Monthly Archives: February 2014

Chicago Commercial Real Estate – In the News

Tom’s Recommended Reading for the Week

Happy Friday! Take a look at these articles heading into the weekend.

  1. ADM picks former United Building in Chicago for new headquarters  –About two months after announcing its headquarters move to Chicago, Archer Daniels Midland Co. has a new home — one that recently lost the headquarters of another Fortune 500 company… Crain’s Chicago
  2. Fulton Market buildings sold to Cedar Street ventures – After feasting on failed condominium projects, Cedar Street Cos. is continuing its push into office properties, acquiring two buildings a block away from the future Fulton Market home of Google Inc… Crain’s Chicago
  3. Chicago picked as site for Obama’s manufacturing initiative – Chicago will be the site of a digital manufacturing institute backed by $70 million in federal money and another $250 million in private and other government funding, giving the city, once a factory town, a better chance to re-establish its credentials as a modern maker of things… Chicago Tribune
  4. A New Trading Platform for Owning Office Property? – Very soon, if everything goes according to plan, individual investors will be able to buy and trade ownership stock in a single commercial real estate property, just like they would shares of common stock in a single company. The first property set as a test case for such trading is a noteworthy downtown Washington, DC, office building… CoStar
  5. Negotiate an Exit When Entering a Lease Agreement – Upon boarding an airplane, passengers are given instructions on exiting the aircraft in the most expedient manner if the need arises. Evaluating exit strategies should also be a top priority for tenants upon entering a lease agreement… National Real Estate Investor 
 

Kirstin Rogers Joins Bradford Allen

Tenant representation practice continues to grow

CHICAGO –  Bradford Allen Realty Services is pleased to announce that the firm has hired Kirstin Rogers as a Director in its Chicago tenant representation practice.

Bringing a decade of experience in the commercial real estate industry, Rogers will work alongside Managing Director, Sameena Mustafa Basit, focusing on the River North and Loop submarkets. In addition to tenant representation, she will work with the firm’s Corporate Services team on business development strategy projects for tenants, owners and investors.

“We are delighted that Kirstin has joined our team,” said Principal and Co-Founder, Laurence Elbaum. “She has a unique understanding of client needs given her extensive background in corporate client strategic acquisition and retention.”

Rogers most recently worked as a Senior Proposal Manager and Business Development Manager for Jones Lang LaSalle. At Jones Lang LaSalle, Rogers handled strategy management and proposal execution for global clients such as ACS, AT&T, Cisco, Deutsche Bank, Iron Mountain, Lenovo, Microsoft and Philips. Her particular expertise focused on tenant representation and lease administration for regional, national and global occupiers. Prior to joining Jones Lang LaSalle, she was the National Marketing Manager and Proposal Manager for Equis Corporation (now DTZ).

Rogers received her Bachelor of Arts in English from Denison University in Granville, Ohio and her Masters of Arts in English from the University of Missouri-Columbia.

About Bradford Allen 
Bradford Allen Realty Services, a Chicago-based, national commercial real estate company provides a full array of brokerage services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations.  The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. For more information please visit our website at www.bradfordallen.com.

 

Chicago Commercial Real Estate – In the News

Tom’s Recommended Reading for the Week

Hope everyone enjoys the last weekend of Olympic action. Catch up on your CRE news and take a look at these articles below.

  1. Chicago’s new hotspot for tech startups  –When Dan Wagner went looking for bigger space for his fast-growing startup, Civis Analytics Inc., he wanted cool, affordable loft space downtown near other tech companies. Sounds like River North, right?… Crain’s Chicago
  2. 1871 graduates find their way in new ‘real world’ offices – Many of Chicago’s aspiring young companies find their footing within the comfortable confines of 1871, surrounded by mentors and peers. After a time, however, the need for a space of their own takes over. Reserved seating at 1871 costs $400 per desk per month… Chicago Tribune 
  3. Amid 17-story hotel plan, debate over Fulton Market’s future may only be beginning- Trader Don Wilson faces an uphill battle winning approval for his Fulton Market hotel project, a harbinger of complicated debates about development in the sizzling neighborhood.A venture of Mr. Wilson’s Chicago-based DRW Holdings LLC wants to build a 17-story hotel with up to 200 rooms, plus a three-story, 51,274-square-foot entertainment complex… Crain’s Chicago
  4. Big city job numbers will shoulder apartment demand in Chicago – Chicago’s designation as one of Google’s seven national tech hubs will attract new start-ups to the city, amplifying its already strong employment prospects, which is good news for Chicago’s multifamily market, according to an apartment research market report by Marcus & Millichap Real Estate Investment Services… RE Journals
  5. Chicago Spire developer, creditor agree on financing plan – The developer of the aborted Chicago Spire condominium tower has resolved a dispute with its largest creditor over a short-term financing plan for the property, but the bigger battle for control of the development site still lies ahead… Crain’s Chicago
 

Bradford Allen Represents Perkins Eastman in Lease Renewal

CHICAGO –   Bradford Allen Realty Services represented Perkins Eastman in a 9,000 square foot lease renewal at 351 West Hubbard in Chicago. The internationally recognized design and architectural firm, has been a tenant in the River North eight-story loft office building since 2005.

Perkins Eastman will continue to occupy a portion of space on the seventh floor. Bradford Allen Senior Managing Director, Craig Nadborne, represented the firm in the renewal, as well as their original transaction. The architectural firm has been a long-term client of Nadborne’s.

“The building continues to fit Perkins Eastman’s operations very well,” said Nadborne. He added that the loft office environment, proximity to the Merchandise Mart, the East Bank Club and public transportation continues to make the building’s location desirable.

The landlord, Spectrum Properties, was represented in the transaction by Senior Vice President, Bob Woods.

About Bradford Allen 
Bradford Allen Realty Services, a Chicago-based, national commercial real estate company provides a full array of brokerage services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations.  The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. For more information please visit our website at www.bradfordallen.com.

 

 

Chicago Commercial Real Estate – In the News

Tom’s Recommended Reading for the Week

With the Olympics rounding up its first week, here are my 5 articles to start off your weekend. Enjoy!

  1. The Science of Office Design  – Revelations in the realm of neuroscience, social science and behavioral science are all having a profound influence on workspace design. As researchers continue to pinpoint the cognitive impact of individual architectural elements, we can alter our environment accordingly… Entrepreneur
  2. South Michigan Ave. Market Transforming – The recent sale of 200 S. Michigan Ave. by Equus Capital Partners, Ltd., for $69 million is yet another sign that the office market on S. Michigan Ave. has changed in the past few years. Although the sleek 22-story tower stands out a bit from its older neighbors, Joseph Neverauskas, senior vice president and head of Equus’ Chicago regional office, says the upgrade in its tenants since the private equity fund manager took over the building in 2000 reflects a neighborhood trend… Globe St.
  3. Sam Zell joins in battle for control of office landlord- Chicago real estate billionaire Sam Zell and a top lieutenant have jumped into the battle for control of CommonWealth REIT, a Massachusetts-based office landlord that is under attack by two dissident shareholders. The New York-based shareholders, real estate firm Related Cos. and Corvex Management L.P., a hedge fund led by Keith Meister… Crain’s Chicago
  4. Wrigley Building owners look to lure technology companies – Since 1924, the lights illuminating the white face of the Wrigley Building have almost continually shone. Now, the building’s owners want to shift the spotlight onto the tech companies they see as emblems of the future.”The Wrigley Building is a Chicago icon, and the technology community is quickly becoming iconic in its ability to create jobs,” entrepreneur Brad Keywell said… Chicago Tribune
  5. Open Offices: Bad for Health, Efficiency? – Perhaps the most prominent fad in the world of commercial office space is the attempt to attract millennial workers by reconstructing traditional workplaces into open, collaborative spaces. In Chicago, the new strategy has been especially popular among tech companies and those involved in creative work such as advertising and most visible in the West Loop and River North submarkets where many of these firms have settled… Globe St.