Monthly Archives: January 2021

Bradford Allen Investment Advisors acquires 570 Lake Cook Road

Chicago, IL ­– John Butler, Executive Managing Director of BAIA, is proud to announce the acquisition of 570 Lake Cook Road in Deerfield, IL. Bradford Allen Realty Services will be the leasing agent, while Bradford Allen Management Services will be the property manager.

Built in 1984, the newly renovated property is a 137,492-square-foot suburban office building located at the Lake Cook Metra stop. Joel Berger, Senior Managing Director, and Matt Alexander, Managing Director, will lease the four-story property, which currently offers 40,000 square feet of vacancies, an underway spec suite program, and move-in ready options for tenants. A new lounge and state-of-the-art conference facilities were also recently implemented. Situated less than two miles from I-94 and I-294, its prominent frontage along Lake Cook Road is seen by 36,000 vehicles each day.

“The property is really a hidden gem within that market. It is far and away the best option for smaller and mid-sized tenants, with each floor having two wings that offer flexible space size with a great window line. It’s attached to the Metra station and offers wonderful proximity to walkable amenities, in addition to building amenities,” said Berger.

“We just renewed Sedgwick Claims Management Service on a 10,000-square-foot lease, and we’re set for continued success through the coming year. The heated, underground parking and top-floor solarium lounge are both really significant perks at this price point and make for an attractive option to tenants,” added Berger.


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.

 

Year-End 2020 Suburban Chicago Office Market Report

Bradford Allen is pleased to share with you our Year-End 2020 Suburban Chicago Office Market Report.

This quarter in the suburban office market:

  • Year over year, the overall sublet availability rate increased from 1.94% to 2.99%.
  • From year-end 2019 to year-end 2020, direct vacancy and availability rose from 19.55% to 21.95% and 24.16% to 26.18%, respectively.
  • Overall, the direct asking rate was $24.86 p.s.f., a $0.17 p.s.f. decrease from mid-year 2020.

To read the full report, click here.

 

Q4/20 Downtown Chicago Office Market Report

Bradford Allen is pleased to share with you our Q4 2020 Downtown Chicago Office Market Report.

This quarter in the downtown office market:

  • The overall sublet availability rate doubled from 1.90% to 3.83%, year over year.
  • Quarter over quarter, direct availability and vacancy rose to 17.90% from 16.51% and to 11.98% from 10.86%, respectively.
  • Overall, gross average asking rates declined to $40.71 p.s.f. from $41.51, quarter over quarter.

To read the full report, click here.

 

Bradford Allen secures 180 N. Wacker leasing assignment in Chicago CBD

Chicago, IL – Jeffrey A. Bernstein and Laurence B. Elbaum, Principals and Co-Founders, are pleased to announce that Bradford Allen has been appointed the exclusive leasing agent for 180 N. Wacker Drive in the Chicago CBD.

The team of Andy DeMoss (Senior Managing Director, Downtown Agency Leasing) and Alex Gordon (Director) will lease the six-story, 75,826-square-foot brick-and-timber loft. The property resides in the heart of Chicago’s West Loop and offers 21,915 square feet of availabilities. Built in 1923 and recently renovated in 2020, 180 N. Wacker features new spec suites and a private riverside patio. It has been owned by Greenstone Partners since 2019.

“There have not been many big wins for firms since the start of COVID, but our team has continued to secure new assignments and close deals, and this is another win for BA. The building will perform well as the majority of the vacancies have spectacular river views,” said DeMoss.


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.

 

Ten with Ben // “007: Forecasting 2021”

Ben is back, and like most of us, he’s ready to leave 2020 in the rearview mirror! Kick off the new year with Episode 007 of Ten with Ben.

We all hope 2021 will bring lots of excitement, but like Ben says, even after 20 years in the industry, “You just never know!” Listen as he discusses the differences between speculation and reality, why there is no doubt companies will come back to the office (eventually), and what “pent-up demand” means. Even after the COVID-19 vaccine is widely available, it won’t just be like flipping a switch getting back to our normal routines. Office schedules will still vary through at least the next 18 months.

The year will bring uncertainty, but more importantly, it will bring evaluation and opportunities to both landlords and tenants.