Monthly Archives: November 2015

Chicago Commercial Real Estate – In the News

Published November 27, 2015

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

Published November 25, 2015

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 Building – Globe 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

Published November 23, 2015

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

Published November 20, 2015

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

Published November 13, 2015

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
 

Bradford Allen Represents Mindcrest in Office Relocation and Expansion in Chicago

Published November 13, 2015

CHICAGO – Bradford Allen Realty Services is pleased to announce that 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.

Founded in 2001, Mindcrest Inc. is a premier legal process outsourcing firm headquartered in Chicago with delivery centers in Chicago and Pune, India.  Mindcrest Inc. currently has an office at 1 E. Upper Wacker Drive.  Due to the firm’s recent growth and the need for additional space, Mindcrest Inc. chose to relocate to 440 S. LaSalle Street, where it will increase its space by more than 300%.

“Mindcrest was in need of a larger space in order to streamline their growing operations,” said Bradford Allen’s Kessler. “440 S. LaSalle Street provided the firm with the desired Loop location along with the space required to meet their current business needs.”

Azulay and Kessler assisted the firm with its site selection analysis, ultimately securing space within 440 S. LaSalle Street. Mindcrest Inc. will move into the new space in Q1 2016.  Azulay and Kessler represented Mindcrest Inc. in the lease negotiations while Mark Gunderson, Mark Baby and Ben Cleveland of Cushman & Wakefield 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.

 

Bradford Allen Completes 9,700 SF Lease Renewal for PSC Group in Schaumberg

Published November 5, 2015

CHICAGO – Bradford Allen Realty Services is pleased to announce that the firm’s Senior Managing Director Joel Berger has completed a lease renewal on behalf of PSC Group for 9,700 square feet for the firm’s headquarters space located at 1051 Perimeter Drive (Woodfield Executive Plaza) in Schaumburg, Illinois.

Woodfield Executive Plaza was built in 1973, and offers a total of 196,144 square feet of office space. The 11-story property is conveniently located adjacent to the Woodfield Shopping Mall and several expressways. Sabal Financial Group purchased Woodfield Executive Plaza in 2014 and has put several renovation plans in place since the acquisition.

PSC Group is an information technology and business consulting firm founded in 1990. PSC Group focuses on delivering high value technology solutions that help clients achieve their strategic business objectives. The firm has been headquartered at Woodfield Executive Plaza in Schaumburg since 1996 and maintains satellite offices in downtown Chicago and Overland Park, Kansas. Due to an impending lease expiration at its headquarters, PSC engaged Bradford Allen to assist with evaluation of their space at 1051 Perimeter Drive and explore alternative relocation options in the Northwest suburbs. The resulting study ultimately led to a lease restructure and long-term extension in which Bradford Allen was able to achieve an immediate and significant rent reduction for PSC Group as well as other favorable economic terms and concessions. As a key part of the negotiation, the landlord agreed to replace the entire HVAC system and install new lighting throughout the premises while providing PSC with an additional allowance for other needed improvements.

“After working closely with the landlord, we were able to restructure a long-term lease renewal for our client with advantageous terms plus prominent monument signage on the frontage road in addition to PSC’s existing monument signage on Perimeter Drive,” said Berger “PSC Group explored other suburban locations for its headquarters, but at the end of the day Woodfield Executive Plaza offered an excellent location with great visibility, access to major expressways and the amenities of Woodfield Shopping Mall.”

Joel Berger represented PSC Group in the lease negotiations and Jack Reardon of NAI Hiffman represented Woodfield Executive Plaza.

 

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.