Monthly Archives: April 2020

Bradford Allen Completes 8,900-Square-Foot Renewal Transaction at Tri State International

Published April 28, 2020

CHICAGO, IL — Jeffrey A. Bernstein and Laurence B. Elbaum, Principals and Co-Founders of Bradford Allen, are pleased to announce the firm has completed another lease renewal at Tri State International in Lincolnshire.

Melinta Therapeutics, an antibiotics company represented by Henry Lee and Max Zwolan of JLL, signed a four-year renewal for 8,876 square feet on the second floor at 300 Tri State International. The ownership was represented by Dan Fernitz, Executive Managing Director and head of suburban operations at Bradford Allen, along with his team of Matt Alexander, Managing Director and Milan Gacanovic, Associate.

“We are thrilled that Melinta has decided to continue their tenancy at Tri State. They do such important work that is even more important at this moment in time. Being able to accommodate their needs at Tri State was a priority for ownership and I am so happy that we were able to do so,” said Fernitz of the renewal.

About Bradford Allen
Bradford Allen is a national commercial real estate firm based in the heart of downtown Chicago. The company offers a full array of brokerage services and expertise to entrepreneurial, corporate, and not-for-profit clients. Services include strategy, marketing, and transaction execution for occupiers, investors, and owners of commercial real estate. Bradford Allen is the brand name of Bradford Allen Realty Services. For more information, visit bradfordallen.com.

About Melinta Therapeutics
Melinta Therapeutics, Inc. is dedicated to saving lives threatened by the global public health crisis of drug-resistant bacterial infections through the development and commercialization of novel antibiotics that provide new therapeutic solutions. Their product portfolio provides providers and patients with a range of solutions that can meet the tremendous need for novel antibiotics treating serious infections. For additional information, including product information, visit melinta.com.

Q1/20 Downtown Chicago Office Market Report

Published April 23, 2020

Bradford Allen is pleased to share our Q1/20 Downtown Chicago Office Market Report.

This quarter in the downtown office market:

Direct net absorption was positive 693,731 s.f.
Year over year, direct availability rose from 13.90% to 14.69%.
Year over year, direct average asking rates climbed to $42.18 from $41.42.

To read the full report, click here.

Bradford Allen Represents Summit Expedited Logistics in Lease Extension and Expansion

Published April 14, 2020

CHICAGO, IL — Bradford Allen is pleased to announce that Director Matthew Wright has completed a lease extension and expansion on behalf of Summit Expedited Logistics at 55 W. Monroe Street. The Chicago-based, full-service transportation provider has signed a long-term lease extension and will expand their offices on the 35th floor. The expansion provides Summit the space to accommodate their growing sales team, nearly tripling their occupancy from 6,378 square feet to 15,844 square feet. Situated on the curve of the building, the space features prominent views of Lake Michigan and a new entryway off of the elevator bank. Wright originally assisted in Summit’s move to the building via a sublease in 2018, on which the tenant still had term remaining. Andrea Saewitz and Matt Lerner of Cushman & Wakefield represented the landlord in the transaction.

“I very much enjoyed working with the Summit team on this transaction and continue to be impressed with their rapid growth,” said Wright.

A 40-floor office building in Chicago’s CBD, 55 W. Monroe benefits from immediate proximity to public transit and popular eateries. Its amenities include 24-hour building security, a fitness center, a conference room, restaurants, banking, and a Dollop Coffee in the lobby. The building is Energy Star rated and LEED Gold certified for its best-in-class design.

About Summit Expedited Logistics
Summit Expedited Logistics is a customer-focused transportation management provider with deep industry experience and ties to preferred industry partners. Established in 2001, the company focuses on truckload, intermodal, expedited ground, LTL, and other supply management services. Summit specializes in delivering cost savings and operational efficiency through innovative transportation solutions. For more information, visit summitexpedited.com.

Bradford Allen Completes Seven Lease Transactions to Close Quarter

Published April 9, 2020

CHICAGO, IL — Jeffrey A. Bernstein and Laurence B. Elbaum, Principals and Co-Founders of Bradford Allen, are pleased to announce the firm completed seven lease transactions during the week of March 30th.

Andy DeMoss, Senior Managing Director, Downtown Agency Services, and his team of Matt Wright and Amy Zelasco completed two new leases and two renewals. Dinos & Young, LLC signed a new 5-year lease for 2,224 square feet at 120 W. Madison, relocating from 20 S. Clark; the law firm was represented by Victor Sanmiguel and Michael Kraft of Bespoke Commercial Real Estate. Pollination Capital Partners, LLC, a climate change advisory and investment firm headquartered in London, signed a new 3.25-year lease for 1,156 square feet at 216 N. May.

The Law Offices of Deborah S. Ashen, Ltd., represented by Sheila Matuscak of Coeo Space and Michael Heaney of Cresa, signed an 11-year renewal for 3,252 square feet at 217 N. Jefferson. Philipsborn Company, LLC, a commercial real estate finance firm, was represented by Michael Pink of MAP Real Estate in a 2-year renewal for 2,028 square feet at 205 W. Randolph.

“During a time when many tenants are delaying their real estate decisions until the dust settles, it was refreshing to close so many transactions with an average term exceeding five years,” said DeMoss of his team’s continued success through this challenging economic climate.

Ryan Moen and John Millner, Managing Directors in the firm’s Suburban Agency Services practice, completed a new 7.5-year lease at 300–350 E. 22nd Street in Lombard, IL for Trifecta Transport, LLC; the transportation logistics company, represented by Aubrey Van Recken–Englund of NAI Hiffman, committed to 4,300 square feet in a relocation from Glen Ellyn, IL. Additionally, Moen completed The Von Heidecke School of Ballet’s relocation from Naperville, IL to Aurora, IL in a new 5-year lease at 4222 Meridian Parkway for 3,383 square feet.

Completing his first deal with Bradford Allen, Merrick Wells, Associate, completed a 3-year sublease at 410 N. Michigan Avenue for 1,895 square feet; Draftbit, a Chicago-based software development firm, was represented by NAREIM in the transaction.

“Jeff and I are very proud of everyone’s work ethic at Bradford Allen and thrilled that despite this extremely challenging time, our brokers are continuing to complete transactions and work hard on behalf of our clients,” said Elbaum.