Chicago’s suburban office market suffered its fair share of hits over the past few years but seems to be on an upward trend. After struggling early in the year, the market ends 2017 with a positive net absorption of over 1.4 million sf, in which 1.65 million sf was added during the fourth quarter alone. Direct vacancy and availability rates compressed from mid-year’s 19.7% and 22.6% to the year end’s postings of 18% and 21.5%, respectively.
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As 2017 closed out, Chicago’s downtown employment base was growing and the economy was largely still in expansion mode from the last serious contraction in 2010. The office market responded to these conditions with assurance yet also with hesitancy. The fourth quarter posted a slight, direct vacancy uptick of 0.27% to 12.07% and a stable direct availability of 15% compared to 2017’s third quarter.
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Chicago, IL – Jeffrey Bernstein & Laurence Elbaum, Co-founders of Bradford Allen are pleased to announce that Ryan Moen has been promoted to Managing Director. Ryan joined the company in 2009 and has consistently grown through the ranks. Over the years Ryan has expanded his Landlord representation portfolio and currently represents 19 buildings with a total RBA of over two million SF, including 220 Remington Boulevard in Bolingbrook and 4245 Meridian Parkway in Aurora.
Some of Ryan’s notable transactions include: representing Indeavor Development at 220 Remington Boulevard, Bolingbrook, in its new lease with S&S Activewear for 28,746 square feet; representing UBS Global Asset Management at 4245 Meridian Parkway, Aurora, in it’s renewal with Hartford Fire Insurance for 71,000 square feet and a 25,000 square foot lease with Sedgwick Claims Management as well. Most recently at this property, Ryan completed a long-term lease renewal with INEOS Styrolution for 22,000 square feet. Prior to joining Bradford Allen, Ryan worked for a nationwide real estate developer dedicated to redeveloping underutilized properties through public/private partnerships.
“We could not be happier with Ryan’s career growth and achievements,” said Laurence Elbaum, Co-founder. “From day one, he has exemplified the high level of professionalism, and possessed the moral and ethical character we value at Bradford Allen.”
Ryan is a graduate of the University of Illinois and lives in Geneva, Illinois, with his wife and two children.
Chicago, IL – Laurence Elbaum, Principal of Bradford Allen is pleased to announce that Jonathan Seeley has joined the firm as a Managing Director. Seeley, a 30-year Office Tenant Representation veteran of the commercial real estate industry, is based in the firm’s Downtown office. Prior to joining Bradford Allen, Seeley was a Vice President of Brokerage at Cushman & Wakefield and DTZ prior to their merger and a Managing Director at Studley before that.
Seeley primarily represents tenants and serves clients in the not-for-profit, financial services, legal, technology, and telecommunications industries. He also has previous experience representing institutional owners and investors in the acquisition and disposition of investment properties.
Seeley earned his MBA with a concentration in marketing and finance from the University of Illinois at Urbana-Champaign and his B.A. from Washington University in St. Louis
“Jonathan is an extremely well-respected veteran of the Chicago brokerage community, and we are very excited to welcome Jonathan to the BA team,” said Elbaum.
Chicago, IL – Bradford Allen is pleased to announce that Managing Director Matthew Alexander has completed a lease extension and relocation on behalf of Deutsch Levy & Engel, Chartered (DLEC) at 225 W. Washington Street. The Chicago-based law firm signed a long-term lease extension and will relocate their offices into 14,000 SF of newly designed more efficient modern space on the 13th floor. The new space also provides DLEC with a prominent position on the floor with immediate access to elevators and the flexibility for future growth. DLEC was one of the first tenants to sign a lease in the then newly constructed building in 1986 and have occupied space on the 17th floor for over 30 years. Mark Gunderson and Mark Baby, of Cushman & Wakefield, represented the Landlord.
Deutsch, Levy & Engel was founded more than 50 years ago and serves clients throughout the United States and in many foreign countries. The firm concentrates in the areas of commercial transactions, financing, corporations, litigation, real estate, federal, state and local taxation, estate planning and probate, with a special emphasis on libel and slander law, and First Amendment matters. The firm’s list of clients includes publicly held as well as entrepreneurial and middle market companies engaged in a broad range of activities, financial institutions and state and local governmental agencies.
“This transaction was mutually beneficial for both the tenant and the landlord,” said Alexander. “The Tenant was able to take advantage of the opportunity to right-size their space and construct an office more suited to their current needs. Everyone involved in the project contributed a great deal and were invaluable in making this a successful transaction.”
Chicago’s Marmon Building, 225 W Washington, stands as one of the most elegant structures in the City of Chicago. Constructed almost entirely of a rose-colored marble with floor to ceiling windows and high arching entranceways, this building attracts some of the most successful businesses in Chicago as tenants. Located in the West Loop, the Marmon Building is one block from the Metra and El train stations and surrounded by several public parking garages. Its easy access to all major transportation routes makes this building a perfect location for commuting.