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Monthly Archives: October 2015

Bradford Allen Completes Lease Renewal and Expansion for Illinois Action for Children

CHICAGO – Bradford Allen Realty Services is pleased to announce that the firm’s Managing Director Juliette Lane has completed a lease renewal and expansion for 7,518 square feet on behalf of Illinois Action for Children at 17926 S. Halsted in Homewood, Illinois.

Founded in 1969, Illinois Action for Children is a child-care advocacy organization. The firm currently occupies two suites within 17926 S. Halsted, totaling 4,779 square feet, and required additional space to accommodate its new Head Start and Early Head Start programs in the South Suburbs. Bradford Allen’s Lane sourced a unique and strategic opportunity for the firm within the same property, expanding the lease from 4,779 square feet to 7,518 square feet.

“After working closely with building ownership, we were able to arrange the expansion of Illinois Action for Children from two suites to three, within the same building, thereby creating a convenient expansion within the same property,” said Lane. “We are pleased to have assisted this organization in expanding its operations to include the Head Start and Early Head Start programs while also offering the space needed to accommodate the program’s growth.”

17926 S. Halsted was built in 1976, and offers a total of 14,000 square feet of office space. The property is located approximately 25 miles from downtown Chicago and offers easy access to several expressways. Lane represented Illinois Action for Children in the lease negotiations and Noah O’Neill of RN Realty represented ownership.

 

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.

 

Third Quarter 2015 Chicago Downtown Office Market Report

Chicago Office Market Continues to See Positive Absorption and Rising Rates

Chicago’s downtown office market continues on a steady path. Despite overall vacancy in the CBD increasing slightly to 12.8% from last quarter’s 12.6%, it remains below last year’s 13%. While seeing negligible change in vacancy, unemployment in both Illinois and throughout the country continues down the path of improvement. According to the Bureau of Labor Statistics, US unemployment is at its lowest rate since April 2008 at 5.1% and Illinois is at its lowest rate since February of 2008 at 5.6%.

Click here to read the full report

 

Bradford Allen Represents Seller at 925 West Chicago Avenue in Chicago

CHICAGO – Laurence Elbaum, Principal and Co-Founder of Bradford Allen Realty Services is pleased to announce that Bradford Allen Realty Services in conjunction with Essex Realty Group has completed the sale of 925 West Chicago Avenue in Chicago. The sale was valued at $4,250,000.

Elbaum and co-broker, Jason Fishleder of Essex Realty Group, represented the seller, Gamla Cedron Group, in the transaction. 925 W. Chicago Avenue is a three-story, 2 7,500 square foot creative loft, office building which was 66% occupied at closing. The property is ideally located in the heart of the River West District, and blocks from River North. It offers easy access to the Kennedy Expressway and is within minutes of the Blue Line CTA. Built in 1905, the timber/loft property was renovated in 2013 and features 16’ clear ceilings, an abundance of natural light and ample parking.

This is the third property in Chicago that Bradford Allen has been selected to represent on the behalf of Gamla Cedron. Bradford Allen is currently the exclusive leasing agent for both 520 W. Erie Street, in River North and 318 West Adams Street, in the West Loop.
“Gamla Cedron chose to work with us again due to our past success with them”, said Elbaum. “The condition and location of this particular asset was a huge attraction. We were able to work with Essex Realty to use our combined market knowledge and resources to secure a quality buyer for our client. ”

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.