Monthly Archives: January 2025

Client Success Story: Northwestern Mutual

Facing an expiring lease and a need for a refreshed office space, Northwestern Mutual partnered with Bradford Allen to explore relocation options. After an extensive market search, it became clear that the best solution was to expand within their existing building. Led by Ben Azulay, the Bradford Allen team negotiated favorable lease terms to expand and relocate to another floor, helping Northwestern Mutual achieve a modern, collaborative office that supports future growth and impresses clients.

Watch the video to hear Jeff Sons, wealth management advisor at Northwestern Mutual, discuss his successful partnership with the Bradford Allen’s Tenant Representation practice.

 

Year-End 24 Suburban Office Market Report

Bradford Allen is pleased to share with you our latest office market report.

The second half of the year in the suburban office market:

  • Vacancy was effectively unchanged in the second half of the year at 24.6%.
  • Year-end direct net absorption was negative 1.4 million square feet, significantly worse than 2023’s negative 173,000 square feet.
  • Much of the market’s distress lies in older, poorly located properties, which only account for 2.7% of the market’s overall inventory.
  • Investment sales activity was up this year as $368 million traded hands, with properties selling for an average discount of 17% from their previous purchase price.

 

Q4/24 Downtown Chicago Office Market Report

Bradford Allen is pleased to share with you our latest office market report.

This quarter in the downtown office market:

  • 2024 net absorption was negative 3.6 million square feet, nearly double the negative 1.9 million square feet recorded in 2023.
  • Direct vacancy continued to climb, reaching a record high of 23.2%.
  • The average gross asking rates were $42.85 per square foot.
  • Spec suites and full build-outs continued to outperform the market, accounting for an increasing share of leasing activity—28.6% in 2024 up from 9% in 2019.

 

Bradford Allen Executes Expansion and Lease Extension on 21,592 square feet at 1900 Spring Road

CHICAGO, IL – Bradford Allen today announced the completion of a 7,539-square-foot expansion and lease extension for US Investment Corporation, increasing the tenant’s total footprint to 21,592 square feet at 1900 Spring Road in Oak Brook, IL. Managing director Norman Murdoch represented the building’s owner, Franklin Partners, in the transaction.

“The expansion and lease extension for US Investment Corporation highlights the appeal of 1900 Spring Road as a premier office destination,” said Murdoch. “With its strategic location and modern amenities, the property continues to attract and retain tenants seeking a convenient and dynamic workplace.”

Located within Oakbrook Center—one of the nation’s top-performing lifestyle developments—1900 Spring Road offers tenants easy access to over 160 dining and retail options. The property’s efficient 22,300-square-foot floor plates, pre-cast concrete façade, and panoramic views make it an exceptional choice for a variety of businesses.

This transaction underscores Bradford Allen’s commitment and expertise in delivering value for ownership and supporting tenants’ evolving needs.

About Bradford Allen

Bradford Allen (BA) is a commercial real estate firm based in the heart of downtown Chicago. Founded in 2003 by principals Jeffrey Bernstein and Laurence Elbaum as an office brokerage, the firm has grown into a vertically integrated commercial real estate company, offering a full array of services and expertise across multiple U.S. markets to entrepreneurial, corporate and not-for-profit clients, including strategy, marketing and transaction execution for occupiers, investors and owners. For more information, visit bradfordallen.com.