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Monthly Archives: May 2015

Chicago Commercial Real Estate – In the News

Tom’s Recommended Reading for the Week

  1. Developer promises unique workplace on ex-Motorola campus in Libertyville – Aside from the new sign, there isn’t much evidence of activity at the vast, empty space that once housed Motorola Mobility on Route 45 south of Winchester Road in Libertyville... Daily Herald
  2. In Real Estate, Branded Content Is News – Big-name real estate services firms are joining the rush of businesses into new types of marketing that blur the lines between journalism and branding. With a splashy party last week at O’mar’s La Ranita, residential powerhouse Douglas Elliman relaunched Elliman as a lifestyle magazine… Wall Street Journal
  3. Online savvy helps commercial real estate professionals do better business offline – Despite what many in our field might think, commercial real estate isn’t just about sales; it’s about building relationships. As our industry expands and the tools available to us evolve, so too must our approach to business… RE Journals
  4. Plenty of rivals are following WeWork into co-working competition – Co-working company WeWork’s decision to open a 105,000-square-foot space in River North may throw a scare into a niche once characterized by local players while affirming that the little guys were on to something big all along… Crain’s Chicago
  5. Willis Tower buyer Blackstone pounces on former Apparel Center – Blackstone Group is close to taking over Chicago’s tallest building, but the private-equity giant isn’t stopping there. New York-based Blackstone has agreed to pay about $390 million for the former Apparel Center, now called River North Point, according to people familiar with the transaction… Crain’s Chicago
 

Bradford Allen Adds Two New Properties to Suburban Leasing Portfolio

CHICAGO, IL – Jeffrey Bernstein, Principal and Co-Founder at Bradford Allen is pleased to announce that the firm has been hired as the exclusive leasing agent for two additional office properties in suburban Chicago. The firm was selected by ownership to lease 800 Enterprise Drive in Oak Brook, Illinois and 17W220 22nd Street in Oakbrook Terrace, Illinois.

“We are excited to announce the expansion of our suburban office portfolio with these two well-positioned, high-quality properties in the East-West Corridor,” said Bradford Allen’s Principal and Co-Founder Jeffrey Bernstein. “We combine aggressive leasing and marketing efforts with in-depth market knowledge to ensure our team’s ability to improve the value of our clients’ assets. We are confident these new properties will garner just such success.”

Bradford Allen Director, Ryan Moen, will lease both properties. The first, located at 800 Enterprise Drive, is a 55,729 square foot office building offering floor-to-ceiling windows, move-in ready suites and covered parking. The building offers convenient access to I-88, I-294, I-355 and is a short drive to the Metra Highlands Station. Available suites range from 1,494 square feet up to 5,753 square feet.

Moen will also lease 17W220 22nd Street (Oakbrook Terrace Atrium) on behalf of ownership. The 56,414 square foot office property features a three-story atrium, exterior balconies as well as covered parking. It is conveniently located on 22nd Street with proximity to Oak Brook Center mall, I-88 and Route 83 (Kingery Highway). Available suites range from 1,398 square feet up to 10,829 square feet.

 

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.

 

Chicago Commercial Real Estate – In the News

Tom’s Recommended Reading for the Week

  1. Barriers to Entry Limiting Downtown Construction – For the last 20 years, the barriers to entry to build Downtown office were not very high. That’s all changing, one reason we’re excited to present Bisnow’s A New Downtown: Leasing, Development and Investment event May 14, starting at 7am at theMart... Bisnow
  2. Chicago landmarks commission approves Fulton-Randolph landmark district – A city panel today signed off on a proposed landmark district in the Fulton-Randolph area of the West Loop, a proposal that has drawn strong opposition from many property owners in the neighborhood. The measure would restrict the demolition or alteration of buildings in the proposed district, which would cover 74 acres stretching roughly from the… Crain’s Chicago
  3. Cushman & Wakefield sold to Chicago-based DTZ parent, TPG Capital – The Midwest commercial real estate market continues to heat up. Office product, in particular, is performing well. And while prices are up in markets across the country, investors are increasingly targeting the Midwest as a source of great value and quality opportunities. At a time when big coastal markets have seen prices recover up to (and in some cases above) pre-recessionary highs… Crain’s Chicago
  4. Hinshaw & Culbertson plans move to new Loop tower by John Buck – Law firm Hinshaw & Culbertson is close to a deal to move to a 36-story Loop office building planned by Chicago developer John Buck, a key step that could launch the third new office tower in the city since the recession. Chicago-based Hinshaw is in advanced talks to lease about 100,000 square feet in the proposed tower at 151 N. Franklin St., according to people familiar with the deal… Crain’s Chicago
  5. How to Play the CRE Consolidation Game – As someone who has been active in the mergers and acquisitions world within the commercial real estate industry for the last two decades, I’ve observed the numerous transformations and adjustments commercial real estate has undergone—some of the changes have been good, some bad, but each has had a lasting impact in varying degrees…  NREI
 

Chicago Commercial Real Estate – In the News

Tom’s Recommended Reading for the Week

  1. CMBS Late-Pays Tick Down – The delinquency rate for CMBS has been caught in a tug of war between old and new deals. However, Trepp LLC says the late-pay rate saw a decline of one basis point in April after holding steady in March. “The delinquency rate has been bumping along for the last few months, as two competing forces keep it fairly level,” says Joe McBride, research associate at New York City-based Trepp... Globe St.
  2. Instagram’s Role in Commercial Real Estate – Instagram, which has become the preferred social-media tool for many New York residential real-estate brokers, is beginning to show up more in the commercial real-estate brokerage business as well. Commercial firms and brokers remain much heavier users of Twitter and LinkedIn for such things as leads, contacts and recruiting… Wall Street Journal
  3. Investors targeting office properties in Chicago, Columbus, Detroit and other Midwest markets – The Midwest commercial real estate market continues to heat up. Office product, in particular, is performing well. And while prices are up in markets across the country, investors are increasingly targeting the Midwest as a source of great value and quality opportunities. At a time when big coastal markets have seen prices recover up to (and in some cases above) pre-recessionary highs… RE Journals
  4. Schaumburg planning to redevelop much of Motorola site – As Motorola Solutions prepares to downsize its longtime corporate campus in Schaumburg without disappearing from the suburb altogether, village officials are making plans for the land the tech company will leave behind. Schaumburg’s planning, building and development committee… Daily Herald
  5. US drives Y-O-Y Sale Gains – Fueled partly by a record quarterly high in cross-border investment, US commercial property sales volume was up 49% year over year for the first quarter, Real Capital Analytics said Thursday. The $114.4 billion in domestic sales accounted for more than half the Q1 global total of $207.8 billion… Globe St.
 

Bradford Allen Completes Six New Leases for Farbman Group at Soon to Be Renovated Naperville Property

CHICAGO, IL – Jeffrey Bernstein, Principal and Co-Founder at Bradford Allen is pleased to announce that the firm has completed six new leases, totaling 25,565 square feet, at 280 Shuman Boulevard in Naperville, Illinois, increasing the occupancy by 37%.

280 Shuman Boulevard is a 69,077 square foot, two-story office property featuring an atrium lobby with a fireplace, a conference room and tenant lounge area. The building offers immediate access to I-88 and I-355 and easy access to public transportation as well as numerous area dining options. Built in 1979, the property is currently undergoing several major renovations to create more collaborative public spaces and an urban ambience to enhance the tenant experience. Renovations include modernizing the atrium areas by including Wi-Fi access, a new urban lounge and a dramatic light-filled atrium with bench and contemporary seating.

“We are excited about these recent deals at 280 Shuman, which were completed on behalf of the property owner, Farbman Group,” said Bernstein. “Our success in leasing the property stems from the major improvements being made by ownership, the building’s advantageous location as well as our continued dedication to tenant satisfaction.”

Ryan Moen, Director at Bradford Allen and the exclusive agent for the building, completed the six new leases totaling 25,565 square feet. The transactions completed at 280 Shuman Boulevard include 12,599 square feet for Rex Worldwide, represented by Troy Golden with SC Group; 3,431 square feet for Rightsize, self-represented; 3,388 square feet for Symmetry, represented by Chip Haines with RE/Max of Naperville; 2,859 square feet for SQS USA, represented by Steve Rasiramos with Bespoke Commercial; 2,087 square feet for AKT Peerless and 1,201 square feet for ML International, both self-represented.

“The Farbman Group is making significant capital improvements to 280 Shuman,” said Moen. “In today’s competitive marketplace, tenants seek a fresh new look and it’s important to have a product that addresses the changes in tenants’ preferences. The Farbman Group’s recognition of that fact will significantly improve the value of this property and the modifications have been well received by the marketplace.”

The renovations to the property are currently underway and are set for completion in May of 2015. The remaining 24,256 square feet is immediately available for lease.

 

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.