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Monthly Archives: August 2012

Bradford Allen Completes Renewal for Neighborhood Housing Services of Chicago

CHICAGO – Bradford Allen Realty Services is pleased to announce that Managing Director Sameena Mustafa Basit and Senior Managing Director Craig Nadborne have completed a 15,656 square foot lease on behalf of Neighborhood Housing Services of Chicago (NHS) at 1279 N. Milwaukee Avenue in Chicago.

Established in 1975, NHS is the area’s largest nonprofit community development organization. The firm has operated its citywide office from the Milwaukee Avenue location since 2001. Basit and Nadborne represented NHS in lease negotiations which enabled the organization to reduce its occupancy costs while reorganizing its floor space for improved efficiencies.

“The new lease terms will save NHS over 20% in occupancy costs,” said Basit. “Furthermore, relocating within the building eliminates the need for transferring elevators as was required by the old space. NHS’ new offices will improve the organization’s operational flow with a smaller footprint.”

Bob Tucker, Corporate General Counsel for NHS said, “NHS chose to remain at the Wicker Park location to provide continuity for its staff, clients and partners as well as for its access to public transportation.  It’s a good building, and the new ownership has been responsive to our needs.”

Centrum Properties, Inc. represented the landlord, AGC West Town Center Owner LLC.

About Neighborhood Housing Services of Chicago
NHS is the city’s largest nonprofit community development organization committed to providing residents of Chicago and Elgin with affordable resources to buy, fix, and keep their homes. Since its creation, NHS has created more than 3,880 new homeowners. NHS also works to stimulate community reinvestment through a partnership of residents, businesses, and government, and has leveraged investment of more than $1.1 billion in Chicago’s neighborhoods. NHS is part of the NeighborWorks® America network, which includes 235 independent, community-based nonprofit organizations serving more than 4,500 communities nationwide.

About Bradford Allen 
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, makes a full range of services and expertise available to entrepreneurial and corporate business entities, and not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. Please visit our website at www.bradfordallen.com.

 

Third Quarter 2012 Chicago Suburban Office Market Report

Third Quarter Transaction Activity Heats Up In Suburban Chicago Office Market

After cooling off during the first half of 2012, activity within the suburban Chicago office market accelerated during the third quarter. The increased confidence among large tenants was evidenced in a spate of noteworthy transactions. This was driven largely by a continued trend toward quality space where tenants are locking-in Class A locations at attractive pricing. The improving suburban office market conditions were illustrated by several key market metrics.

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Third Quarter 2012 Chicago Downtown Office Market Report

Downtown Chicago Office Market Holds Steady, But Demand Points to Further Improvement Ahead

The downtown Chicago office market ended the third quarter with overall availability and vacancy rates of 17.1% and 13.7%, respectively. Compared with the second quarter both are minor increases which can be attributed to the stagnant economic recovery and firms reducing their square footage to maximize space efficiency. Conversely, a side by side analysis of third quarter 2011 and third quarter 2012 shows improvements in most major metrics—asking rate, net absorption and overall vacancy—demonstrating increased stability in the office market.

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