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Monthly Archives: February 2015

Chicago Commercial Real Estate – In the News

Tom’s Recommended Reading for the Week

  1. A Chicago Masterpiece Rediscovered – Even though downtown Chicago has a worldwide reputation for great architecture, many of its treasures suffer from neglect and disinvestment. But an increasing number of businesses believe that occupying historically-significant space can bring a type of prestige that modern office buildings… Globe St.
  2. As Office Space Shrinks, So Does Privacy for Workers – Dafna Sarnoff worked her way up to vice president at American Express and what she remembers as “a desirable office.” Later she was hired by a financial services company — bigger salary, bigger office. Then, in 2012, she was recruited by Yodle, a smaller, newer company that sells online marketing tools for small businesses…. New York Times
  3. Cushman & Wakefield Going Up for Sale – The Italian family that controls Cushman & Wakefield Inc., one of the world’s largest real-estate services firms, is putting the company up for sale as rising property prices push up the value of rivals, according to people familiar with the matter… Wall Street Journal
  4. More New Jobs Are in City Centers, While Employment Growth Shrinks in the Suburbs – For decades, most Americans working in metropolitan areas have gone to work outside city centers – in suburban office parks, stores or plants, not downtown skyscrapers. But as people increasingly choose to live in cities instead of outside them, employers are following…. New York Times
  5. The Smart Way to Create a Transparent Workplace – Transparency. The concept is as simple as it is alluring. By making sure employees conduct their work in plain view—visible in open offices, monitored with sensing technology and tracked through digital activity—companies hope to increase accountability, collaboration, knowledge sharing and innovation… Wall Street Journal
 

Chicago Commercial Real Estate – In the News

Tom’s Recommended Reading for the Week

  1. Dolce Living Communities buys vintage Loop office building from Hamilton Partners – A Florida residential developer bought a 115-year-old LaSalle Street office building, likely signaling another change in a nook of the Loop where several vintage office properties are being reincarnated… Crain’s Chicago
  2. Gogo to expand at Sterling Bay building in West Loop – Gogo is adding more jobs at its new West Loop headquarters. In 2013, the inflight wireless provider decided to move its corporate offices from Itasca to 111 N. Canal St., where it would employ 500 people and occupy 232,000 square feet… Crain’s Chicago
  3. How does branding work in real estate? – Is branding important to real estate? Most of us give it lip service but think that it is dwarfed in importance by the deal terms around a real estate transaction – T.I. dollars, lease terms, CTL financing and cap rates. The prevailing opinion in our industry (which I’ve heard verbatim numerous time) runs along these lines… RE Journals
  4. Suburban co-working movement building slowly in Geneva, Naperville – A handful of co-working centers are establishing themselves in the suburbs, but the idea of a place where independent professionals come together, share space and form a community is a tough sell among suburbanites… Daily Herald
  5. West Loop office tower in Chicago for sale – The Congress Center is going up for sale about 2½ years after injection of fresh cash pulled the West Loop office tower out of distress. A venture of New York-based Northwood Investors hired the Chicago office of HFF to broker a sale of the 16-story office tower at 525 W. Van Buren… Crain’s Chicago
 

J.H. Heck Joins Bradford Allen as Director in Chicago

CHICAGO, IL – Jeffrey A. Bernstein and Laurence B. Elbaum, principals and co-founders of Bradford Allen are pleased to announce that J.H. Heck has joined the firm as Director. Heck will provide tenant and landlord representation in the Chicagoland area.

Heck has 17 years of sales experience with 10 years being in the real estate and finance industries. Previously, he served as the local executive responsible for leasing, construction and property management at Aura Real Estate and Management in Chicago. Heck was responsible for origination and negotiation of all new and renewal lease agreements, tenant improvement analysis and construction projects at 330 S. Wells and 401 S. LaSalle in Chicago. Most notably, he achieved and maintained an occupancy level of 96% at 401 S. LaSalle with a marked increase in the property’s rent roll.

 “J.H. is a results-oriented professional with a long and successful track record”, said Elbaum.  “His ability to cultivate and secure new business, as well as, his experience in property management and financing will make him an asset to our growing team”.

In his new role with Bradford Allen, Heck will be responsible for assisting local and national clients with real estate analysis and decisions by aligning their organizational goals with sound market strategy. Prior to his experience in commercial real estate, Heck spent a number of years with Americor Financial Services in Michigan. He is a licensed real estate broker in the state of Illinois and holds a Bachelor’s in Business Administration from Northwood University in Midland, Michigan.

 

About Bradford Allen Realty Services

Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of 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

  1. Fresh Thyme grocery chain to move to Downers Grove, open Elston store – An organic grocer that plans an ambitious expansion across the Midwest has inked deals for two more Chicago-area stores as it prepares to move its headquarters to Downers Grove from Phoenix. Fresh Thyme Farmers Market signed a 15-year lease for its first store in the city, at 2500 N. Elston Ave… Crain’s Chicago
  2. Illinois tops LEED rankings from USGBC – Illinois led the nation in building space certified as environmentally friendly for the second straight year, according to a report. The U.S. Green Building Council’s report yesterday named the top 10 states for buildings certified as “LEED,” which stands for Leadership in Energy & Environmental Design… Crain’s Chicago
  3. John Buck lands Freeborn & Peters for new Loop office tower – A third new office tower could soon rise in downtown Chicago, with law firm Freeborn & Peters agreeing to move into a 36-story project developer John Buck plans in the Loop. Freeborn & Peters has signed a letter of intent for offices in an 800,000-square-foot tower at 151 N. Franklin St… Crain’s Chicago
  4. Sterling Bay Gets $220M Refi for 1KFulton – Mesa West Capital has provided Sterling Bay with $220 million to refinance its 1KFulton project in the West Loop. The Chicago-based developer bought the former Fulton Market Cold Storage warehouse in 2012 and renovated it into a 535,000-square-foot office building thatGoogle will soon use as its new regional headquarters… Globe St.
  5. Suburban Chicago office building sales jump in 2014 – Sales of suburban office buildings surged to $1 billion last year, the highest volume since the crash. Suburban office sales rose almost 20 percent from about $865 million in 2013, the third straight year of rising sales but still only about half the 2007 peak of $2.09 billion… Crain’s Chicago