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 October 6.
Social Marketing Firm Moves Headquarters Downtown
SIM Partners, a social marketing technology company, has relocated to 14,500 square feet of space at 30 N. LaSalle St. The firm previously resided in Evanston from 2006 until its recent move downtown and plans to double its employee base within the next year.
Old Main Post Office Venture Fizzles
The venture between British developer Bill Davies and Sterling Bay to redevelop the vacant Old Main Post Office has fizzled after both parties were not able to agree on the final vision for the property. Sterling Bay withdrew from the venture after attempting to purchase the property for almost $150 million from Mr. Davies’ International Property Investors. Next steps for the Old Main Post Office, which has been vacant for 18 years, are unclear.
Raise Quadruples Headquarter Space
Chicago-based Raise Marketplace Inc., a firm that manages a website where people buy and sell unused gift cards, will quadruple its headquarters when it moves into the Sullivan Center from River North. Raise expanded its workforce from 21 employees to 100 in less than a year, sparking the move from 11,000 square feet at 311 W. Superior St. to 46,000 square feet at the Sullivan Center. The move will take place in March 2015.
Triple Pricetag for Sterling Bay Property
Sterling Bay has hired Bruce Miller, JJL’s Managing Director, to seek a sale of the 16-story West Loop office building located at 111 N. Canal St. This building has become one of the most sought after addresses for Chicago’s technology sector and is expected to fetch at least $300 million, which is triple the price from what Sterling Bay paid for the property in December 2012.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.