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Monthly Archives: November 2015

Chicago Commercial Real Estate – In the News

Jill’s Top 5 Articles From This Week

  1. As experienced real estate professionals can attest, one of the things that make the industry so fascinating is that real estate is, to a large extent, a direct reflection of society: broader social, cultural and professional trends are oftentimes the driving force behind emerging real estate trends. – Globe St.
  2. The growing desire among consumers for specially-crafted beers is creating a new niche in the world of commercial real estate, and Chicago is leading the way. That metro area’s craft beer industry had a a 65.9% growth rate between 2013 and 2014, and included 144 existing breweries and 39 others in the planning stage, making it the top craft beer market in the country, according to a new national market study. – Globe St.
  3. Many Chicago-area tech firms have recently decided to move their operations downtown to take advantage of city’s huge collection of talent. But some others believe that they can take advantage of what both city and suburbs offer. Brainlab, Inc., a Munich-based medical technology firm, has a newly designed office space at 5 Westbrook Corporate Center in suburban Westchester, and earlier this year it expanded its presence into downtown Chicago by opening a new state-of-the-art customer training center in the iconic Wrigley Building. – Globe St.
  4. The developer of a 52-story office tower rising along the Chicago River has scored two more tenants about a year before the building is expected to open. River Point, a high-rise at 444 W. Lake St., is now 70 percent pre-leased after adding two new tenants, developer Hines Interests confirmed. – Crain’s Chicago
  5. For years people have talked of turning Chicago into a “Silicon Prairie” meant to rival the nation’s coastal tech hubs, and even though it still can’t quite compete with the actual Silicon Valley, the city has recently emerged as a truly mature tech market. – Globe St.
 

Chicago Commercial Real Estate – In the News

Jill’s Top 5 Articles From This Week

  1. Brainlab, Inc., a Munich-based medical technology firm, has a newly designed office space at 5 Westbrook Corporate Center in suburban Westchester, and earlier this year it expanded its presence into downtown Chicago by opening a new state-of-the-art customer training center in the iconic Wrigley BuildingGlobe St.
  2. River Point, a high-rise at 444 W. Lake St., is now 70 percent pre-leased after adding two new tenants, developer Hines Interests confirmed. – Crain’s Chicago
  3. The market has pretty much gotten the message: barring some unforeseen calamity or significant turn in the economy, the Federal Reserve will raise interest rates at its December meeting. That covers the “when.” The folks at Bank of America/Merrill Lynch have started filling in the “how.” How will the Fed raise rates, and how will the market respond to that?Wall Street Journal
  4. As daring a design as the planned Apple retail store near Pioneer Court will have, apparently it is toned down from the original concept. 42nd Ward Alderman Brendan Reilly says he pulled the plug on a large video screen that would have faced the Chicago River. – Loop North News
  5. For years people have talked of turning Chicago into a “Silicon Prairie” meant to rival the nation’s coastal tech hubs, and even though it still can’t quite compete with the actual Silicon Valley, the city has recently emerged as a truly mature tech market. – Globe St.
 

Bradford Allen Completes Lease Renewal and Expansion for SIRVA HQ in Oakbrook Terrace

CHICAGO – Bradford Allen Realty Services is pleased to announce that Joel Berger, senior managing director, has completed a lease expansion and renewal on behalf of SIRVA, Inc. totaling 62,000 square feet for the firm’s headquarters located at 1 Parkview Plaza in Oakbrook Terrace, Illinois. SIRVA’s office space was expanded 9,000 square feet.

Founded in 1998, SIRVA is a worldwide provider of company relocation services and moving solutions. The firm has been at 1 Parkview Plaza since 2013, when it relocated from the neighboring town Westmont. SIRVA has experienced rapid growth in the Midwest region and sought the help of Bradford Allen’s Berger to analyze their needs and devise a suitable solution for their growing business.

“SIRVA was in need of a larger space to house their expanding operations,” said Berger. “We are pleased to have sourced the opportunity for the firm to expand its presence within the same building. The building amenities, easy access to O’Hare airport and downtown Chicago, and being just minutes from the Oakbrook mall,  are among the factors that led them to remain at 1 Parkview Plaza.”

Built in 1993, 1 Parkview Plaza is a nine-story, 263,912 square foot office building. The Class A property is located near the intersection of 22nd Street and Route 83 and features tollway signage, a deli, a sundry shop, 24-hour manned security, a health club featuring basketball and racquetball courts as well as covered parking. Berger represented SIRVA in the transaction and Jim Adler of NAI Hiffman represented the landlord, TIAA-CREF.

 

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

Jill’s Top 5 Articles From This Week

  1. Senior Managing Director, Ben Azulay, and Director, Justin Kessler, have completed a new 9,828-square-foot lease on behalf of Mindcrest Inc. at 440 S. LaSalle Street in Chicago. – RE Journals
  2. SIRVA, Inc has expanded its headquarters by 9,000 square feet at 1 Parkview Plaza in Oakbrook Terrace, Illinois, according to Bradford Allen Realty Services Senior Managing Director, Joel Berger, who completed the lease expansion and renewal totaling 62,000 square feet. –  RE Journals
  3. Renters just can’t seem to keep away from the city. Chicago has seen an increasing migration of people relocating downtown—whether it be for housing purposes or for business, it’s impossible to stay away from the center of where all the action happens. – RE Journals
  4. Chicago’s in the top five cities in the country when it comes to emerging technology hubs, according to a new report – Biz Journals
  5. World Business Chicago tracks indicators from month to month to gauge the strength of several aspects of Chicago’s economy, including employment in major sectors, residential and office real estate data, price and purchasing indexes, and freight demand. Note: employment data refers to payroll job estimates for the city of Chicago and is not adjusted for seasonality – World Business Chicago
 

Chicago Commercial Real Estate – In the News

Jill’s Top 5 Articles From This Week

  1. The owner of the 26-story tower at 2 N. LaSalle St., a venture led by Norfolk, Va.-based owner Harbor Group International, has struck an agreement with an investor that will provide “a significant equity infusion” to the building, the company said in a statement. – Crain’s Chicago
  2. AXIS Reinsurance signed an 11-year lease for 29k SF on the building’s 35th floor, while global investment firm Houlihan Lokey locked down over 57k SF on the 37th and 38th floors for the next 15 years. Both companies are increasing their lease footprints and moving to 111 S Wacker from other buildings. – Bisnow
  3. The new owner of the Aon Center said it plans to add an observatory atop the 83-story office tower, a plan that would make Chicago just the second city in North America—and one of the few anywhere in the world—with three observatories. – Crain’s Chicago
  4. The Next Hot Thing in Cool Office Design: Now that every big startup has an open seating plan and giant amphitheater, what’s next in office design? We talked with top designers and architects to get their impressions of the present and visions for the future. – Inc.
  5. SPINS, which employs nearly 175 people, opened a new headquarters today at 222 W. Hubbard St., near the Merchandise Mart. About 150 people will work downtown. – Crain’s Chicago