Monthly Archives: July 2020

BA Completes 8,373-SF Lease Extension for Openlands

Published July 29, 2020

Chicago, IL — Jeffrey A. Bernstein and Laurence B. Elbaum, Principals and Co-Founders of Bradford Allen, are pleased to announce that Managing Director Jonathan Seeley and Associate Merrick Wells have completed a lease extension on behalf of Openlands. The Chicago-based nonprofit signed a long-term lease extension to remain in their offices at 25 E. Washington, where they are one of the largest tenants. Openlands currently occupies space on the 16th floor and have been in the building for over twenty years.

“This transaction was mutually beneficial for both parties, providing the opportunity for the long-standing relationship between Openlands and Aspire Properties to continue to thrive,” said Wells.

“In light of the fact we are in the middle of a pandemic, this renewal allowed Openlands to continue to focus on its core mission with minimal interruption,” added Seeley.

Founded in 1963 as a program of the Welfare Council of Metropolitan Chicago, Openlands is one of the oldest metropolitan conservation organizations in the nation, proudly serving Northeastern Illinois and the surrounding region to protect natural habitats and wildlife. The organization has now helped to protect more than 55,000 acres of land for public parks and forest preserves, wildlife refuges, land and water greenway corridors, urban farms, and community gardens.

“Jeff and I are really proud of John and Merrick. We are living in unprecedented times, and they continue to produce at a high level regardless of the challenges,” said Elbaum.

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.

Ten with Ben 002: “Negotiating Leases During Covid”

Published July 23, 2020

Ben Azulay is back in this week’s Ten with Ben to continue exploring leases in the “new world.” Many companies haven’t committed to a return date to the office, and it’s brought uncertainty to the market. There will be both temporary and permanent changes in the way we operate moving forward, but how will it affect your lease? Is now the time to renegotiate? If you have a lease expiration coming this year or next, you should be considering the options available to you.

Listen as Ben explains how we’ll be monitoring the market in the months to come to ensure we can position tenants in the space they need with a lease that’s right for them.

Bradford Allen Arranges Full-Building Lease

Published July 23, 2020

CHICAGO, IL — Jeffrey A. Bernstein and Laurence B. Elbaum, Principals and Co-Founders of Bradford Allen, are pleased to announce that Managing Directors Ryan Moen and Norm Murdoch have arranged a new 37,259-square-foot lease at 2375 Cabot Drive in Lisle, Illinois on behalf of owner First American Properties.

Water Quality Association (WQA) will occupy the entire two-story property, relocating and expanding from an 18,000-square-foot space at 4151 Naperville Road. WQA serves as a leading industry resource, educator for industry professionals, and laboratory for product testing.

“First American Properties was creative in getting Water Quality Association interested in the property by including necessary building infrastructure in addition to the provided Tenant Improvement allowance. Both Landlord and Tenant worked overtime during the Covid-19 shutdown and subsequent uncertainty to get this lease completed,” said Murdoch.

Known as the Courtyards of Lisle, 2375 Cabot Drive was built in 2007 and offers a total of 37,259 square feet of space. The property is in close proximity to I-88 and I-34 and a twenty-minute drive to O’Hare International Airport. Water Quality Association was represented by Eric Sorensen, Colin Rowe, and Jordan Rovito of Cushman & Wakefield.

Bradford Allen Represents Team Rubicon in First Chicago Lease

Published July 15, 2020

CHICAGO, IL — Bradford Allen is pleased to announce that Ben Azulay, Principal, has completed a new lease transaction on behalf of Team Rubicon at 459 N. Wolcott Avenue. The disaster-relief nonprofit signed a seven-year lease, where they will occupy the entire 11,500-square-foot building. The West Town property previously served as a firehouse and will be completely renovated for the tenant’s use. Chad Schroedl and Adam Thomas of SVN Commercial Real Estate Advisors represented the landlord in the transaction.

Team Rubicon serves communities in times of need by pairing skilled military veterans with first responders, medical professionals, civilian volunteers, and technology to help people prepare, respond and recover from disasters and humanitarian crises. In response to the new lease, Team Rubicon’s Michael Watkins, Director Midwest Territory, explained, “The property resonated with us so strongly because it tells a story not unlike our own. Its history is rooted in serving the community, and we’re pleased to be able to continue that lineage — providing relief when and where it’s needed.”

“It was a pleasure to serve Team Rubicon in finding their first home here in Chicago. The work they do — particularly their active response to the Covid-19 pandemic — is so important in these challenging times, and we’re proud to be a small part of that,” added Azulay.