehrenberg, who served as BOMA/Chicago’s President from 2009-2010, has been named as JLL’s Executive Managing Director for its Integrated Facilities Management (IFM) business in the Americas and Chair of its IFM Global Specialty Board. In her new role, Ehrenberg will provide strategic direction and expertise to a team of 8,000 who currently manage more than 760 million square feet of property in the Americas and provide leadership to the members of JLL’s Global IFM Board.
Firm Expands Real Estate Reach with Warehouse Purchase
South Street Capital has initiated its first investment fund by purchasing an industrial building for $3.9 million. The 84,635 square foot warehouse is located at 2059 W. Hastings St. in the Illinois Medical District. South Street is primarily known for owning loft office spaces in River North, River West and the West Loop.
Sterling Bay Venture Paying $27.5M for River North Loft
Sterling Bay Cos., along with New York based DRA Advisors LLC, is purchasing a seven-story River North loft located at 213 W. Institute Place. The partners are paying almost $28 million, or roughly $185 per square foot. This is double the price previously paid for the building, which was purchased by Charles Mudd in 2004 for $14.5 million.
Former Athletic Club Bears Hefty Pricetag
Owners of the former Lakeshore Athletic Club, located 441 N. Wabash, have hired HFF Inc. to broker the sale of the site. The sale could bring in $40 million or more, as the site is located just west of North Michigan Avenue. A venture including Chicago-based investment firm BDT Capital Partners LLC and Zeller Realty Group purchased this space and the Wrigley Building back in 2011. The sale of this lot alone could bring in more than the venture paid in total back in 2011 – $33 million.
First Chicago Co-Working Lounge to Open at One South Wacker
One South Wacker will become the first class A office building in Chicago to open up a full-service shared workspace and conference center for both the public and its tenants. The building, owned by Harbor Group International, has hired New York-based Serendipity Labs to open and manage a 30,000 square foot co-working lounge that will be housed on the mezzanine level and second floor.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.