News

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June 27, 2017

This week’s featured product is Elevator World's Online Continuing Education Courses.

KINGS III ACQUIRED BY PRIVATE EQUITY FIRM

Kings III Emergency Communications of the Dallas area has been acquired by Rockbridge Growth Equity, a Detroit-based private equity firm. The deal closed on June 20. Rockbridge stated Kings III was an attractive opportunity due to its in-house design, engineering, manufacturing and emergency-dispatch departments. Kings III CEO Dennis Mason said the alliance "represents an exciting new chapter for Kings III, one best described as an unparalleled opportunity for accelerated growth." Kings III has approximately 23,000 customers across the U.S. and Canada, including those who use its systems in elevators.

TALLEST BUILDING WEST OF THE MISSISSIPPI OPENS

Amid a light show and parties, developers of the Wilshire Grand Center in Los Angeles celebrated the opening of the tallest building west of the Mississippi River on June 23, U.S. News and World Reports says. The 1,100-ft.-tall, 73-story building bests the old record-holder — the nearby US Bank Tower — by more than 80 ft. With its glass-and-steel crown designed to represent Yosemite's Half Dome, Wilshire Grand is the first modern skyscraper built in L.A. that does not have a flat roof. Instead, Wilshire Grand has a special landing platform and a dedicated elevator for firefighters. The building houses an 889-room InterContinental Hotel, 350,000 sq. ft. of office space, retail outlets and several restaurants. It is one of several new skyscrapers opening in or planned for L.A., which has witnessed a downtown renaissance in recent years.

RESIDENTS MOVE IN TO DOWNTOWN CHICAGO TOWER

Optima Signature, a 57-story residential tower at 220 East Illinois Street in the Streeterville neighborhood of downtown Chicago, is welcoming its first residents, Curbed Chicago reports. It joins its sibling, Optima Chicago Center. Optima Signature houses nearly 300 units and is approximately 20% leased. Despite stiff competition in Chicago's residential rental market, developer/architect David Hovey is confident Optima Signature's location near Michigan Avenue and amenities, such as a gym and indoor and outdoor pools, will make the property appealing.

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