Monthly Archives: February 2014

Chicago Commercial Real Estate – In the News

Published February 28, 2014

Tom’s Recommended Reading for the Week

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

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
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
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
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
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

Published February 25, 2014

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

Published February 21, 2014

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.

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
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
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
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
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

Published February 17, 2014

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.

Chicago Commercial Real Estate – In the News

Published February 14, 2014

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!

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
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.
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
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
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.

Bradford Allen Brokers Nonprofit in Relocation, Expansion

Published February 11, 2014

CHICAGO – Thresholds, a social service agency providing healthcare, housing, and hope for individuals struggling with mental illnesses, has inked a 8,800 square foot lease at 120 South LaSalle. The Chicago-based nonprofit will continue to operate at 4101 N. Ravenswood Ave and its locations across the city, and will use the new Central Loop location for their executive, finance, and development offices.

Bradford Allen Senior Managing Director Craig Nadborne and Managing Director Sameena Mustafa Basit represented Thresholds in the transaction. Kim Robare of Lincoln Property Group represented the landlord, Teachers Retirement System of Illinois.

“This transaction enabled Thresholds to move into a central location that will accommodate their near and long-term growth,” shared Basit. “120 South LaSalle was able to offer highly adaptable existing conditions and favorable lease terms.”

“We’ve noticed a trend among our nonprofit clients wanting to relocate their executive staff to downtown office buildings,” Nadborne added. “In addition to centralizing business operations, a CBD location offers greater visibility and easier access to donors and board members.”

“Thresholds is thrilled to move some of our team to a downtown location,” says Mark Ishaug, Thresholds CEO. “We look forward to being closer to many of our partners, donors, and board members, as well as providing better access for all of our program staff located throughout the City of Chicago, Blue Island, Kankakee, and McHenry County. Bradford Allen understands the needs of large nonprofit agencies, and it was a pleasure to work with them.”

Chicago Commercial Real Estate – In the News

Published February 7, 2014

Tom’s Recommended Reading for the Week

This frigid week did not cool off the week’s news. Enjoy!

Downtown biohub, Matter, will be at Merchandise Mart – The new downtown hub for health-technology startups has a name and an address. Called Matter, the facility will be in the Merchandise Mart next to 1871, the digital-technology hub upon which it’s modeled.The 25,000-square-foot facility will be funded by $4 million from the state of Illinois… Crain’s Chicago
Chicago Spire developer gets funding, wants to resume project – The Irish developer behind the Chicago Spire said it has found an investor to pay its creditors, allowing it to emerge from bankruptcy and possibly restart work on the long-stalled residential project.… Chicago Tribune
Two more law firms coming to Chicago- Two litigation-oriented law firms are opening Chicago offices they say could eventually total as many as 50-some lawyers.Akerman LLP, based in Miami with about 600 lawyers and lobbyists, hired seven lawyers from Chicago-based Ulmer & Berne LLP, while Goldberg Segalla LLP, a 180-lawyer firm based in Buffalo, N.Y., took six lawyers from Chicago-based Wiedner & McAuliffe Ltd… Crain’s Chicago
The $180,000 way to create a tech startup – Seventy-nine percent of Illinois university tech startups still alive since 2010 came up through Chicago-area universities, according to a report out Monday.Northwestern University and the University of Chicago accounted for two-thirds of the total 354 startup companies created statewide, with the University of Chicago counting 103 total and 84 still-operating new companies, and Northwestern creating 116 with 92 still alive… Voices
The logic of logistics: Key considerations for companies looking to expand, renovate or relocate – Despite some recent hiccups, a slowly-but-steadily improving economy seems to have reached the point in which many businesses are no longer just trying to keep their heads above water. In many cases, they are looking to move to a bigger pool. Across the Midwest, improving economic circumstances have led to a noticeable uptick in not only commercial moves, but also expansions and renovations of existing spaces… RE Journals