In the wake of the pandemic, firms are reconsidering the efficacy of long-term remote work models. Reports suggest an undeniable tilt toward a larger return-to-office (RTO) strategy backed by compelling metrics — including increased revenue. With Fortune 500 companies leading the charge, the office environment is poised to reclaim its pivotal role in how business is transacted. Our latest post dives into these evolving dynamics to better understand how the shift is affecting the legal sector and how law firms are responding.
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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.
BA Secures New Leasing Assignment with Historic One North LaSalle
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 One North LaSalle in the Chicago CBD.
One North LaSalle, a 47-story, 500,000-square-foot office tower, is a Chicago landmark and one of the city’s best surviving examples of the Art Deco movement that defined architecture of the 1920s. Its central location and storied history make it a prominent piece of Chicago’s Loop. In 2016, the building was renovated to include the addition of an outdoor terrace, fitness center, advanced conferencing facilities, and an upgraded tenant lounge. It is also one of the only dog-friendly buildings in the CBD. The property has been owned by Bridge Investment Group since 2018. Andy DeMoss, Senior Managing Director, Downtown Agency Leasing, will lead the leasing team.
“We’ve had our eye on One North LaSalle since it was acquired by Bridge a couple years ago. The floorplate size and tenant mix of high-quality professional and technology firms are a great complement to our experience, and we’re proud that ownership has entrusted us to lease their historic property. With its strong amenity package and eleven newly constructed spec suites ready to go, the building is situated to perform very well,” 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.
About Bridge Investment Group, LLC
Headquartered in Salt Lake City, Bridge is a privately held real estate investment management firm with $20.2 billion in assets under management across the U.S. The firm’s 4,000 team members focus on select real estate verticals which offer above-market opportunities and returns: Office, Multifamily, Senior Housing and Medical Properties, Affordable Housing, Opportunity Zones and Real Estate Debt Strategies. For more information, visit bridgeig.com.
CRE Office Pulse 001: “Home from Work is Not Working from Home”
The COVID-19 pandemic caused a global recession and is affecting the office market landscape in fundamental ways. In this CRE Office Pulse, we explore the implications for Chicago’s landlords and tenants.
Q3/20 Downtown Chicago Office Market Report
Bradford Allen is pleased to share with you our 2020 third quarter office market report.
This quarter in the downtown office market:
- Direct net absorption was positive 150,562 s.f., posting a total of 303,703 year to date.
- Year over year, direct availability rose from 14.02% to 16.51%.
- Year over year, gross average asking rates dropped to $41.51 p.s.f. from $42.37 p.s.f.
To read the full report, click here.
Mid-Year 2020 Suburban Chicago Office Market Report
Bradford Allen is pleased to share with you our 2020 mid-year Chicago suburban office market report.
This quarter in the suburban office market:
- Net absorption was positive 77,400 s.f. for the quarter but negative 422,822 s.f. at mid-year.
- From year-end 2019 to mid-year 2020, availability rose 24.16% to 24.73% and direct vacancy rose 19.55% to 20.56%.
- Overall, the direct asking rate was $25.03 p.s.f., a $0.30 p.s.f. increase since year-end 2020.
To read the full report, click here.
Q2/20 Downtown Chicago Office Market Report
Bradford Allen is pleased to share with you our 2020 second quarter Chicago office market report.
This quarter in the downtown office market:
- Net absorption was negative 540,590 s.f. for the quarter and positive 153,141 s.f. for the year.
- Quarter over quarter, direct availability rose to 15.71% from 14.69% and vacancy rose to 10.26% from 9.11%.
- Overall, gross average asking rates declined to $41.49 p.s.f. from $42.18, quarter over quarter.
To read the full report, click here.
BA Completes 8,373-SF Lease Extension for Openlands
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.
Bradford Allen Arranges Full-Building Lease
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.
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.
Bradford Allen Represents Team Rubicon in First Chicago Lease
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.
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.
Bradford Allen Completes 8,900-Square-Foot Renewal Transaction at Tri State International
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
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
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 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 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
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.
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.
Bradford Allen Promotes Dan Fernitz to Suburban Market Leader
CHICAGO, IL – Jeffrey A. Bernstein and Laurence B. Elbaum, Principals and Co-Founders of Bradford Allen, are pleased to announce that Executive Managing Director Dan Fernitz has been promoted to Suburban Market Leader. Fernitz, formerly with JLL, joined Bradford Allen in 2017 to lead the Agency Services practice, bringing over 30 years of experience in the commercial real estate industry to the firm. In his new role, Fernitz will manage Bradford Allen’s suburban brokerage offices, overseeing the realty services division for the firm’s growing Oak Brook-based brokerage team.
“Jeff and I could not be happier with Dan’s performance. Dan has proven to be a true leader, and we have the utmost confidence in him to build our overall suburban brokerage presence, as he has demonstrated in his ability to grow our Suburban Agency practice,” said Elbaum.
Prior to joining Bradford Allen, Fernitz managed the Suburban Chicago JLL leasing team for 13 years — and was directly responsible for growing their office leasing portfolio from 1.5 million to over 10 million square feet.
“I look forward to the continued growth of our Agency and Tenant Representation teams in the Chicago Suburbs. We are a collaborative group of professionals providing best-in-class services for our clients,” added Fernitz.
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.
BA Negotiates 47,500 SF of Deals at 209 W. Jackson
CHICAGO, IL – Bradford Allen is pleased to announce that Andy DeMoss, Matt Wright, and Amy Zelasco have completed seven transactions totaling 47,500 square feet at 209 W. Jackson in Chicago on behalf of Miami-based owner Market Street Real Estate Partners.
DeMoss’s team completed seven transactions, including six new deals totaling 35,765 square feet. The new transactions include a 12,177-square-foot lease with Travel Leaders Group Holdings, LLC, a unified collection of travel brands, in a relocation from 600 W. Fulton and 566 W. Adams. Travel Leaders Group was represented by Andy Heyman and Steve Schneider of Cushman & Wakefield. Northwest Insurance Network, Inc. relocated from 515 N. State to 9,752 square feet and were represented by Jim Philbin of Wacker Partners, while Bill Hammerstein and Tina Crnkovich represented Porcaro Stolarek Mete Partners, LLC in a relocation from 223 W. Jackson for 7,690 square feet.
Other new deals include EDP Renewables North America, LLC from 134 N. LaSalle (2,146 SF; Kerry Gilar of JLL), Drift Net, LLC from 155 N. Wacker (2,058 SF), and the American Academy of Matrimonial Lawyers from 150 N. Michigan (1,942 SF; Kurt Walsh of ProTen Realty Group). Additionally, current tenant Barchart.com, Inc., a data and technology firm in the financial industry, signed a renewal for 11,674 square feet; Barchart was represented by Brian Duffy and Adam McCostlin of Cushman & Wakefield.
209 W. Jackson features a brand new lobby, renovated restrooms and common corridors, and the addition of a tenant lounge. New, exposed-ceiling spec suites have been leasing quickly. At the retail level, Starbucks also expanded, completing a new buildout to accommodate additional seating. Ownership recently commissioned an interior art installation, bringing in Miami artists to design original pieces for the building’s common areas.
“Our team has leased 209 West Jackson for two owners with two different strategies, and it has been fun to watch the building transform over time,” said Andy DeMoss, Senior Managing Director at Bradford Allen and team lead for the firm’s Downtown Agency Services practice.
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.
Year-End 2019 Suburban Chicago Office Market Report
This year in the suburban office market:
- Net absorption was positive 331,551 square feet for the quarter, but negative 516,840 square feet for the year.
- From mid-year to year-end, direct availability dropped from 25.11% to 24.16%, while direct vacancy rose from 19.16% to 19.55
- Overall, the direct asking rate was $24.73 p.s.f.
To read the full report, click here.
Q4/19 Downtown Chicago Office Market Report
Bradford Allen is pleased to share our Q4/19 office market reports. This quarter, in the downtown office market:
This quarter in the downtown office market:
- Net absorption was positive 1.12 million square feet for the quarter and positive 2.32 million square feet for the year.
- Quarter over quarter, direct availability rose to 14.35% from 14.02% and the direct vacancy rose to 9.49% from 9.3%.
- Year over year, gross average asking rates climbed to $41.25 p.s.f. from $40.51 p.s.f.
To read the full report, click here.
Q3/19 Downtown Chicago Office Market Report
Bradford Allen is pleased to share our Q3/19 office market reports. This quarter, in the downtown office market:
- Direct net absorption was positive 402,062 s.f., posting a total of 1,257,481 s.f. year to date
- ear over year, direct availability declined from 14.1% to 14.02%
- Year over year, gross average asking rates climbed to $42.37 p.s.f. from $40.73 p.s.f.
To read the full report, click here.
Q2/19 Downtown Chicago Office Market Report
Bradford Allen is pleased to share our Q2/19 office market reports. This quarter, in the downtown office market:
- Net absorption was positive 796,185 s.f. for the quarter and positive almost one million s.f. year to date.
- Year over year, direct availability dropped from 14.7% to 14.1%, and the direct vacant/available rate dropped from 10.5% to 9.4%.
- Year over year, gross average asking rates climbed to $41.79 p.s.f. from $40.73 p.s.f.
To read the full report, click here.
Mid-Year 2019 Suburban Chicago Office Market Report
Bradford Allen is proud to release our Mid-Year 2019 Office Market reports. This year, in the suburban office market:
- Net absorption was negative 147,587 s.f. for the quarter and negative 613,681 s.f. year to date.
- Direct availability and vacant and available stood at 25.11% and 19.16%, respectively.
- Overall, the direct asking rate was $24.76 p.s.f.
- Lake County unemployment dropped from 3.8% to 3.4%; DuPage County rose to 2.8% from 2.6%; and Cook County rose to 3.6% from 3.4%, year over year.
Download the full report here.
Bradford Allen appoints Ron Lakin as Senior Managing Director, Downtown Agency Services
Aggressively expanding the firm’s ability to pursue higher-value assets in the Downtown Chicago market
CHICAGO, IL — Bradford Allen announced today the appointment of Ron Lakin as Senior Managing Director, Downtown Agency Services. He will work alongside Andy DeMoss, Senior Managing Director, who was recently named the practice group’s leader.
A well-respected Chicago landlord representative, Lakin brings a wealth of institutional experience and long-standing client relationships. Lakin spent eight years as a Senior Vice President for CBRE after two years with Transwestern and previous roles with ORIX Real Estate Capital Inc., Golub & Co, and Stein & Company (now Mesirow).
“Our agency practice group has developed a formidable position in Chicago’s loft and secondary building markets. And now with Ron on board, the practice group is thrilled to be adding such a well-respected veteran in the Class A sector,” said DeMoss.
Laurence Elbaum, the firm’s Co-Founder added, “Ron’s vast experience and solid industry relationships will prove invaluable as we look forward to the continued growth of the company’s downtown agency practice.”
Lakin’s landmark career has been highlighted by leasing a number of Chicago’s prestigious office buildings and trophy towers, including 350 West Mart Center (1.31M SF), 353 N. Clark (1.18M SF), 321 N. Clark (896,502 SF), and 190 S. LaSalle (798,782 SF).
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.
Q1/19 Downtown Office Market Report
This quarter, in the downtown office market:
- Direct absorption was positive 371,026 SF, with total absorption up 477,105 for the quarter.
- Direct availability dropped from 13.97% to 13.90%, and direct vacancy dropped from 11.89% to 11.63% from last quarter.
- From Q4/18 to Q1/19, direct asking rents increased across all building classes, most notably in Class A, where they increased from $43.67 to $44.62. Direct asking rents in Class B increased from $35.88 to $36.07, and Class C rents increased from $29.27 to $29.59.
To read the full report click here.
Bradford Allen Completes New Lease for MedSpeed in Elmhurst
CHICAGO, IL – Bradford Allen Realty Services is pleased to announce that the firm’s Principal & Executive Managing Director Ben Azulay and Senior Managing Director Joel Berger have completed a new headquarter lease for 41,542 square feet on behalf of MedSpeed at 140 Industrial Drive in Elmhurst, Illinois.
In operation since 2000, MedSpeed is the industry leader in healthcare intra-company logistics with more than 2,200 MedSpeeders (employees) and 130 locations across the U.S. MedSpeed has leased space for its central support and Chicago operations within the Corporate Commerce Center for more than ten years.
Servicing healthcare organizations across the country, including 19 of the top 100 US health systems, MedSpeed has grown by 350% over the past five years. Due to this growth, the company required a new headquarters for its central support and Chicago operations, including warehouse space, and above average parking for their fleet of vehicles. As a result, Azulay and Berger sourced a unique and strategic opportunity: a single tenant flex office building with an extensive parking lot.
“We are pleased to have assisted MedSpeed in finding a solution for their specific operational requirements while providing a long-term home that will accommodate their growth well into the future,” said Azulay.
“Our significant growth is the result of the invaluable contributions of our customers and our incredible team of MedSpeeders,” said Wesley Crampton, COO of MedSpeed. “We needed a new space to accommodate our expanding team and wanted to make sure that it supported our culture of collaboration and comradery. We are thrilled with the new space that Bradford Allen helped us find.”
140 Industrial Drive was built in 1973 and offers a total of 41,542 square feet of flex space. The property is close to I-290, I-294, and I-80, within minutes of O’Hare Airport and offers 250 parking spaces. Azulay and Berger represented MedSpeed in the lease negotiations, and Patrick Lederer of Korman, Lederer & Associates represented 140 Industrial Drive.
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 MedSpeed
With 130+ locations in 29 states, MedSpeed is the market-leading organization in healthcare intra-company logistics. Since 2000, MedSpeed has partnered with healthcare organizations to transform same-day transportation from a cost center into a strategic asset that provides long-term returns. Using transportation to drive economic value in areas well beyond transportation itself, enables MedSpeed’s customers to share equipment between facilities, reduce capital expenses and disintermediate the use of third-party shipping for the delivery of medical supplies to physician offices and clinics. Creating a strong, fully connected logistics network supports the centralization or outsourcing of other functions including redundant laboratories and fill pharmacies, print shop, mail, linen and more.
Year-End 2018 Suburban Chicago Office Market Report
As 2018 came to a close, the suburban office market continued its multi-year trend of shrinking vacancy and record investment sales. Direct availability and vacancy both fell from 21.60% to 20.41% and 17.06% to 16.52%, respectively, while direct weighted asking rents climbed to $24.38 from $23.59, year over year. The 2018 year-end total space absorption was a net positive 438,780 sf.
To read the full report click here.
Q4/18 Chicago Downtown Office Market Report
At 2018’s year end, Chicago’s CBD office market maintained its upward pace with 94,341 sf of positive absorption for the quarter, and over 2 million sf of positive absorption for the year. Similar to last quarter, direct availability dropped from 15.23% to 13.97% and direct vacancy dropped from 12.18% to 11.89%, year over year. From 3Q18 to 4Q18, direct asking rents increased from $40.16psf to $40.51psf, a new record-high asking rate.
To read the full report click here.
Q3/18 Downtown Chicago Office Market Report
The buoyancy of Chicago’s downtown office market continues into the third quarter with a positive absorption of over a quarter million square feet, totaling over two million square feet absorbed in 2018. In addition, year over year, direct availability dropped from 14.99% to 14.11% and direct vacancy dropped from 12.03% to 11.68% while direct asking rents increased from $38.68psf to $40.16psf, a new high-record asking rate.
To read the full report click here.
Mid-Year 2018 Suburban Chicago Office Market Report
As the federal government tries its best to monitor growth and stem inflation (see box below), local village and city economies continue on their paths to recovery from the great recession which began over a decade ago. Quietly and assuredly, overall direct suburban vacancy and availability rates compressed over the past year from 19.45% to 17.06% and 21.35% to 21.25%, respectively, while gross asking rents increased by almost a dollar and half to $24.24psf. Although the first half of 2018 saw only 2.5 million sf of leasing deals inked, it also witnessed its first string of three, consecutive, half-way marks/six-month periods of positive net absorption since 2013 with 456,280 sf added to the metro’s ledgers*.
To read the full report click here.
Q2/18 Downtown Chicago Office Market Report
At the mid-year 2018, Chicago’s downtown office market exhibited the traits of equilibrium. Restraining the economic giddiness of increased employment and consumer confidence is the passing of the second of four promised interest-rate increases for 2018. The real success of this quarter’s office market, however, is how it responded after almost two million sf of space was added to the urban core’s ledger since the beginning of the year. To support this claim of confidence, Chicago’s CBD posted 1,713,755 sf of positive absorption, YTD, with 60% of all leasing transactions occurring in 2Q18.
To read the full report click here.
Norm Murdoch Joins Bradford Allen as a Managing Director
CHICAGO, IL – Dan Fernitz, Executive Managing Director of Bradford Allen Agency Services, is pleased to announce that Norm Murdoch is joining the firm as a Managing Director. Murdoch, an Agency leasing specialist, has 17+ years of experience in the commercial real estate industry and will be responsible for helping increase the firm’s presence in both the Northwest suburbs and East/West corridor. Murdoch will be based in the firm’s Oak Brook office.
Murdoch joins Bradford Allen from JLL where he was a Senior Vice President and represented over 1.5 million square feet of office product in the Northwest suburbs as well as the East/West corridor. Murdoch’s prestigious list of current and past clients includes Sovereign Partners, Sperry Equities, Piedmont Office Realty Trust and Barings Advisers. Prior to his tenure at JLL, Murdoch was a Senior Director at C&W and a Vice President at Trammel Crow.
“Norm is an extremely well-respected veteran of the Chicagoland brokerage community. I believe his experience and established industry relationships will make him a valuable addition to our agency services division. We are thrilled to welcome him to the BA team,” said Fernitz.
“I’m very excited to be joining Bradford Allen and to have the opportunity to be reunited with Dan Fernitz. Bradford Allen’s platform and collaborative culture coupled with its entrepreneurial spirit will give me the resources and support I need to support my current and future clients”, said Murdoch.
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 www.bradfordallen.com.
Bradford Allen Represents Holden Industries in Lease Renewal
DEERFIELD, IL – Bradford Allen is pleased to announce that Managing Director Matthew Alexander has completed a lease renewal on behalf of Holden Industries at 500 Lake Cook Road in Deerfield, IL. The company signed a long-term lease renewal and will continue to occupy 8,713 SF on the 4th Floor. Brett Ratay of Lincoln Properties represented the Landlord.
Holden Industries is a 100% employee-owned corporation headquartered in Deerfield, Illinois. Holden is currently comprised of four core businesses. Each business operates in a distinct industry including; Nosco, a leader in providing printed packing solutions for the pharmaceutical industry, Setco, a global leader in the design, manufacture & service of high performance precision spindles and slides, Vac-Con, a manufacturer of high-performing, rugged products for sewer cleaning, industrial vacuuming, hydro excavation and water jetting, and Wildeck, a manufacturer of safety guards, barrier rail, mezzanines, work platforms, material lifts, (VRCs) and rideable lifts, access equipment, crossovers, rolling ladders, and handrail.
“Holden Industries’ long-term commitment to this property and area speaks to the company’s desire to have a great work environment that’s convenient for its employees,” said Alexander. “The new deal allowed Holden to modernize its existing conditions while making it more suitable for its current operations and future growth.”
500 Lake Cook Road is part of the Corporate 500 Office Campus and offers its tenants the features and benefits of a downtown property without the hassle of a lengthy commute. Corporate 500 consists of a four-building Class A office campus totaling approximately 700,000 RSF. Located between I-294 and I-94, Corporate 500 is the only suburban office complex with direct access to the commuter rail system and the Chicago CBD via the Lake-Cook Metra Station. The Campus is maintained and managed to the highest institutional standards with current ownership investing in significant capital projects including common area renovations, lobby upgrades, elevator modernizations, installation of a fitness center and several mechanical upgrades to improve operational efficiency.
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 www.bradfordallen.com.
Bradford Allen Welcomes Wipfli to Tri-State Office Center
LINCOLNSHIRE, IL –– Dan Fernitz, Executive Managing Director of Bradford Allen Realty Services, is pleased to announce that the firm has recently completed a new lease with Wipfli LLP (Wipfli) for 33,431 square feet at Tri-State Office Center in Lincolnshire, Illinois. Bradford Allen was named the exclusive leasing agent for the five-building, 560,000 square foot office, Class A office complex upon the sale of the property back in September 2017.
A top 20 national accounting and consulting firm established in 1930, Wipfli has continued to keep pace with the growing Chicago market-needs by combining with five local firms in the last three years alone — expanding their breadth of services and geographic reach. The firm’s focus on a larger, unified Chicagoland presence resulted in a necessary combined office expansion. This new location at Tri-State is a consolidation of four northern Illinois Wipfli offices into 33,431 square feet on the third floor of the 100 building. Wipfli was represented locally by Gary Fazzio, Jon Springer and James Otto of CBRE in partnership with the Davidson Companies based in Minneapolis, Minnesota. Matt Alexander, Managing Director, and Milan Gacanovic, Associate of Bradford Allen, as the new leasing agents, together with Jon Connor of Colliers, the former leasing agent, represented ownership in the transaction.
“Wipfli recognized the value of bringing their North Suburban teams to a single location,” said Dan Fernitz. “The new workspace will allow for stronger collaboration among the Wipfli staff and future growth within the complex. On-site amenities combined with building signage on Interstate 94 provide a very exciting long-term occupancy opportunity.”
Constructed between 1984 and 1989, Tri-State Office Center sits on 38 acres of beautifully landscaped grounds at the four-way interchange of the Tri-State Tollway (I-94) and Half Day Road (Route 22). The complex offers an unparalleled amenity center, including a conference center and a 135-seat auditorium in the 200 Building, along with a fitness center and deli in the 300 building. Ownership is in the early stages of completing $17 million worth of renovations and improvements to the property, including upgrades to the elevators, roofs, cooling towers, parking and common areas.
About Wipfli
With more than 2,000 associates in 48 locations in the United States and two offices in India, Wipfli ranks among the top 20 accounting and business consulting firms in the nation. For over 88 years, Wipfli has provided private and publicly held companies with industry-focused assurance, accounting, tax and consulting services to help clients overcome their business challenges today and plan for tomorrow. Through the firm’s membership in Allinial Global, Wipfli can draw upon the resources of firms from around the world, helping businesses whenever and wherever they need it. For more information, visit wipfli.com.
Q1/18 Downtown Chicago Office Market Report
The first quarter began with a plethora of positive economic and confidence indicators for Chicago and the nation (see box below), including Site Selection magazine choosing Chicago for the fifth year in a row as the top metro for potential corporate growth. These all point to a continuing demand for office space acquisition and expansion. The question remains, however, does the current and pending demand for office space necessitate the supply of the one million square feet added over the course of 2017 and the pending three to five million square feet projected to deliver to the urban core over the next three years?
To read the full report click here.
Bradford Allen Promotes Matt Wright to Director
Chicago, IL – Jeffrey A. Bernstein and Laurence B. Elbaum, Co-Founders of Bradford Allen, are pleased to announce that Matt Wright has been promoted to Director. Wright, formerly an Associate with the firm, joined Bradford Allen in 2014 and is a member of both the Downtown Chicago Tenant Representation and Landlord Representation leasing teams.
Wright is currently part of the leasing team that represents eight properties totaling over 1 million square feet including 209 West Jackson, 67 East Madison and 79 West Monroe. Additionally, some of Wright’s recently completed tenant representation transactions include representing Simple Mills in their new 10,000sf lease at 435 North LaSalle and Popular Pays new 6,800sf lease at 130 South Jefferson.
Prior to joining Bradford Allen, Wright worked at Echo Logistics after graduating from Southern Methodist University.
“Jeff and I are thrilled with Matt’s growth and maturity,” said Elbaum. “We both look forward to watching Matt progress as his career continues to take off”.
John Millner Promoted to Managing Director
Chicago, IL – Jeffrey A. Bernstein and Laurence B. Elbaum, Co-Founders of Bradford Allen, are pleased to announce that John Millner has been promoted to Managing Director. Millner, formerly a Director with the firm, joined Bradford Allen in 2009 and is a member of our Suburban Chicago leasing team.
Millner currently represents 14 properties totaling over 1.5 million square feet including 1751 West Diehl Road in Naperville and 396 Remington Boulevard in Bolingbrook. Some of Millner’s recently completed transactions include representing the ownership of 220 Remington Boulevard in Bolingbrook with a new 28,800 SF lease for S&S Activewear; representing the ownership of 25 Northwest Point in Elk Grove Village with the renewal and expansion of the American College of Occupational & Environmental Medicine (ACOEM) for 14,176 SF and partnering with Ryan Moen to arrange the sale of 130 West Liberty Drive, a 25,075 square foot retail property in Wheaton.
Prior to joining Bradford Allen, Millner worked as a commercial real estate advisor for O’Donnell Commercial Real Estate in St. Charles, Illinois.
“Jeff and I are could not be happier with John’s progress,” said Elbaum. “John has really made a name for himself as a Landlord’s representative in the Chicagoland Suburbs and his accomplishments are impressive. We both look forward to watching John take his career to the next level”.
John is a graduate of Eastern Illinois University where he earned a Bachelor of Science in Finance and a Master’s Degree in Business Administration. John has also earned his CCIM designation and resides in Lombard, Illinois with his wife and two sons.
Bradford Allen Adds New Leasing Assignment at 142 E. Ontario
Chicago, IL – Daniel Fernitz, Executive Managing Director of Agency Services, is pleased to announce that Bradford Allen has recently been appointed the exclusive leasing agent for 142 E Ontario in Chicago by the American Osteopathic Association. Managing Director Andy DeMoss and Director Matt Wright will be the leasing agents for the 137,050 SF office building.
Built in 1986, this 18-story contemporary office building, with an average floorplate of 7,510 RSF is 82% leased. Many floors feature private balconies and floor-to-ceiling windows which offer spectacular views of Michigan Avenue. A combination of full floors and individual suites are available at relatively modest prices given the quality of the location.
“We are thrilled to have the opportunity to represent the American Osteopathic Association as their leasing agents for this well-positioned property,” said Fernitz.
Bradford Allen Adds 2 New Leasing Assignments
Chicago, IL – Daniel Fernitz, Executive Managing Director of Agency Services, is pleased to announce that Bradford Allen has been appointed the exclusive leasing agent for two properties, one in Northbrook and one in Park Ridge.
Bradford Allen has been hired to represent 1200 Shermer Road in Northbrook. Dan Fernitz will be the leasing agent for the 80,811 SF office building. Built in 1982 this four-story property is well positioned close to both I-294 and I-94 and is within walking distance to downtown Northbrook and the Northbrook Metra station. Renovations to the common areas, restrooms, and conference facility are currently underway.
Additionally, Bradford Allen has been hired to represent 1300 Higgins Road in Park Ridge. Senior Managing Director Joel Berger will be the leasing agent for the 95,600 SF office building. Built in 1987 and located just off the 4-way interchange of Cumberland Avenue and I-90. Recent renovations include a new plaza, updated restrooms, heated garage, conferencing center, and mini market. With a great location, the O’Hare Corporate Center is a three-story atrium building with an abundance of natural light, walking distance to the CTA Blue Line, restaurants, and the new Marianos.
“We are excited to be working with these two local Owners to provide a high level of touch and attention to their Properties,” said Fernitz. “These Owners recognize the value of an entrepreneurial, project-focused Agent as a part of their team.”
Bradford Allen Completes New 15,720 SF Lease for Foley & Mansfield
Chicago, IL – Bradford Allen is pleased to announce that Principal and Executive Managing Director Ben Azulay has completed a 10-year lease for Foley & Mansfield at 70 W Madison Street in Chicago. Foley & Mansfield will occupy 15,720 square-feet, relocating from 55 W Monroe Street. Cushman & Wakefield’s Matt Lerner and Jack McKinney Jr. represented Ownership (Hearn & Co.) in the transaction.
Foley & Mansfield is a national defense law firm with approximately 160 attorneys in 13 offices from coast to coast, providing legal expertise, creative solutions and extensive trial experience across multiple jurisdictions.
Built in 1981, 70 W Madison is a 57-story, 1.4million SF office tower, formerly known as Three First National Plaza. Purchased by Hearn & Co. in November of 2016, 70 West Madison underwent extensive renovations including a full elevator modernization, facade renovation, atrium, entry & lobby enhancements, roof and HVAC replacements, common corridor upgrades, a fitness center renovation and the creation of an exclusive mezzanine level “c-suite” tenant lounge.
“It was important for Foley and Mansfield to maintain a central downtown location,” said Azulay. “This space had excellent existing Law Firm conditions, which could accommodate the tenants expansion needs, with only minor modifications.”
Year-End 2017 Suburban Chicago Office Market Report
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.
To read the full report click here.
Q4/17 Downtown Chicago Office Market Report
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.
To read the full report click here.
Bradford Allen promotes Ryan Moen to Managing Director
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.
Jonathan Seeley joins Bradford Allen as a Managing Director
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.
Bradford Allen Represents Deutsch, Levy & Engel in Lease Extension
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.
Bradford Allen Completes New 10,010 SF Lease for Simple Mills
Chicago, IL – Bradford Allen is pleased to announce that Associate Matt Wright and Principal Ben Azulay completed a new lease for Simple Mills at 435 N LaSalle in Chicago. Simple Mills will occupy 10,010 square-feet, relocating from 444 N Wells Street. Cushman and Wakefield’s Andrea Saewitz and Ben Cleveland represented the Landlord, Elmdale, in the transaction.
Founded by Katlin Smith in 2012, Simple Mills is a health food company based in Chicago, IL. Simple Mills makes simple, whole food ingredient baking mixes, crackers, cookies and frostings that are naturally gluten-free, grain free and Non-GMO project certified. Simple Mills is currently the fastest-growing brand in natural baking mixes and crackers, ranking #1 in natural baking mixes and #2 in natural crackers by dollars sold.
“Working with Simple Mills was highly enjoyable, their highly talented team possessed an energy and passion for the brand and company’s future that was inspiring,” said Wright. “This is an exciting time for Simple Mills, and the new space should allow them to scale efficiently while also providing a bright backdrop to help display their expanding product line.”
Elmdale purchased 435 N LaSalle, a timber loft building, in 2015. It was originally designed by Adler and Sullivan and is located in the heart of River North at LaSalle and Hubbard. Elmdale brought life back into the building by making some much-needed improvements to the entry, lobby, common corridors, elevators, and washrooms. With 13’ ceilings and large windows facing south and west, there is an abundance of natural light, an important feature to Simple Mills.
Bradford Allen Adds 4 New Leasing Assignments
Chicago, IL – Daniel Fernitz, Executive Managing Director of Agency Services, is pleased to announce that Bradford Allen has been appointed the exclusive leasing agent for four properties, one in Chicago and three in the East-West Corridor. Managing Director Chris Surico will be the Leasing Agent for the combined 130,000 SF of office space.
Construction Management has hired Bradford Allen to represent the following four properties, the Ashton Medical and Surgical Center in Hoffman Estates, 4111 W. 26th Street in Chicago, and 2208 Midwest Road and the Oak Brook Medical and Surgical Center, both in Oakbrook.
“We are excited to announce the expansion of our office portfolio with these four well-positioned properties in Chicagoland,” said Ferntiz. “These new leasing assignments were sourced through Chris Surico’s long-term relationships and are a testament to his professionalism and proven ability to create value for his clients.”
Principal Ben Azulay Elected to TCN Board of Directors
Chicago, IL – Jeffrey Bernstein and Laurence Elbaum, Principals and Co-Founders of Bradford Allen are pleased to announce the election of Ben Azulay, Principal and Executive Managing Director of Bradford Allen, to the TCN Worldwide Board of Directors. In addition, Ben was named Secretary of the Board. Bradford Allen has been a member of TCN Worldwide since 2004, and through this affiliation, Bradford Allen is able to service its clients locally, nationally, and internationally. Ben’s involvement continues BA’s tradition of leadership within TCN as Laurence Elbaum served nine years on the Board of Directors, including four years as Chairman from 2010-2014.
“We are thrilled that Ben was elected to the TCN Worldwide Board of Directors,” said Elbaum. “Ben has been with BA for 13 years and is integral to our team. Ben has demonstrated his leadership capabilities with TCN for years as a multiple winner of the TCN Team Player Award and his tenure as Regional Vice President for TCN’s Central Region. I am so happy to see him continue our firm’s tradition of leadership within TCN. Ben is recognized as an influential member of our firm, mentoring new brokers and providing first-class service to his clients”.
Joining Bradford Allen in 2004, Ben has built his national client base by focusing on representing tenants whose operations are based in Chicagoland. Throughout his tenure with the firm, Ben has represented large users of office space in a wide array of transactions including GrubHub, Northwestern Mutual, MedSpeed, Eagle Seven, Vision Critical, and Stratex, to name a few.
Azulay is a graduate of the University of Wisconsin-Madison, where he received his Bachelor of Arts Degree. He sits on the Board of American Friends of the Hebrew University and Ramah Wisconsin. Ben and his wife Heidi, a partner at DLA Piper, currently reside in Chicago with their four children.
Bradford Allen Adds 6 New Leasing Assignments
Chicago, IL – Daniel Fernitz, Executive Managing Director of Agency Services, is pleased to announce that Bradford Allen has been appointed the exclusive leasing agent for six properties in the East-West Corridor. Managing Director Chris Surico will be the Leasing Agent for the combined 300,000 SF of office space.
Comar Properties has hired Bradford Allen for two properties; 555 E Butterfield Rd in Lombard, and The Comar Center in Oakbrook Terrace, totaling approximately 100,000 SF.
Additionally, Craig/Steven Development Corporation has hired Bradford Allen to represent the following four properties, totaling approximately 200,000 SF, 1401 Branding Lane in Downers Grove, 290 Springfield in Bloomingdale, 45 S. Park Boulevard, in Glen Ellyn, and the Oakbrook Office Pavilion in Oak Brook.
“We are thrilled to add these six well-positioned properties in the Chicagoland suburbs to our growing office leasing portfolio,” said Fernitz. “These new leasing assignments were sourced through Chris Surico’s long-term relationships and are a testament to his professionalism and proven ability to create value for his clients.”
Third Quarter 2017 Chicago Downtown Office Market Report
Corporate executives and eager developers tout the draw of downtown Chicago to recruit talent and consummate deals. Some sectors, notably tech, echo their enthusiasm through the numbers: almost 30% more new-lease and lease-expansion transactions occurred in 2017’s third quarter compared to the second quarter, coupled with a modest drop in direct availability from 15.6% to 15.0%.
To read the full report click here.
Bradford Allen Capital Arranges Financing for the Acquisition of Tri-State International Office Complex in Lincolnshire, IL
Lincolnshire, IL – Bradford Allen Capital arranged the acquisition financing on behalf of IHP Tri-State Asset LLC for the purchase of Tri-State International. Chuck Hoag, Senior Managing Director of Bradford Allen Capital, originated the $58 Million loan from Regions Bank.
“We presented the deal to a host of lenders, and Regions Bank gave us an outstanding offer,” said Chuck Hoag. “They wanted the opportunity to continue to grow their Midwest portfolio, and we are very pleased with the result.”
Tri-State International, the home of technology products seller, CDW’s executive offices, was constructed between 1984 and 1989 and is approximately 80 percent leased. The five building, 560,000-square-foot, Class A office complex is located at the four-way interchange of the Tri-State Tollway (I-94) and Half-Day Road (Route 22) in Lincolnshire, IL. In addition to the executive offices for CDW, notable tenants include: Solo Cup, Wells Fargo, and LTD Commodities. The property has recently upgraded its amenities including a state-of-art conference center with a 135-seat auditorium, and fitness center in the 200 Building and a new deli in the 300 Building. A recently completed 4-story parking structure was constructed for CDW’s employees and is immediately northeast of CDW Center, which contributes to the property’s above average 4.3/1,000 RSF parking ratio.
Daniel Fernitz Joins Bradford Allen as Executive Managing Director of Agency Services
Chicago, IL – Jeffrey Bernstein and Laurence Elbaum, Co-founders of Bradford Allen are pleased to announce that Daniel Fernitz is joining the firm as Executive Managing Director of Agency Services. Fernitz has 30+ years of experience in the commercial real estate industry will be responsible for overseeing and growing the firms’ Agency Services Division.
Fernitz joins Bradford Allen from Jones Lang LaSalle where he managed the suburban Chicago leasing team for the last 13 years and was directly responsible for growing their office leasing portfolio from 1.5 million to 10 million square feet. Prior to his tenure at JLL, Fernitz was a Principal with 1st United Realty, Director of Leasing at Klaff Realty, L.P., and held a senior management role at The Ross Group/Ross Berger in Chicago. Fernitz earned a B.S. in business administration with a concentration in real estate from the University of Arizona.
“Dan’s experience, leadership, and established industry relationships will be a tremendous addition to our agency services division,” said Elbaum. “Jeff and I are thrilled that Dan decided to join Bradford Allen. This is a true milestone in the growth and maturity of our firm.”
“I’m excited to be joining Bradford Allen for many reasons,” said Fernitz. “Their platform, culture and entrepreneurial spirit are a wonderful mix that promises to bring positive results to our clients and team.”
Chris Surico Joins Bradford Allen as a Managing Director
Chicago, IL – Laurence Elbaum, Principal of Bradford Allen is pleased to announce that Chris Surico is joining the firm as a Managing Director. Surico, a 30-year veteran of the commercial real estate industry will be based in the firm’s Oak Brook office, focusing his efforts in the Chicagoland suburbs. Prior to joining Bradford Allen, Surico worked with Chicagoland Commercial Real Estate in Palatine. Surico also spent six years with Grubb & Ellis and four years with Jones Lang LaSalle, as an East/West Corridor Office market specialist.
Surico primarily represents landlords in the East/West Corridor seeking to lease or sell their properties. He also assists tenant’s looking for office or industrial space. He has a long history in Chicagoland and has developed relationships with both institutional and entrepreneurial clients including Archon Group, Prudential Realty Group, Premises Group, Trader Joe’s, Morgan Stanley, and Exelon.
Surico earned a B.S., with a double major in philosophy and economics, from Lake Forest College in Lake Forest, Illinois and is currently working towards his CCIM designation.
“Chris is a consummate professional and he possesses the high moral and ethical character we value at Bradford Allen,” said Elbaum. “We are very excited to welcome Chris and his stable of clients to the Bradford Allen family.”
Second Quarter 2017 Chicago Downtown Office Market Report
With two million square feet under active construction and another proposed eight million square feet possibly materializing within Chicago’s Central Business District (CBD) over the next three years, it is no wonder the downtown office market is showing signs of overdevelopment strain, particularly in the West Loop.
To read the full report click here.
Mid-Year 2017 Chicago Suburban Office Market Report
At its core, Chicagoland’s suburban office market underpinnings are strong. Excellent access to Chicago, O’Hare, Midway, cutting-edge research in diverse industries, prized public school systems, and investment capital shall remain a draw for companies to ply their trades and families to call home.
To read the full report click here.
Bradford Allen Represents Heartland Health Outreach in Englewood Acquisition
Chicago, IL – Bradford Allen is pleased to announce that Craig Nadborne and John Skalla arranged the purchase of 5501 S. Halsted Street on behalf of Heartland Health Outreach in Englewood for a new permanent health center for people who are experiencing instability with housing. Heartland Health Outreach already has two full-service community health clinics on the city’s Near West Side and in Uptown.
Heartland Health Outreach (HHO) was founded in 1985 as a National Healthcare for the Homeless demonstration project. Since that time, it has grown to become a federally qualified health center and leader in providing healthcare to our most vulnerable populations – those who are homeless, suffer from mental illness or addictions or have multiple chronic illnesses. Today, HHO is a $24 million organization with a dedicated staff of more than 230 professionals, who provide care to more than 12,000 individuals in the Chicago metropolitan area each year.
The nearly 8,000-square-foot center will provide primary care, mental health services, substance use treatment, and assistance with linkage to housing, assistance with applying for benefits, entitlement and more. Construction is expected to cost about $3 million and will start in August, with the center due to open in January 2018.
Bradford Allen Completes New 8,229 SF Lease for Impact Networking
Chicago, IL – Bradford Allen is pleased to announce that Managing Director, Julie Lane has completed a new lease for Impact Networking at 125 S Clark Street in Chicago. The Design & Marketing Agency of Impact Networking will occupy 8,229 square-feet. Blue Star Properties’ Mike Lombardo represented the Landlord in the transaction.
Impact Design & Marketing specializes in brand development for businesses big and small, creatively providing everything from logos to websites. Established in 1999, Impact Networking offers solutions for strategic, cost-effective document workflow processes and technology in the workplace focused on document management software, custom integrations and office equipment. The company employs more than 400 people at twelve Midwest locations.
125 S Clark Street is 580,000 SF building in the center of downtown Chicago. Architect Daniel Burnham built it in 1907 as the Commercial National Bank building of Chicago. The building has recently undergone a $100 million restoration and renovation project including the addition of a rooftop terrace, fitness center and food court.
Bradford Allen Completes New 7,513 SF Lease for The Mosaic Financial Group
Chicago, IL – Bradford Allen is pleased to announce that Principal and Executive Managing Director Ben Azulay has completed a 10-year lease for The Mosaic Financial Group at 303 E Wacker Drive in Chicago. Mosaic Financial Group will occupy 7,513 square-feet on the 16th Floor, relocating from 330 N Wabash Avenue. Cushman and Wakefield’s Andrea Saewitz represented the Landlord in the transaction.
Established in 2000, The Mosaic Financial Group is a fee-only wealth management firm based in Chicago, IL. A Registered Investment Advisor (RIA), they provide full-service investment advisory, tax planning and return preparation, and estate and financial planning services.
303 E Wacker Drive, also known as the Three Illinois Center is an 803,492 square-foot, Class B office building in Chicago. It is prominently situated at the intersection of Wacker Drive and Columbus Drive overlooking the Chicago River. The building was designed by the renowned architectural firm, Fujikawa, Conterato, Lohan & Associates, and constructed in 1979.
Bradford Allen Completes 17,077 SF Renewal at 350 E 22nd Street, Lombard
Lombard, IL – Bradford Allen is pleased to announce that The Carlson Group has extended their lease at 350 East 22nd Street. The Carlson Group originally moved to the property in the summer of 2006; this is their second lease renewal at the building and they were represented by Tom Koelzer of Tenant Advisors.
Established in 1999, The Carlson Group, Inc. is an in-store retail marketing services company. It develops and installs store fixtures, store environments, POP displays, graphics and signage, warehousing, logistics/fulfillment, retail strategy, design, program development, store planning, engineering, global sourcing, and program roll out services. The Carlson Group, Inc. is headquartered in Portland, Oregon. It has design, development, production, and warehousing facilities in Lombard, Illinois; a sales office in Los Angeles, California; and a production and quality control management location in Shanghai, China.
350 East 22nd Street is a single-story, multi-tenant office property on 22nd Street. Built in 1982, the property is comprised of 40,860 rentable square feet and sits on 3.54 acres offering its tenants a highly desirable parking ratio of 5.15 /1,000. Located immediately north of Yorktown Center Mall and within minutes of Interstate-88 and Interstate-355 access via Highland Avenue.
Bradford Allen Hires New Director of Research
Chicago, IL – Bradford Allen is pleased to announce that the firm has hired Rhea Stephen as the new Director of Research. Rhea will be based out of the downtown Chicago office and will be responsible for overseeing all research policies, objectives, and initiatives. Her responsibilities include conducting market analyses of the downtown and suburban Chicago office markets, maintaining the firm’s information databases, as well as preparing in-depth reports on local, regional and national tenants, landlords and properties. Rhea previously worked as a Commercial Broker at KW Commercial and received her Masters degree in Journalism from the University of Wisconsin as well as her Bachelors Degree from Loyola University in Chicago.
“Rhea’s in-depth knowledge of the Industry and exceptional analytical skills will prove to be invaluable to our entire firm as well as our clients,” said Laurence Elbaum, Co-Founder and Principal of Bradford Allen.
Bradford Allen Completes Lease Extension for Alliance Title Corp
Chicago, IL – Bradford Allen is pleased to announce that Senior Managing Director Joel Berger has completed a 5-year lease renewal for Alliance Title Corp at 5523 N. Cumberland in Chicago. Alliance Title occupies 10,952 square feet and has been at the building since 2006. CBRE’s Dan Graham represented the Landlord in the transaction.
“Alliance Title Corp’s long term commitment to this property and area speaks to the company’s desire to have a great work environment that’s convenient for its employees. This location offers easy access to many dining options, amenities, O’Hare International Airport and the Cumberland CTA Station” Said Berger.
Established in 1997, Alliance Title Corp is a full-service real estate title insurance, escrow, and closing services provider in the North Chicagoland Area.
Cumberland Metro Office Park is a 164,448 square-foot, Class B office property in Chicago. It is conveniently located just 30 minutes from downtown Chicago, five minutes from O’Hare International, and just one block from the CTA Blue Line Train and bus stops.
Bradford Allen Completes Lease Expansion & Extension in Elk Grove Village
Chicago, IL – Bradford Allen is pleased to announce that Director’s Ryan Moen and John Millner have completed a lease expansion and extension with the American College of Occupational & Environmental Medicine (ACOEM) at 25 Northwest Point. They now occupy 14,176 square feet. Moen and Millner represented the ownership in the transaction at the full-service Class A office building. ProTen Realty Group’s Kurt Walsh represented the tenant.
“ACOEM’s decision to sign a long-term lease was motivated by the Class A amenities and the outstanding location of 25 Northwest Point,” said Director, Ryan Moen. “The convenient access to O’Hare International Airport, the City of Chicago and the surrounding suburbs was also influential in their decision.”
Founded in 1916, ACOEM is the nation’s largest medical society dedicated to promoting the health of workers through preventive medicine, clinical care, research, and education. They have been at 25 Northwest Point since April 2005.
25 Northwest Point is a 207,136 square foot, 10-story, Class A office property, conveniently located just south of the Northwest Toll way four-way interchange at Arlington Heights Road. Work has recently been completed on a new 3,235 Square Foot move-in ready spec suite. In addition, a bike-sharing program has been recently implemented allowing tenants to benefit from the 10.8 miles bike trails at the Busse Woods Forest Preserve located across the street from the building.
Bradford Allen Hires New General Manger, Promotes John Skalla to Director
Chicago, IL – Bradford Allen is pleased to announce that the firm has hired Don Wisinski as a new General Manger. Donald will be based out of the Oak Brook office and will be responsible for the company’s suburban management portfolio.
“Donald brings over 15 years real estate experience to Bradford Allen.” Said Roger Clark, President of Management Services. “His career has provided invaluable experience in operations, leasing, tenant services, vendor management and outstanding client satisfaction.”
Wisinski, a graduate of Illinois State University, previously worked as a Property Manager at Boxer Properties and as an Area Facilities Manager at Foresite Realty Partners. He is a licensed real estate broker and a member of the International Facilities Management Association (IFMA).
John Skalla, an Associate with Bradford Allen since early-2015 in the Downtown office has been promoted to Director. Skalla’s notable tenant rep transactions include the recently completed 29,000 square-foot Home Chef deal at the Wrigley building and the new flagship location for the fast-casual restaurant chain Vapiano in River North. Some landlord work has included representing 520 W Erie and 174 N Michigan. Before joining Bradford Allen, he worked with SC Group Real Estate and Avison Young. Skalla is a graduate of the University of Dayton.
“We could not be happier with John’s professional development and maturity,” Said Laurence Elbaum, Co-founder, and Principal. “ Since joining us two years ago, he has become and valued member of our team and continues to showcase a strong work-ethic and commitment to creating value for his clients.”
Bradford Allen Completes 15,180 SF Office Renewal at 153 W Ohio in Chicago
Chicago, IL – Bradford Allen is pleased to announce that Managing Director Andy DeMoss has completed a 15,180 square-foot lease renewal with Shapiro + Raj on behalf of the owners of 153 W Ohio. CBRE’s Meredith Soren-Freese and Dave Mahoney represented the tenant. Bradford Allen has been the exclusive leasing agent for the building since mid 2015.
Shapiro + Raj is a branding and marketing firm, offering a broad range of qualitative and quantitative research services. Founded in 1956, they specialize in focus groups and market research. Shapiro + Raj currently occupies the entire third and fourth floors of the property.
According to DeMoss, Shapiro + Raj’s need for a highly specialized space and the increasing popularity of the River North market led to the company to decide to remain at 153 W Ohio.
Constructed in 1900, 153 W Ohio is a 40,318 square-foot, heavy timber loft building, unique to the River North district.
Bradford Allen Announces 8 Transactions Totaling 22,245 RSF in Des Plaines
Des Plaines, IL – Bradford Allen Realty Services is pleased to announce that the firm has recently completed four new leases, and four lease renewals at 1400 E Touhy in Des Plaines, Illinois, bringing the building occupancy to 85%.
Joel Berger, Senior Managing Director at Bradford Allen and exclusive leasing agent for the building, completed the four new leases totaling 11,683 RSF. The new transactions include a 6,502 square foot lease with Great Lakes Home Health, a branch of Great Lakes Caring, providers of home health and hospice care, Great Lakes was represented by Michael Webber and Jim Berkmeier of Advocate Commercial. In addition, Seal-tight Protective Services, a security services company signed a deal for 2,517 square feet; Naigai Trans Line, a freight transportation company leased 982 square feet and Design Fusion, a software company, leased 1,682 square feet.
The four lease renewals totaling 10,562 square feet include Paradigm, a digital marketing services agency who renewed 2,110 square feet; IMV Medical Information, a medical research and consulting firm renewed for 2,748 square feet; Ian Ryan & Associates, a video production, and interactive media company, renewed 2,668 square feet and A Hardy, a premium spirit, and wine import company, renewed 3,036 square feet.
1400 E Touhy is a four-story, 126,088 square foot office building built in 1969. It is easily accessible from all major residential areas in the O’Hare submarket. O’Hare International Airport, commuter rail lines, the CTA and i-294 and Route 83 with a new exit off I-90 at Lee Street less than a quarter mile from the building. Additionally, tenants are across the street from the All-State Arena and three major retail centers.
“We have experienced a dizzying amount of leasing activity in a short period,” said Michael Pontarelli, Senior Managing Director, Bradford Allen.
Bradford Allen Completes Three New Lease Transactions at 1006 S. Michigan
Chicago, IL – Bradford Allen is pleased to announce that Matt Wright, Associate Broker at the firm, has completed three lease transactions at The Lightner Building, 1006 S. Michigan Avenue in Chicago.
1006 S. Michigan is a 62,000 square foot brick and timber loft building in the South Loop. Bradford Allen was hired by ownership, JK Equities, OAKS Capital and Time Equities, Inc as the exclusive leasing agent for the property in late 2015 and has brought the building’s occupancy to 92.5%. Ownership has renovated the property including replacing the entryway doors, cosmetic upgrades to the lobby, and updating the security systems. Ownership acquired the building in concurrence with their planned 832ft Helmut Jahn designed, ¬¬¬¬condominium tower at 1000 S. Michigan Ave.
Wright successfully negotiated a ten-year lease with Corvita Health and Associates for 5,200 square feet on the 5th floor. Their first office in the Loop; Corvita will occupy the space in conjunction with their founder, Dr. Martin Burke who will run his cardiology practice. “The tenant loved the loft-feel and convenient location,” said Wright.
In addition, Wright also completed a new 3,000 square feet lease with BatesMeron Sweet Design, a full-service marketing, and branding agency, on the 6th floor; Diana Himmelstein of Tenant Advisory Group represented BatesMeron. They relocated from River North, “We hope that stretch of Michigan soon rivals that of the blocks to the North of it and we’ve made an 11-year commitment to ensure we get to enjoy that development for a long time” Said Becka Bates, President of BatesMeron Sweet Design.
Also, Roots of integrity, a Pilates and yoga training facility signed a new lease for 776 square feet, ownership hopes their addition will be viewed as an amenity in itself.
“Given the boom in multifamily construction in the area, we have experienced a spike in activity from potential tenants that have employees living in the area as well as service based companies who often bring clients into their space, such as insurance firms, CPAs, fitness groups, for example.” Said Wright “Furthermore, we have seen quite a few creative and tech groups interested in the building due to the rising prices of similar loft office buildings in River North and the lack of ready supply in Fulton Market.”
Bradford Allen Represents Vapiano in New River North Location
Chicago, IL – Bradford Allen is pleased to announce that Matt Alexander and John Skalla have completed a lease transaction on behalf of Vapiano at the 630 N Rush Street for the companies’ newest restaurant location. Vapiano will be opening a new 9,188 square feet restaurant, inside the AC Hotel Marriott on the corner of Rush and Ontario. CBRE’s Todd Siegel & Phil Golding and Bruce Westling of NAI MLG Commercial represented the Landlord.
Spread over two floors this new restaurant will serve Vapiano’s trademark homemade fresh pasta, pizza, and salad made-to-order by chefs from an open kitchen. The company has an established location at 44 S Wabash and more than 181 locations in 31 countries. The company is actively expanding operations in Chicago, and Bradford Allen is currently looking at sites for a Mini Vapiano, which is a new concept that was most recently rolled out in Europe.
“We knew this would be the perfect space for Vapiano’s newest restaurant. They are ideally situated in a high traffic area; in proximity to busy North Michigan Avenue.” said Alexander, “Few fast-casual restaurants provide such good quality food as quickly as Vapiano.”
Located in premier retail space right at the heart of the magnificent mile this new Vapiano will be an assured destination for the shoppers, tourists, business and residents of River North. The corner space provides excellent visibility, and the site is within four blocks of fifteen hotels. Vapiano plans to have the restaurant open for business in the early fall of this year.
Bradford Allen Hires New Leasing Team
Chicago, IL – Bradford Allen is pleased to announce that Jim Higdon and Kate Forthofer have joined Bradford Allen as a Managing Director and Associate respectively. Bringing a combined 20 years of experience to Bradford Allen the pair will be joining the tenant representation team in our Oak Brook office focusing on the Chicagoland suburbs. Before joining Bradford Allen Higdon and Forthofer worked with Transwestern in Chicago.
Jim is a graduate of Illinois State University with a BSBA in Accounting and Finance. Before entering the world of commercial real estate, Jim was a CPA for a suburban accounting firm and a controller for a packaging company. Jim’s strong financial background and depth of market knowledge have contributed to his success in helping clients save money, increase flexibility and reduce risk. Jim’s client list includes Fidelity Investments, Ingersoll-Rand, Liberty Mutual, RUSH University Medical and JM Smuckers.
Kate is a graduate of North Central College with a Bachelor’s degree in Communications. Prior to working in real estate Kate specialized in business development for telecommunication providers and furniture manufacturers. Since Partnering with Jim, two years ago, she has earned the reputation as an outstanding generator of new business opportunities.
“Jim and Kate’s in-depth knowledge and experience in the East/West & Northwest markets makes them an invaluable addition to our suburban practice overall,” said Elbaum. “We are very excited to welcome them to the BA team.”
First Quarter 2017 Chicago Downtown Office Market Report
During the first quarter of 2017, 150 North Riverside officially opened and welcomed Polsinelli, Studley and Linden Capital as tenants. In the largest deal of the quarter, Context Media signed a lease for 400,000 square feet at 515 North State Street.
To read the full report click here.
Bradford Allen Completes New Lease for S&S Activewear in Bolingbrook
Chicago, IL – Bradford Allen is pleased to announce that Director’s John Milner and Ryan Moen have completed a lease transaction with S&S Activewear to occupy 28,746 square feet of space at 220 Remington in Bolingbrook. Milner and Moen represented the owner, Indevor Development in the transaction at the recently renovated property. The new tenant was represented by Cushman & Wakefields’ Britt Casey and Ned Franke.
S&S Activewear is an imprintable clothing, accessory and uniform wholesaler with additional locations in Kansas, New Jersey and California. Currently located just a mile away in Bolingbrook in an industrial building at 581 Territorial Drive the company will be relocating office staff into the new office space while keeping industrial operations at 581 Territorial Drive. They will be occupying the entire third floor of the building.
220 Remington was purchased in the summer of 2016 by Indevor Development and the new owners immediately started on renovations. “The building had been vacant for nearly 10 years and the Bolingbrook office market is very tight so this made it a great opportunity for the developer,” according to Millner. “There are not a lot of office options in Bolingbrook and even fewer “high end” options. The building also has a parking ratio of 8:1,000 which is very difficult to find in the suburbs, this made it a great option for S&S Activewear who has a dense layout,” said Millner.
220 Remington is an 81,000 square-foot, Class A office property. Some of the renovations that have been completed include new parking lot, new roof, new HVAC system, new windows, updated common areas, new lobby and new elevator systems. ATI Physical Therapy is also currently in the building on the first floor.
Bradford Allen Completes Renewal for Illinois Action for Children
Chicago, IL – Bradford Allen is pleased to announce that Julie Lane has represented the non-profit, Illinois Action for Children in a lease renewal at 1340 S Damen Avenue in Chicago. The group will be staying in its current space of almost 40,000 square feet on the second floor for an additional five years.
Illinois Action for Children, a client of Julie’s for the last 15 years, works to create systems of early care and education to help strengthen families and communities. The group was founded in 1969 and serves over 150,000 children and families in Chicago each year. They work to ensure that families have access to high-quality opportunities promoting their safety, health, and happiness by ensuring that early care and educational programs are affordable and accessible. They also work with child care providers and early childhood educators to improve the quality of these programs.
“This building is ideally suited for the client’s needs,” according to Lane, “the large, wide open floor plates and the abundance of parking at the building really caters to large non-profits.” The building is also under new ownership which was an additional factor in the decision, “the new ownership has some exciting plans for rehabbing the building which was another reason ILAFC was ready to recommit to the building.”
1340 S Damen is a 193,000 square-foot Class B loft, office located in Pilsen. Other tenants in the building include Vitas Healthcare and Lutheran Social Services of Illinois.
INEOS Styrolution Signs Long Term Renewal at 4245 Meridian Parkway
Chicago, IL – Bradford Allen is pleased to announce that Ryan Moen has completed a long term lease renewal for INEOS Styrolution on behalf of UBS Realty Investors at 4245 Meridian Parkway in Aurora. INEOS Styrolution currently occupies 22,000 square feet on the first floor and recently committed long term to the building.
Styrolution America, a joint venture between INEOS and BASF, first moved into its space in 2012. Last year INEOS acquired BASF’s stake in the company and is currently wholly owned subsidiary. INEOS is a global manufacturer of petrochemicals, specialty chemicals and oil products. INEOS is one of the leading chemical companies in the world with sales of $40 billion and has production sites in 16 countries.
“INEOS Styrolution’s long term commitment to this property and area speaks to the company’s desire to have a great work environment that’s convenient for its employees. This location offers easy access to many dining options, amenities, I-88 interstate and the Route 59 Metra Station,” according to Moen.
4245 Meridian Parkway is a 140,000-square-foot Class A office property in Aurora owned by a private accounted advised by UBS Realty Investors. The two story building also is occupied by Hartford Fire Insurance Company and Sedgwick Claims Management Service.
Bradford Allen Represents Home Chef in Office Relocation
Chicago, IL – Bradford Allen is pleased to announce that John Skalla and Craig Nadborne have completed a lease transaction on behalf of Home Chef at the Wrigley Building for the company’s new headquarters. Home Chef will be moving into 29,095 square feet from its former headquarters at 225 West Ohio.
Home Chef is a weekly meal delivery service that provides easy recipes with fresh ingredients that allow customers to prepare home-cooked meals in about 30 minutes. Recently the company has experienced significant growth and is shipping nearly 2.5 million meals per month nationwide. In September they received $40 million in Series B capital from L Catterton, the largest consumer-focused private equity firm in the world.
This rapid growth increased the company’s headcount and created the need for additional office space. The company will be occupying the 14th floor of both the North and South Wrigley Towers, which are connected by a sky bridge. The transaction is a sublease between Home Chef and Extreme Reach who were represented by John Ziesmer and Kevin Moore of Avison Young.
“Home Chef, an innovative, home grown Chicago company, was drawn to this space due to its central location in a world-class iconic Chicago landmark building. Additionally, the space was previously built out and furnished to support collaboration and creativity, which aligned well with Home Chef’s needs. This was a perfect combination of factors and it will provide Home Chef with long-term growth potential in a one of a kind office space,” according to Skalla and Nadborne.
4Q16 Suburban Chicago Hospital & On-Campus Medical Office Summary
Suburban Chicago’s medical office market continued to thrive through the end of 2016, but some uncertainty awaits in 2017.
Check out Bradford Allen’s latest report here.
Fourth Quarter 2016 Chicago Downtown Office Market Report
This quarter one of Chicago’s two new office towers opened its doors to tenants, 444 West Lake welcomed tenants taking occupancy of roughly 140,000 square feet of the 1.1 million square-foot building. Vacancy ended the year at 11.0 percent.
To read the full report click here.
Year-End 2016 Chicago Suburban Office Market Report
Year-to-date net absorption dropped to negative 1.9 million square feet causing vacancy to climb to 19.2 percent. These weakening statistics were aided by the Zurich headquarters moving to its new headquarters as well as companies like Jim Beam and ConAgra moving from the suburbs downtown.
To read the full report click here.
Bradford Allen Represents Precision Research in Office Renewal in Des Plaines
CHICAGO – Bradford Allen Realty Services is pleased to announce that Senior Managing Director Craig Nadborne and Associate John Skalla have completed a lease transaction for Test Positive Aware Network (TPAN). TPAN will be relocating from 5050 North Broadway back to 5533 North Broadway where they were previously a tenant. They will occupy 12,819 square feet.
TPAN is a community-based organization providing comprehensive health and wellness programs to those impacted by HIV/AIDS. Their mission is to empower those living with or at risk for HIV/AIDS to live open, healthy, and productive lives. According to Nadborne TPAN entered the market after Cedar Street Companies announced their intention to repurpose the group’s current home at 5050 North Broadway. After searching the market it was decided that following the buildings renovation TPAN would once again move into 5533 North Broadway. The organization is scheduled to relocate during the spring of 2017.
“This ends up being a win-win scenario, as the landlord gets a new long term tenant and the tenant (TPAN) moves into a location they are familiar with,” said Nadborne. “This is an established, well known location that will allow TPAN to continue to provide outstanding services to its diverse client base.”
Located in the Uptown neighborhood on the North side of Chicago 5533 N. Broadway is a 30,000 square-foot mixed use building. Originally built in 2002 the building has great access to public transportation as it is half a block away from the Bryn Mawr Red Line station.
About Bradford Allen Realty Services
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. For more information please visit our website at www.bradfordallen.com.
Bradford Allen Represents Ajinomoto in Lease Transaction in Itasca
CHICAGO – Bradford Allen Realty Services is pleased to announce that Senior Managing Director, Craig Nadborne has completed a lease expansion and extension on behalf of Ajinomoto. The company will be leasing an additional 7,159 square feet at 1300 North Arlington Heights Road where it currently occupies 13,476 square feet.
Ajinomoto is a Japanese food and chemical corporation and has been a client of Nadborne’s for over 20 years. The company is recognized as a global leader in amino-acid-based products for a variety of uses. Ajinomoto moved to 1300 North Arlington Heights Road back in 2012 from the O’Hare market where they still maintain an office. “Ajinomoto originally moved to this location because it provided first class office space at a competitive rental rate while still being close enough to O’Hare to be readily accessible for visitors,” according to Nadborne.
Ajinomoto’s expansion needs arose when it decided to relocate its New Jersey office to Chicago. “The high-end campus environment that Hamilton Lakes offers was the perfect place for the expansion. Ownership was very accommodating in helping structure this long term transaction,” said Nadborne. 1300 North Arlington Heights Road is a 108,000-square-foot Class A building that is part of the Hamilton Lakes Office Park. The complex, located just west of O’Hare Airport, is owned and managed by Hamilton Partners. The company will take occupancy of its additional space in February of 2017.
About Bradford Allen Realty Services
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. For more information please visit our website at www.bradfordallen.com.
Third Quarter 2016 Chicago Downtown Office Market Report
This quarter in the downtown market absorption reached 806,000 square feet aided by moves from WeWork and Motorola. Thanks to this positive absorption vacancy dropped to 11.5 percent, this is the sixth consecutive quarter of positive growth. Rental rates remained steady, declining a nominal $.09 to $36.14.
To read the full report click here.
2Q16 Hospital & On-Campus Medical Office Summary
At mid-year 2016 the total occupancy for on-campus medical office space in suburban Chicago remained flat from the start of the year. Activity and overall deal velocity has remained strong, but the vast majority of Q1 and Q2 deals have not resulted in any positive space absorption. This is due to several ongoing trends:
- “Retail” consolidations of formerly separate offices, usually occurring after multiple independent practices become employed by the same hospital system.
- General space reductions, usually by 5-15% of the total square footage. This stems from medical tenants no longer needing to house medical records on-site, a reduced demand for large private physician offices, and medical equipment shrinking in size due to technological advancements.
There is still ongoing demand for regional hospital systems to continue to merge operations (Northshore and Advocate are the most recent), that these trends in health care real estate will likely continue, resulting in flat absorption rates for vacant space.
Mid-Year 2016 Chicago Suburban Office Market Report
This quarter in the suburban market major leases signed by Paylocity, US Cellular and Combined Insurance helped leasing activity for the suburbs reach over 2.5 million square feet. Absorption dropped following Kraft Heinz’s move out of 650,000 square feet in the North Central region. Oak Brook based McDonald’s announced that they too would be moving operations downtown, relocating to the former Harpo Studios in Fulton Market.
To read the full report click here.
Second Quarter 2016 Chicago Downtown Office Market Report
This quarter in the downtown market absorption reached 262,000 square feet aided by moves from ConAgra and ACGME. Thanks to this positive absorption vacancy dropped to 11.9 percent, the third consecutive quarter since 2008 to reach that low. Rental rates remained steady, declining a nominal $.17 to $36.23.
To read the full report click here.
Bradford Allen Represents BCL Meridian Parkway, LLC in Office Sale
CHICAGO –Bradford Allen Realty Services is pleased to announce that Dan O’Neill and Ryan Moen of the Oak Brook office have completed the sale of a 45,869 square foot office complex at 4222 Meridian Parkway in Aurora, Illinois. The sale was valued at $5,350,000.00.
O’Neill and Moen represented the seller, BCL Meridian Parkway, LLC in the transaction. 4222, 4234 & 4248 Meridian Parkway is a 45,869 square-foot single story Class A office park. The properties are home to several prominent tenants including; Dyson, who anchors the complex with its U.S. Call Center, Woodruff Johnson & Palermo and Medallion Media Group. Additionally, as part of the larger Meridian Business Campus the buildings have numerous other corporate neighbors.
O’Neill stated that the selling price of $116 per square foot for a non-medical single story office complex should be viewed as another step towards full post-recession recovery for the area. “With so many of the Class A suburban mid to high rise office buildings in coveted markets having traded in the past few years, we are starting to see capital searching for an alternative. Class A single story office is getting a lot of that attention.”
The complex, at over 95% leased was purchased by HJH Dyson 1, LLC. This property is the first purchase for HJH Dyson 1, LLC in the Chicagoland area. Based in Kansas, the buyers were drawn to the complex for numerous reasons including its convenient location off of Route 59, which serves as a major thorough fare through the area according to Moen. With over 300,000 residents located between Aurora and Naperville there is a large workforce to pull from, this coupled with a multitude of surrounding amenities made the buildings an attractive investment opportunity.
About Bradford Allen Realty Services
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. For more information please visit our website at www.bradfordallen.com.
First Quarter 2016 Chicago Downtown Office Market Report
The downtown Chicago office market started 2016 off with a flurry of strong activity. Large deal transactions included CNA’s announcement of its relocation to 151 North Franklin for 227,0000 square feet and Cars.com’s transaction to move into 158,000 square feet at 300 S Riverside.
The vacancy rate dropped to 12.0% thanks to over 230,000 square feet of positive absorption. The East Loop contributed the most to this number, with Clark Hill and McDermott, Will & Emery both moving into Prudential Plaza for a total of over 120,000 square feet.
Rental rates remained steady with the direct gross average asking rate ending the quarter at $36.40. A four percent growth year-over-year.
Fourth Quarter 2015 Chicago Downtown Office Market Report
Downtown Market Vacancy Continues to Decrease, Asking Rates Increase and Investment Sales Surge
Chicago’s downtown office market is continuing to tighten, for the moment. The overall vacancy rate has decreased from 13.1% to 12.8% from year-end 2014 to year-end 2015. This is the lowest it has been since 2Q 2009. As expected, Chicago’s unemployment rate continued to improve over the course of 2015 as well. Chicago’s unemployment rate dropped from 6.2% at the end of 2014 to 5.4% at year-end 2015.
Year-End 2015 Chicago Suburban Office Market Report
Suburban Markets Prove Resilient, Availability and Vacancy Rates Drop
The Suburban office market maintained the positive momentum it saw in 2014 through the end of 2015 despite the continued migration of large tenants to the CBD. 2015 saw 951,311 sf of positive net absorption which surpassed the 704,910 sf of positive net absorption in 2014. The vacancy rate decreased from 17.5% to 17.1% and the availability rate decreased from 23.2% to 23.1% year over year, respectively.
Chicago Commercial Real Estate – In the News
Jill’s Top 5 Articles From This Week
- Bradford Allen Realty Services has arranged a 7,700-square-foot lease renewal in Northbrook, approximately 25 miles northwest of Chicago. Lubin-Bergman Organization Inc. will continue occupying its headquarters in a building located at 5 Revere Drive. – REBusiness
- What trends in architecture and design for commercial real estate will we see in 2016? Based on the opinion of experts in the field, here are some possibilities: – Chicago Architecture Blog
- Due to maxing out on current space and staff, many companies will need to expand their office footprint in order to accommodate growth this year, PM Realty Group‘s EVP and managing director Jim Proehl tells GlobeSt.com.
- Why 2016 is looking like 2015 all over again. The new year in Chicago business is starting out like the old one, with another multibillion-dollar buyout of a local company in the works. Baxalta is in advanced talks to sell itself to Shire for nearly $33 billion in cash and stock, according to Bloomberg News and the Wall Street Journal. – Crain’s Chciago
- Chicago-based law firm Clark Hill PLC has doubled its space in its new lease of 71,813 square feet at Prudential Plaza, 130 E. Randolph Street in Chicago. The move marks a major expansion for the firm. – REJournals
Chicago Commercial Real Estate – In the News
Jill’s Top 5 Articles From This Week
- The beginning of a tightening cycle is a positive sign for the way experts view the economy, Auction.com‘s chief economist Peter Muoio tells GlobeSt.com. The firm recently released its latest Commercial Real Estate Nowcast, which revealed that commercial valuations in November increased 46 basis points from October. – Globe St.
- This morning, the U.S. Bureau of Labor Statistics (BLS) released preliminary November 2015 unemployment rates for all Metropolitan Statistical Areas (MSAs). The unemployment rate measures the percentage of the local workforce that reports itself as being out of work, information that the government collects by surveying households. – World Business Chicago
- The downtown office market continues to heat up as real estate powerhouse John Buck Company has announced a deal for Chicago-based CNA Financial to anchor its upcoming 35-story Class A office tower at 151 N. Franklin. – Curbed Chicago
- But the office market was strong too, highlighted by the $1.3 billion sale of the Willis Tower in June. Office landlords were also busy chasing big corporate tenants like Kraft Heinz, ConAgra and Motorola Solutions, which all decided to move their headquarters downtown. Here’s a look back at 10 of the biggest deals of the year. – Crain’s Chicago
- Experts say it’s time to move in these design directions to keep workers engaged and get the most out of your office space. You might think that the reams of analysis done on office space would have by now turned every workplace into a humming hive of engagement and productivity. Earlier this year, we even got an advance look at a research paper that outlined alternative design strategies to make workers happier. – Fast Company
Chicago Commercial Real Estate – In the News
Jill’s Top 5 Articles From This Week
- Experts say it’s time to move in these design directions to keep workers engaged and get the most out of your office space. You might think that the reams of analysis done on office space would have by now turned every workplace into a humming hive of engagement and productivity. Earlier this year, we even got an advance look at a research paper that outlined alternative design strategies to make workers happier. – Fast Company
- Biggest Chicago real estate deals of 2015. The Chicago real estate market gained momentum in 2015, as prices kept rising, developers kept building and big tenants kept moving. – Crain’s Chicago
- The downtown office market continues to heat up as real estate powerhouse John Buck Company has announced a deal for Chicago-based CNA Financial to anchor its upcoming 35-story Class A office tower at 151 N. Franklin. – Curbed Chicago
- This morning, the U.S. Bureau of Labor Statistics (BLS) released preliminary November 2015 unemployment rates for all Metropolitan Statistical Areas (MSAs). The unemployment rate measures the percentage of the local workforce that reports itself as being out of work, information that the government collects by surveying households. – World Business Chicago
- The beginning of a tightening cycle is a positive sign for the way experts view the economy, Auction.com‘s chief economist Peter Muoio tells GlobeSt.com. The firm recently released its latest Commercial Real Estate Nowcast, which revealed that commercial valuations in November increased 46 basis points from October. – Globe St.
Chicago Commercial Real Estate – In the News
Jill’s Top 5 Articles From This Week
- This week in real estate numbers – Bisnow
- More foreign money than ever has poured into Chicago-area real estate in 2015, and the year isn’t over yet. International investors paid $3.27 billion for properties here through last week, already well above the full-year record of $2.18 billion set in 2013, according to New York-based research firm Real Capital Analytics. – Crain’s Chicago
- CBRE Arranges 265,000 SF Lease Extension for Law Firm Mayer Brown in Chicago – REBusiness
- VelocityEHS, a growing Chicago-based software provider, has decided to move its global headquarters from 350 N. Orleans St. in River North to a new space across the street in the Merchandise Mart. The company will sublease more than 90,000 square feet of the Motorola Mobility top floor offices, further boosting the building’s reputation as a hub for the city’s tech scene. – Globe St.
- From all sides of the country, these new complexes give a whole new meaning to the term “office space.” With the help of our pals at Reis, Bisnow put together this list of the 10 biggest office complexes set to open for business in 2016. – Bisnow
Chicago Commercial Real Estate – In the News
Jill’s Top 5 Articles From This Week
- The Missner Group will be starting the new year off with a big change. The firm has relocated its Skokie, Illinois-based headquarter offices to accommodate its recent growth. – REJournals
- This morning, the U.S. Bureau of Labor Statistics (BLS) released preliminary October 2015 unemployment rates for all Metropolitan Statistical Areas (MSAs). The unemployment rate measures the percentage of the local workforce that reports itself as being out of work, information that the government collects by surveying households. – World Business Chicago
- Brand-new office space is becoming scarce in downtown Chicago after Navigant Consulting leased the largest remaining large block under construction. – Crain’s Chicago
- Less than a year after raising its biggest investment fund, Harrison Street Real Estate Capital is nearly doubling the size of its headquarters in a move to an office tower under construction on the Chicago River. – Crain’s Chicago
- H. Ross Ford III, president and CEO of TCN Worldwide Real Estate Services, and David Greene, chairman of the TCN Worldwide Board of Directors, together with Patrick Morrissey, chairman of GVA Worldwide, reveal to GlobeSt.com that the international real estate advisors have agreed to create an alliance that extends the scope and capability of their respective organizations into key strategic markets. – Crain’s Chicago
TCN Worldwide and GVA Worldwide Negotiate a Transatlantic Alliance
LONDON and DALLAS, TX. – H. Ross Ford III, President & CEO of TCN Worldwide Real Estate Services, and David Greene, Chairman of the TCN Worldwide Board of Directors, together with Patrick Morrissey, Chairman of GVA Worldwide, announced today that the international real estate advisors have agreed to create an alliance that extends the scope and capability of their respective organizations into key strategic markets.
GVA Worldwide is an international network of independent commercial real estate companies working with a wide range of clients including occupiers, multi-national corporations, major space users, developers, owners, institutions, lenders and investors. Through its affiliated member firms, partners can harness the expertise of 5,000 professionals in over 120 offices across 25 countries worldwide.
The alliance with TCN Worldwide—a consortium of independent commercial real estate firms with approximately $38.8 billion in annual transactions and over 80 million square feet of space under management—will facilitate a range of services to both groups’ clients, including: transactions, strategic planning, market and site analysis, financial and fund structuring, lease consultancy, pre-acquisition due-diligence, valuation, asset, property and facilities management.
Patrick Morrissey, Chairman of GVA Worldwide, commented: “We have been in detailed discussions with TCN for some time. Our long standing ambition to establish a strategic alliance with a leading US real estate practice has been fulfilled. We have signed a memorandum of understanding with TCN. This agreement will form a hugely significant step in our plans to expand and strengthen not just our transatlantic ties but our wider cross-border capability throughout the GVA Worldwide community. As the markets continue to strengthen and the flows of capital continue our access to and representation in the US becomes increasingly important for our clients.”
- Ross Ford III, President and CEO of TCN Worldwide, stated: “We are excited to make this alliance a reality for our member firms. TCN serves more than 200 markets across the world and maintains an affiliate firm in nearly every major city in America. Expanding our network’s opportunities to better serve our many clients and extend the reach of our global partners across Europe is a significant success.” He added, “We will look to continue our global growth and work in concert with the GVA Worldwide team to take advantage of the many synergies our organizations share. Most importantly, we are already seeing several of our member firms and specialty teams working together on new business opportunities. We look forward to building on these early successes in the coming months.”
David Greene, Chairman of the Board of Directors of TCN Worldwide and President of Brokerage Services at MHP Real Estate Services in New York, added: “A strategic alliance between TCN Worldwide and GVA Worldwide increases our collective reach, strengthens our client base, and invigorates our individual firms. The new worldwide alliance now provides every individual in both affiliate organizations the chance to better serve their clients and prospects.” He added, “to be able to significantly expand our reach beyond the 200 markets that we currently serve through our independent affiliates is a distinct opportunity. This is an important alliance for TCN and all of our affiliates throughout America, Canada and the World and in particular, for MHP as the NYC affiliate for TCN and as a whole, we will continue to provide ‘best in class’ client services with sincerity and transparency.”
About GVA Worldwide
GVA Worldwide is a growing partnership of independent commercial real estate companies working with a wide range of clients including occupiers, multi-national corporations, major space users, developers, owners, institutions, lenders and investors. Its new partnership with Bilfinger Real Estate enables it to harness the expertise of 5,000 professionals in over 120 offices across 25 countries worldwide.
GVA Worldwide maintains a global presence, including Europe: Austria, Belgium, Czech Republic, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Norway, Poland, Portugal, Russia, Spain, Switzerland, Turkey, United Kingdom; Asia Pacific: Australia, China, Hong Kong, India. For further information visit www.gvaworldwide.com.
About TCN Worldwide
TCN Worldwide, a consortium of independent commercial real estate firms, provides complete integrated real estate solutions locally and internationally. With approximately $38.8 billion in annual transactions and over 80 million square feet of space under management, the organization ranks as one of the largest service providers in the industry. An extensive range of real estate services coupled with a personal commitment to exceed client expectations is what allows TCN Worldwide to be a leader within the commercial real estate industry. Formed in 1989, TCN Worldwide is comprised of over 800 commercial real estate professionals serving more than 200 primary and secondary markets worldwide. For more information on TCN Worldwide, contact H. Ross Ford or Nicole Hopkins at 972-769-8701 or visit www.TCNWorldwide.com
About Bradford Allen Realty Services
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate.
Bradford Allen Completes Lease Renewal for Lubin-Bergman in Northbrook
CHICAGO – Bradford Allen Realty Services is pleased to announce that Laurence Elbaum, principal and co-founder of the firm recently completed a lease renewal on behalf of Lubin-Bergman Organization, Inc. for 7,700 square feet for the firm’s headquarters located at 5 Revere Drive in Northbrook, Illinois.
Founded in 1923, Lubin-Bergman Organization, Inc. is a full-service insurance agency. The firm provides personal and commercial insurance, with a niche in the jewelry industry. Headquartered at 5 Reverse Drive in Northbrook since 2005, Lubin-Bergman Organization, Inc. selected Bradford Allen’s Elbaum to assist with evaluating their headquarter location, which ultimately led to securing a long-term renewal within the same property.
“5 Revere Drive is an excellent property for Lubin-Bergman, conveniently located with easy access to public transportation, restaurants and local retailers. This building also has the added benefit of underground parking and in-building food service.” said Elbaum. “We are pleased to have arranged this renewal for Lubin-Bergman with advantageous deal terms.”
Elbaum represented Lubin-Bergman Organization, Inc. in the lease negotiations and Dan Fernitz of JLL represented ownership.
About Bradford Allen Realty Services
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate.
Chicago Commercial Real Estate – In the News
Jill’s Top 5 Articles From This Week
- Hamilton Partners has acquired Highland Pointe, a Class A office complex in Lombard, Illinois…Comprised of two buildings, Highland Point totals 388,000 square feet of premium office space in the E/W Corridor. – REJournals
- After more than two years of waiting and renovating, Google has moved into its new digs in the West Loop. More than 650 Googlers relocated earlier this month from River North to their new offices at 1000 W. Fulton Market. The company will formally open the office with a ribbon-cutting Dec. 3. Like other Google offices, this one will allow pets. – Crain’s Chicago
- A summary of deals in commercial real estate throughout the Chicagoland area: This week’s Chicago Deal Sheet – Bisnow
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Glassdoor, the online human resources site where users can rate their bosses and jobs, said it plans to open a Chicago office early next month and hire more than 250 people over the next three years. Glassdoor said this will be the company’s fifth worldwide office and it will announce the Chicago office location “shortly.” – Chicago Business Journal
- Crowdfunding has become something of a buzzword among investors these days and it’s been particularly well received in the real estate sector. Though it’s still in its infancy, real estate crowdfunding is rapidly reshaping the way individuals find and invest in properties. This shift has brought benefits not only for investors but also for real estate companies and for the real estate market as a whole. – Forbes
Chicago Commercial Real Estate – In the News
Jill’s Top 5 Articles From This Week
- As experienced real estate professionals can attest, one of the things that make the industry so fascinating is that real estate is, to a large extent, a direct reflection of society: broader social, cultural and professional trends are oftentimes the driving force behind emerging real estate trends. – Globe St.
- The growing desire among consumers for specially-crafted beers is creating a new niche in the world of commercial real estate, and Chicago is leading the way. That metro area’s craft beer industry had a a 65.9% growth rate between 2013 and 2014, and included 144 existing breweries and 39 others in the planning stage, making it the top craft beer market in the country, according to a new national market study. – Globe St.
- Many Chicago-area tech firms have recently decided to move their operations downtown to take advantage of city’s huge collection of talent. But some others believe that they can take advantage of what both city and suburbs offer. Brainlab, Inc., a Munich-based medical technology firm, has a newly designed office space at 5 Westbrook Corporate Center in suburban Westchester, and earlier this year it expanded its presence into downtown Chicago by opening a new state-of-the-art customer training center in the iconic Wrigley Building. – Globe St.
- The developer of a 52-story office tower rising along the Chicago River has scored two more tenants about a year before the building is expected to open. River Point, a high-rise at 444 W. Lake St., is now 70 percent pre-leased after adding two new tenants, developer Hines Interests confirmed. – Crain’s Chicago
- For years people have talked of turning Chicago into a “Silicon Prairie” meant to rival the nation’s coastal tech hubs, and even though it still can’t quite compete with the actual Silicon Valley, the city has recently emerged as a truly mature tech market. – Globe St.
Chicago Commercial Real Estate – In the News
Jill’s Top 5 Articles From This Week
- Brainlab, Inc., a Munich-based medical technology firm, has a newly designed office space at 5 Westbrook Corporate Center in suburban Westchester, and earlier this year it expanded its presence into downtown Chicago by opening a new state-of-the-art customer training center in the iconic Wrigley Building – Globe St.
- River Point, a high-rise at 444 W. Lake St., is now 70 percent pre-leased after adding two new tenants, developer Hines Interests confirmed. – Crain’s Chicago
- The market has pretty much gotten the message: barring some unforeseen calamity or significant turn in the economy, the Federal Reserve will raise interest rates at its December meeting. That covers the “when.” The folks at Bank of America/Merrill Lynch have started filling in the “how.” How will the Fed raise rates, and how will the market respond to that? – Wall Street Journal
- As daring a design as the planned Apple retail store near Pioneer Court will have, apparently it is toned down from the original concept. 42nd Ward Alderman Brendan Reilly says he pulled the plug on a large video screen that would have faced the Chicago River. – Loop North News
- For years people have talked of turning Chicago into a “Silicon Prairie” meant to rival the nation’s coastal tech hubs, and even though it still can’t quite compete with the actual Silicon Valley, the city has recently emerged as a truly mature tech market. – Globe St.
Bradford Allen Completes Lease Renewal and Expansion for SIRVA HQ in Oakbrook Terrace
CHICAGO – Bradford Allen Realty Services is pleased to announce that Joel Berger, senior managing director, has completed a lease expansion and renewal on behalf of SIRVA, Inc. totaling 62,000 square feet for the firm’s headquarters located at 1 Parkview Plaza in Oakbrook Terrace, Illinois. SIRVA’s office space was expanded 9,000 square feet.
Founded in 1998, SIRVA is a worldwide provider of company relocation services and moving solutions. The firm has been at 1 Parkview Plaza since 2013, when it relocated from the neighboring town Westmont. SIRVA has experienced rapid growth in the Midwest region and sought the help of Bradford Allen’s Berger to analyze their needs and devise a suitable solution for their growing business.
“SIRVA was in need of a larger space to house their expanding operations,” said Berger. “We are pleased to have sourced the opportunity for the firm to expand its presence within the same building. The building amenities, easy access to O’Hare airport and downtown Chicago, and being just minutes from the Oakbrook mall, are among the factors that led them to remain at 1 Parkview Plaza.”
Built in 1993, 1 Parkview Plaza is a nine-story, 263,912 square foot office building. The Class A property is located near the intersection of 22nd Street and Route 83 and features tollway signage, a deli, a sundry shop, 24-hour manned security, a health club featuring basketball and racquetball courts as well as covered parking. Berger represented SIRVA in the transaction and Jim Adler of NAI Hiffman represented the landlord, TIAA-CREF.
About Bradford Allen Realty Services
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate.
Chicago Commercial Real Estate – In the News
Jill’s Top 5 Articles From This Week
- Senior Managing Director, Ben Azulay, and Director, Justin Kessler, have completed a new 9,828-square-foot lease on behalf of Mindcrest Inc. at 440 S. LaSalle Street in Chicago. – RE Journals
- SIRVA, Inc has expanded its headquarters by 9,000 square feet at 1 Parkview Plaza in Oakbrook Terrace, Illinois, according to Bradford Allen Realty Services Senior Managing Director, Joel Berger, who completed the lease expansion and renewal totaling 62,000 square feet. – RE Journals
- Renters just can’t seem to keep away from the city. Chicago has seen an increasing migration of people relocating downtown—whether it be for housing purposes or for business, it’s impossible to stay away from the center of where all the action happens. – RE Journals
- Chicago’s in the top five cities in the country when it comes to emerging technology hubs, according to a new report – Biz Journals
- World Business Chicago tracks indicators from month to month to gauge the strength of several aspects of Chicago’s economy, including employment in major sectors, residential and office real estate data, price and purchasing indexes, and freight demand. Note: employment data refers to payroll job estimates for the city of Chicago and is not adjusted for seasonality – World Business Chicago
Chicago Commercial Real Estate – In the News
Jill’s Top 5 Articles From This Week
- The owner of the 26-story tower at 2 N. LaSalle St., a venture led by Norfolk, Va.-based owner Harbor Group International, has struck an agreement with an investor that will provide “a significant equity infusion” to the building, the company said in a statement. – Crain’s Chicago
- AXIS Reinsurance signed an 11-year lease for 29k SF on the building’s 35th floor, while global investment firm Houlihan Lokey locked down over 57k SF on the 37th and 38th floors for the next 15 years. Both companies are increasing their lease footprints and moving to 111 S Wacker from other buildings. – Bisnow
- The new owner of the Aon Center said it plans to add an observatory atop the 83-story office tower, a plan that would make Chicago just the second city in North America—and one of the few anywhere in the world—with three observatories. – Crain’s Chicago
- The Next Hot Thing in Cool Office Design: Now that every big startup has an open seating plan and giant amphitheater, what’s next in office design? We talked with top designers and architects to get their impressions of the present and visions for the future. – Inc.
- SPINS, which employs nearly 175 people, opened a new headquarters today at 222 W. Hubbard St., near the Merchandise Mart. About 150 people will work downtown. – Crain’s Chicago
Bradford Allen Represents Mindcrest in Office Relocation and Expansion in Chicago
CHICAGO – Bradford Allen Realty Services is pleased to announce that Senior Managing Director Ben Azulay and Director Justin Kessler have completed a new 9,828 square foot lease on behalf of Mindcrest Inc. at 440 S. LaSalle Street in Chicago.
Founded in 2001, Mindcrest Inc. is a premier legal process outsourcing firm headquartered in Chicago with delivery centers in Chicago and Pune, India. Mindcrest Inc. currently has an office at 1 E. Upper Wacker Drive. Due to the firm’s recent growth and the need for additional space, Mindcrest Inc. chose to relocate to 440 S. LaSalle Street, where it will increase its space by more than 300%.
“Mindcrest was in need of a larger space in order to streamline their growing operations,” said Bradford Allen’s Kessler. “440 S. LaSalle Street provided the firm with the desired Loop location along with the space required to meet their current business needs.”
Azulay and Kessler assisted the firm with its site selection analysis, ultimately securing space within 440 S. LaSalle Street. Mindcrest Inc. will move into the new space in Q1 2016. Azulay and Kessler represented Mindcrest Inc. in the lease negotiations while Mark Gunderson, Mark Baby and Ben Cleveland of Cushman & Wakefield represented ownership.
About Bradford Allen Realty Services
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate.
Bradford Allen Completes 9,700 SF Lease Renewal for PSC Group in Schaumberg
CHICAGO – Bradford Allen Realty Services is pleased to announce that the firm’s Senior Managing Director Joel Berger has completed a lease renewal on behalf of PSC Group for 9,700 square feet for the firm’s headquarters space located at 1051 Perimeter Drive (Woodfield Executive Plaza) in Schaumburg, Illinois.
Woodfield Executive Plaza was built in 1973, and offers a total of 196,144 square feet of office space. The 11-story property is conveniently located adjacent to the Woodfield Shopping Mall and several expressways. Sabal Financial Group purchased Woodfield Executive Plaza in 2014 and has put several renovation plans in place since the acquisition.
PSC Group is an information technology and business consulting firm founded in 1990. PSC Group focuses on delivering high value technology solutions that help clients achieve their strategic business objectives. The firm has been headquartered at Woodfield Executive Plaza in Schaumburg since 1996 and maintains satellite offices in downtown Chicago and Overland Park, Kansas. Due to an impending lease expiration at its headquarters, PSC engaged Bradford Allen to assist with evaluation of their space at 1051 Perimeter Drive and explore alternative relocation options in the Northwest suburbs. The resulting study ultimately led to a lease restructure and long-term extension in which Bradford Allen was able to achieve an immediate and significant rent reduction for PSC Group as well as other favorable economic terms and concessions. As a key part of the negotiation, the landlord agreed to replace the entire HVAC system and install new lighting throughout the premises while providing PSC with an additional allowance for other needed improvements.
“After working closely with the landlord, we were able to restructure a long-term lease renewal for our client with advantageous terms plus prominent monument signage on the frontage road in addition to PSC’s existing monument signage on Perimeter Drive,” said Berger “PSC Group explored other suburban locations for its headquarters, but at the end of the day Woodfield Executive Plaza offered an excellent location with great visibility, access to major expressways and the amenities of Woodfield Shopping Mall.”
Joel Berger represented PSC Group in the lease negotiations and Jack Reardon of NAI Hiffman represented Woodfield Executive Plaza.
About Bradford Allen Realty Services
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate.
Bradford Allen Completes Lease Renewal and Expansion for Illinois Action for Children
CHICAGO – Bradford Allen Realty Services is pleased to announce that the firm’s Managing Director Juliette Lane has completed a lease renewal and expansion for 7,518 square feet on behalf of Illinois Action for Children at 17926 S. Halsted in Homewood, Illinois.
Founded in 1969, Illinois Action for Children is a child-care advocacy organization. The firm currently occupies two suites within 17926 S. Halsted, totaling 4,779 square feet, and required additional space to accommodate its new Head Start and Early Head Start programs in the South Suburbs. Bradford Allen’s Lane sourced a unique and strategic opportunity for the firm within the same property, expanding the lease from 4,779 square feet to 7,518 square feet.
“After working closely with building ownership, we were able to arrange the expansion of Illinois Action for Children from two suites to three, within the same building, thereby creating a convenient expansion within the same property,” said Lane. “We are pleased to have assisted this organization in expanding its operations to include the Head Start and Early Head Start programs while also offering the space needed to accommodate the program’s growth.”
17926 S. Halsted was built in 1976, and offers a total of 14,000 square feet of office space. The property is located approximately 25 miles from downtown Chicago and offers easy access to several expressways. Lane represented Illinois Action for Children in the lease negotiations and Noah O’Neill of RN Realty represented ownership.
About Bradford Allen Realty Services
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate.
Third Quarter 2015 Chicago Downtown Office Market Report
Chicago Office Market Continues to See Positive Absorption and Rising Rates
Chicago’s downtown office market continues on a steady path. Despite overall vacancy in the CBD increasing slightly to 12.8% from last quarter’s 12.6%, it remains below last year’s 13%. While seeing negligible change in vacancy, unemployment in both Illinois and throughout the country continues down the path of improvement. According to the Bureau of Labor Statistics, US unemployment is at its lowest rate since April 2008 at 5.1% and Illinois is at its lowest rate since February of 2008 at 5.6%.
Bradford Allen Represents Seller at 925 West Chicago Avenue in Chicago
CHICAGO – Laurence Elbaum, Principal and Co-Founder of Bradford Allen Realty Services is pleased to announce that Bradford Allen Realty Services in conjunction with Essex Realty Group has completed the sale of 925 West Chicago Avenue in Chicago. The sale was valued at $4,250,000.
Elbaum and co-broker, Jason Fishleder of Essex Realty Group, represented the seller, Gamla Cedron Group, in the transaction. 925 W. Chicago Avenue is a three-story, 2 7,500 square foot creative loft, office building which was 66% occupied at closing. The property is ideally located in the heart of the River West District, and blocks from River North. It offers easy access to the Kennedy Expressway and is within minutes of the Blue Line CTA. Built in 1905, the timber/loft property was renovated in 2013 and features 16’ clear ceilings, an abundance of natural light and ample parking.
This is the third property in Chicago that Bradford Allen has been selected to represent on the behalf of Gamla Cedron. Bradford Allen is currently the exclusive leasing agent for both 520 W. Erie Street, in River North and 318 West Adams Street, in the West Loop.
“Gamla Cedron chose to work with us again due to our past success with them”, said Elbaum. “The condition and location of this particular asset was a huge attraction. We were able to work with Essex Realty to use our combined market knowledge and resources to secure a quality buyer for our client. ”
About Bradford Allen Realty Services
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate.
Pontarelli joins Bradford Allen as Senior Managing Director – Agency Services
CHICAGO – Jeffrey Bernstein and Laurence Elbaum, principals and co-founders of Bradford Allen are pleased to announce that Michael Pontarelli has joined the firm as Senior Managing Director – Agency Services.
Bringing nearly 25 years of experience in commercial real estate to his role with Bradford Allen, Mr. Pontarelli has joined the firm’s agency services practice where he will focus on overseeing the day-to-day administration of the group as well as targeting and securing new leasing and management assignments throughout the Chicago area.
“Michael’s vast amount of knowledge and expertise of the industry, along with his exceptional leadership skills, will prove to be invaluable to our entire firm as well as our clients,” said Bernstein. “He has a track record for success, understands the industry and is known for his ability to think outside of the box.”
Throughout his career, Mr. Pontarelli has consistently been committed to creating value for clients. Under this commitment, he has successfully completed millions of square feet of lease transactions, participated in hundreds of dispositions, directed operations and transitions as well as created and executed marketing plans for his clients. Mr. Pontarelli has consistently developed new business, including the growth of his prior portfolio to over four and a half million square feet of office, retail and industrial properties.
Prior to joining Bradford Allen, Michael was a Senior Vice President with Foresite Realty Partners, LLC in Rosemont, where he directed and managed nearly four and half million square feet, including leasing, management, strategic implementation and disposition. Before Foresite Realty Partners, he served as an Associate Vice President with UGL Services- Equis Operation, Inc. in Chicago. Here, Michael executed multiple projects and assisted in targeting strategic corporate and distressed real estate opportunities as well as assisted in developing and leading a new account team for a global conglomerate consisting of over 300 global locations.
Mr. Pontarelli is a graduate of Bradley University, where he received his Bachelor’s degree in Business Administration. He is an active member of several industry-related organizations including BOMA, National Association of Industrial and Office Properties and Real Estate Lenders Association (RELA). Michael was also a long-time board member of a Chicago area Chamber of Commerce and is a licensed real estate broker in the state of Illinois.
About Bradford Allen Realty Services
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate.
Bradford Allen Represents Synthesis Technology in Loop Office Relocation
CHICAGO, IL – Bradford Allen Realty Services is pleased to announce that Senior Managing Director Craig Nadborne has completed a new 11,133 square foot lease on behalf of long-time client Synthesis Technology at 135 S. LaSalle Street in Chicago.
Founded in 1998, Synthesis Technology offers marketing operation solutions for investment management companies. The firm currently leases approximately 7,200 square feet at 820 W. Jackson Street. Due to the firm’s organic growth and need for additional space, Synthesis Technology chose to relocate to a portion of the 20th floor of 135 S. LaSalle, where it will lease 11,133 square feet.
Nadborne assisted the firm with its site selection & analysis; ultimately securing space within 135 S. LaSalle, a centrally located, Class A, 44-story, 1,258,205 square foot building, known for its modern amenities, as well as its distinctive architecture & design. Synthesis Technology will move into the new Loop space this month. This is the fifth transaction in 17 years Nadborne has completed for Synthesis Technology.
“We have known and worked with Craig and the Bradford Allen team for over 17 years, and therefore he was the first person we called when we decided to relocate,” said John Toepfer, President of Synthesis Technology. “Originally we were in-lease with another Loop property, but due to unforeseen complications, we decided to explore alternative options. Craig was able to draw from his extensive resources and quickly found a spec space at 135 S. LaSalle which offered furnishings, a competitive rental rate as well as additional TI dollars to modify the space and really make it our own. Thanks to Craig, the deal was done in less than three weeks.”
“We are thrilled to have assisted Synthesis Technology in this relocation,” said Bradford Allen’s Nadborne. “135 S. LaSalle provides our client with a central location close to public transportation, an outstanding package of amenities, as well as a competitive rental rate and the square footage needed to accommodate the firm’s current and future space requirements.”
Nadborne represented Synthesis Technology in the lease negotiations and Melissa Rubenstein and John Beason of JLL represented building ownership.
About Bradford Allen Realty Services
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate.
Mid-Year 2015 Chicago Suburban Office Market Report
Suburban Office Market Continues to Strengthen; Vacancy and Availability Rates Decrease
The Suburban office market continued to improve going into the 3Q of 2015. The vacancy rate decreased from 18.9% to 17.8% and the availability rate decreased from 24.4% to 22.3% year over year, respectively. While YTD net absorption is essentially flat at negative 27,182 SF thru the mid-year, it is significantly better than the negative 518,096 thru mid-year 2014. Overall these statistics indicate that the suburban market is becoming healthier and more dynamic.
Second Quarter 2015 Chicago Downtown Office Market Report
Downtown Market Approaches Equilibrium as the Vacancy Rate Continues to Decrease and Asking Rates Increase
Chicago’s downtown office market is continuing to become tighter. The overall vacancy rate has decreased from 13.4% to 12.6%, year over year. This is the lowest it has been since the end of 2008 and now brings the market almost to equilibrium. Simultaneously Chicago’s unemployment rate continued to improve in the second quarter. According to the Illinois Department of Employment Security, Chicago’s unemployment rate decrease from 7.7% in May 2014 to 6.7%, May 2015.
John Skalla Joins Bradford Allen as Associate
CHICAGO, IL – Jeffrey Bernstein and Laurence Elbaum, principals and co-founders of Bradford Allen are pleased to announce that the firm has hired a new team member. John Skalla has joined as an Associate.
As an associate with Bradford Allen, Skalla will provide tenant and landlord representation services. Skalla brings over six years of industry experience to his new role. Prior to joining Bradford Allen, he worked with SC Group Real Estate and Avison Young. Skalla is an undergraduate of the University of Dayton.
About Bradford Allen Realty Services
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate.
Bradford Allen Represents Walton Isaacson in River North Office Relocation
CHICAGO, IL – Bradford Allen Realty Services is pleased to announce that Senior Managing Director Ben Azulay and Director Justin Kessler have completed a new 19,538 square foot lease on behalf of Walton Isaacson at 325 N. LaSalle Street (Reid Murdoch Center) in Chicago.
Founded in 2006, Walton Isaacson is an independent marketing agency with offices in Los Angeles, New York, Chicago and Miami. Due to the firm’s organic growth and need for additional space, Walton Isaacson chose to relocate from 400 N. State Street where they are spread over multiple floors to the 5th floor of the Reid Murdoch Center where they will have room for continued growth.
Azulay and Kessler assisted the firm with its site selection analysis, ultimately securing space at the Reid Murdoch Center based on its location as well as the building’s large floor plates. Walton Isaacson will move into their new office this summer.
“We are pleased to have assisted Walton Isaacson in this relocation and in streamlining its operations to create greater efficiencies,” said Bradford Allen’s Kessler. “This transaction enables the firm to stay in River North, while also accommodating the need to house all of its employees on one floor.”
Azulay and Kessler represented Walton Isaacson in the lease negotiations. The Reid Murdoch Center, which is owned and leased by Friedman Properties, was represented by Robert Zimmerman.
About Bradford Allen Realty Services
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate.
I.H.P. Highland LLC Purchases 1920 S. Highland in Lombard From Ameriprise
CHICAGO, IL – I.H.P. Highland LLC has purchased 1920 S. Highland Avenue in Lombard, Illinois. The property acquisition was financed by a loan from A-10 Capital. Chuck Hoag, Senior Managing Director of Bradford Allen Capital arranged the financing on behalf of I.H.P. Highland LLC.
Built in 1988, 1920 S. Highland Avenue is a Class B, 53,195 square foot office building in the East-West Corridor located near the intersection of I-88 and I-355. The property is ideally located within minutes of an abundance of upscale shopping and dining destinations at Yorktown Shopping Center and along Butterfield Road.
The new owner engaged Bradford Allen Capital to secure financing for the property. Chuck Hoag was able to arrange a long term, non-recourse acquisition loan from A-10 Capital.
“The emergence of non-bank lenders like A-10 Capital, who pursue middle market opportunities, gave the partners several competitively priced non-recourse borrowing options,” said Hoag. “In the past for this type of asset their only option would have been a traditional loan from a local bank.”
This is the second acquisition I.H.P. Highland has completed this year. The owner purchased the adjacent property, 1910 S. Highland in March. 1910 and 1920 S. Highland will be marketed together and ownership plans to renovate the parking lot, HVAC systems and the common areas of the buildings. Bradford Allen’s Ryan Moen and John Millner will be representing both properties.
“The Principals of I.H.P. Highland chose to work with us again based on our relationship and successful track record,” said Moen. “We value and take pride in those we have the honor to work with on a repeat basis. It is a testament to our hard work and commitment to our clients.”
Like 1910, 1920 S. Highland was acquired from the properties prior lender following foreclosure.
About Bradford Allen Realty Services
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. For more information please visit our website at www.bradfordallen.com.
Bradford Allen Obtains $30 Million in Financing for Beverly Hills Country Club
LOS ANGELES, CA – Bradford Allen has partnered with Security Benefit Life Insurance Company to provide $30.0 million in financing for the acquisition and renovation of the Beverly Hills Country Club, a bath and tennis facility located in the Cheviot Hills’ neighborhood of West Los Angeles. The club was purchased by a joint-venture between Meriwether Companies of Boulder, Colorado, and Singerman Real Estate, a Chicago-based investment fund.
The Club is situated on 3.91 acres and is improved with a 34,885 sq. ft. clubhouse, 10 lit tennis courts and an outdoor swimming pool. Ownership plans a series of renovations, which will dramatically improve the exterior appearance, interior, and amenities.
“We provided the sponsors with a complete financing solution and the certainty of execution they needed to acquire the property,” said Joseph Wittrock of the Security Benefit Investment team. “We are excited to see the renovation come together and believe the resulting product will be very special for the members of the Club.”
The financing was originated by Chuck Hoag of Chicago-based Bradford Allen Capital, which has a correspondent lending relationship with Security Benefit.
“Financing for these kinds of assets, similar to golf clubs and marinas can be very challenging. In this case, we had the benefit of Meriwether’s development experience and Singerman’s financial strength combined with an irreplaceable location.” Hoag said. “Our partners at Security Benefit quickly saw the potential in the deal and made a decision to partner with the sponsors and move to close. We had a tight deadline, but we got it done thanks to a total team effort by the lender and sponsors.”
About Bradford Allen Capital
Bradford Allen Capital originates and services permanent, bridge and construction financing in the form of senior-secured commercial debt, mezzanine debt and preferred equity for commercial properties nationwide. The firm is part of Bradford Allen Realty Services, a Chicago-based, national commercial real estate company that provides a full array of brokerage services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate.
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
- A Look at How DTZ and Cushman & Wakefield’s U.S. Market Coverage Stacks Up – Backed by global investment giant TPG Capital, DTZ’s plan to buy Cushman & Wakefield for a reported $2 billion is the latest and by far largest in a series of high-level moves ushering in major changes across the U.S. commercial real estate services landscape... CoStar
- Adding on to the Willis Tower? – Chicago’s tallest building could get wider, too, now that Blackstone Group has finalized its $1.3 billion acquisition of 110-story Willis Tower today. After closing on its anticipated purchase this afternoon, the New York-based private equity firm is drawing up plans for dramatic changes to the 42-year-old tower… Crain’s Chicago
- An L.A. idea that smart Chicago landlords may soon steal – Developer Rick Caruso has a new plan for your workday: let your office building do your laundry, shop for groceries, pick up dinner and deliver it all to you by 5 p.m. “After a long day at the office, you want us to pack a couple of steaks and a bottle of wine in your car?… Crain’s Chicago
- South Street Expands Acquisition Scope – South Street Capital, a Chicago based, privately controlled real estate investment firm, has decided to expand the scope of its acquisition strategy into several Midwest states and core areas on the West Coast… Globe St.
- The $5 billion question: Will WeWork survive the next downturn? – In November, news broke that the shared-office provider WeWork raised $150 million in February 2014 from a number of high-profile investors, including Boston Properties’ Mort Zuckerman. The deal valued WeWork at $1.5 billion and catapulted it into the limelight. It was suddenly a “unicorn,” Silicon Valley-speak for a company that races to a $1 billion-plus valuation based on fundraising… The Real Deal
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
- 222 N LaSalle Signs Another Tech Firm – The owners of 222 N. LaSalle in downtown Chicago have launched an effort to make the 26-story tower into a destination for technology, advertising, media and information companies. And they recently scored another success by signing online personal lending company Avant Credit to a long-term lease for about 78,794 square feet... Globe St.
- Is Chicago’s Next Big Neighborhood… The Loop? – During the build up to this year’s mayoral and aldmeranic elections, Chicago’s downtown was often depicted as the gluttonous beneficiary of preferential investment at the expense Chicago’s spurned neighborhoods… ChicagoNow
- Rejecting the Cubicle for an Expanse of Space – In the era of the coffee-shop office, where a bit of countertop can be enough room from which to run a business, some tenants in New York are clamoring for a very different kind of workplace: one that spans a cavernous 100,000 square feet or more… New York Times
- Rents rising for Chicago’s premier high-rise offices – Rents are on the rise in Chicago’s premier office buildings, according to a new report from JLL, a commercial real estate firm. Gross asking rents at Chicago’s 65 so-called skyline buildings rose 99 cents to $37.93 per square foot last year. In 2013, rents rose 47 cents to $36.94… Chicago Tribune
- Why tech loves quirky, old buildings – As giants like Facebook and Google build shiny new cities in Silicon Valley, other technology companies are doing just the opposite to the national office landscape. They are revitalizing and transforming older buildings and breathing new life into a market that had been on life support… CNBC
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
- Developer promises unique workplace on ex-Motorola campus in Libertyville – Aside from the new sign, there isn’t much evidence of activity at the vast, empty space that once housed Motorola Mobility on Route 45 south of Winchester Road in Libertyville... Daily Herald
- In Real Estate, Branded Content Is News – Big-name real estate services firms are joining the rush of businesses into new types of marketing that blur the lines between journalism and branding. With a splashy party last week at O’mar’s La Ranita, residential powerhouse Douglas Elliman relaunched Elliman as a lifestyle magazine… Wall Street Journal
- Online savvy helps commercial real estate professionals do better business offline – Despite what many in our field might think, commercial real estate isn’t just about sales; it’s about building relationships. As our industry expands and the tools available to us evolve, so too must our approach to business… RE Journals
- Plenty of rivals are following WeWork into co-working competition – Co-working company WeWork’s decision to open a 105,000-square-foot space in River North may throw a scare into a niche once characterized by local players while affirming that the little guys were on to something big all along… Crain’s Chicago
- Willis Tower buyer Blackstone pounces on former Apparel Center – Blackstone Group is close to taking over Chicago’s tallest building, but the private-equity giant isn’t stopping there. New York-based Blackstone has agreed to pay about $390 million for the former Apparel Center, now called River North Point, according to people familiar with the transaction… Crain’s Chicago
Bradford Allen Adds Two New Properties to Suburban Leasing Portfolio
CHICAGO, IL – Jeffrey Bernstein, Principal and Co-Founder at Bradford Allen is pleased to announce that the firm has been hired as the exclusive leasing agent for two additional office properties in suburban Chicago. The firm was selected by ownership to lease 800 Enterprise Drive in Oak Brook, Illinois and 17W220 22nd Street in Oakbrook Terrace, Illinois.
“We are excited to announce the expansion of our suburban office portfolio with these two well-positioned, high-quality properties in the East-West Corridor,” said Bradford Allen’s Principal and Co-Founder Jeffrey Bernstein. “We combine aggressive leasing and marketing efforts with in-depth market knowledge to ensure our team’s ability to improve the value of our clients’ assets. We are confident these new properties will garner just such success.”
Bradford Allen Director, Ryan Moen, will lease both properties. The first, located at 800 Enterprise Drive, is a 55,729 square foot office building offering floor-to-ceiling windows, move-in ready suites and covered parking. The building offers convenient access to I-88, I-294, I-355 and is a short drive to the Metra Highlands Station. Available suites range from 1,494 square feet up to 5,753 square feet.
Moen will also lease 17W220 22nd Street (Oakbrook Terrace Atrium) on behalf of ownership. The 56,414 square foot office property features a three-story atrium, exterior balconies as well as covered parking. It is conveniently located on 22nd Street with proximity to Oak Brook Center mall, I-88 and Route 83 (Kingery Highway). Available suites range from 1,398 square feet up to 10,829 square feet.
About Bradford Allen Realty Services
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate.
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
- Barriers to Entry Limiting Downtown Construction – For the last 20 years, the barriers to entry to build Downtown office were not very high. That’s all changing, one reason we’re excited to present Bisnow’s A New Downtown: Leasing, Development and Investment event May 14, starting at 7am at theMart... Bisnow
- Chicago landmarks commission approves Fulton-Randolph landmark district – A city panel today signed off on a proposed landmark district in the Fulton-Randolph area of the West Loop, a proposal that has drawn strong opposition from many property owners in the neighborhood. The measure would restrict the demolition or alteration of buildings in the proposed district, which would cover 74 acres stretching roughly from the… Crain’s Chicago
- Cushman & Wakefield sold to Chicago-based DTZ parent, TPG Capital – The Midwest commercial real estate market continues to heat up. Office product, in particular, is performing well. And while prices are up in markets across the country, investors are increasingly targeting the Midwest as a source of great value and quality opportunities. At a time when big coastal markets have seen prices recover up to (and in some cases above) pre-recessionary highs… Crain’s Chicago
- Hinshaw & Culbertson plans move to new Loop tower by John Buck – Law firm Hinshaw & Culbertson is close to a deal to move to a 36-story Loop office building planned by Chicago developer John Buck, a key step that could launch the third new office tower in the city since the recession. Chicago-based Hinshaw is in advanced talks to lease about 100,000 square feet in the proposed tower at 151 N. Franklin St., according to people familiar with the deal… Crain’s Chicago
- How to Play the CRE Consolidation Game – As someone who has been active in the mergers and acquisitions world within the commercial real estate industry for the last two decades, I’ve observed the numerous transformations and adjustments commercial real estate has undergone—some of the changes have been good, some bad, but each has had a lasting impact in varying degrees… NREI
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
- CMBS Late-Pays Tick Down – The delinquency rate for CMBS has been caught in a tug of war between old and new deals. However, Trepp LLC says the late-pay rate saw a decline of one basis point in April after holding steady in March. “The delinquency rate has been bumping along for the last few months, as two competing forces keep it fairly level,” says Joe McBride, research associate at New York City-based Trepp... Globe St.
- Instagram’s Role in Commercial Real Estate – Instagram, which has become the preferred social-media tool for many New York residential real-estate brokers, is beginning to show up more in the commercial real-estate brokerage business as well. Commercial firms and brokers remain much heavier users of Twitter and LinkedIn for such things as leads, contacts and recruiting… Wall Street Journal
- Investors targeting office properties in Chicago, Columbus, Detroit and other Midwest markets – The Midwest commercial real estate market continues to heat up. Office product, in particular, is performing well. And while prices are up in markets across the country, investors are increasingly targeting the Midwest as a source of great value and quality opportunities. At a time when big coastal markets have seen prices recover up to (and in some cases above) pre-recessionary highs… RE Journals
- Schaumburg planning to redevelop much of Motorola site – As Motorola Solutions prepares to downsize its longtime corporate campus in Schaumburg without disappearing from the suburb altogether, village officials are making plans for the land the tech company will leave behind. Schaumburg’s planning, building and development committee… Daily Herald
- US drives Y-O-Y Sale Gains – Fueled partly by a record quarterly high in cross-border investment, US commercial property sales volume was up 49% year over year for the first quarter, Real Capital Analytics said Thursday. The $114.4 billion in domestic sales accounted for more than half the Q1 global total of $207.8 billion… Globe St.
Bradford Allen Completes Six New Leases for Farbman Group at Soon to Be Renovated Naperville Property
CHICAGO, IL – Jeffrey Bernstein, Principal and Co-Founder at Bradford Allen is pleased to announce that the firm has completed six new leases, totaling 25,565 square feet, at 280 Shuman Boulevard in Naperville, Illinois, increasing the occupancy by 37%.
280 Shuman Boulevard is a 69,077 square foot, two-story office property featuring an atrium lobby with a fireplace, a conference room and tenant lounge area. The building offers immediate access to I-88 and I-355 and easy access to public transportation as well as numerous area dining options. Built in 1979, the property is currently undergoing several major renovations to create more collaborative public spaces and an urban ambience to enhance the tenant experience. Renovations include modernizing the atrium areas by including Wi-Fi access, a new urban lounge and a dramatic light-filled atrium with bench and contemporary seating.
“We are excited about these recent deals at 280 Shuman, which were completed on behalf of the property owner, Farbman Group,” said Bernstein. “Our success in leasing the property stems from the major improvements being made by ownership, the building’s advantageous location as well as our continued dedication to tenant satisfaction.”
Ryan Moen, Director at Bradford Allen and the exclusive agent for the building, completed the six new leases totaling 25,565 square feet. The transactions completed at 280 Shuman Boulevard include 12,599 square feet for Rex Worldwide, represented by Troy Golden with SC Group; 3,431 square feet for Rightsize, self-represented; 3,388 square feet for Symmetry, represented by Chip Haines with RE/Max of Naperville; 2,859 square feet for SQS USA, represented by Steve Rasiramos with Bespoke Commercial; 2,087 square feet for AKT Peerless and 1,201 square feet for ML International, both self-represented.
“The Farbman Group is making significant capital improvements to 280 Shuman,” said Moen. “In today’s competitive marketplace, tenants seek a fresh new look and it’s important to have a product that addresses the changes in tenants’ preferences. The Farbman Group’s recognition of that fact will significantly improve the value of this property and the modifications have been well received by the marketplace.”
The renovations to the property are currently underway and are set for completion in May of 2015. The remaining 24,256 square feet is immediately available for lease.
About Bradford Allen Realty Services
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate.
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
- Companies Trade Suburbs for City Life – Earlier this month, online travel agency Expedia Inc. said it plans to relocate its headquarters from a Seattle suburb that it has called home for nearly 20 years to the city’s downtown. That announcement was the latest in a string of high-profile companies making moves from the suburbs back to the city... Wall Street Journal
- In Real Estate Tech Firms, Europe Plays Catchup With U.S. – Startups in Europe’s real-estate market that offer virtual-reality tours, online leasing marketplaces and other technology services are catching investors’ eyes, but they will have to outmuscle more established, better-funded U.S. companies to succeed. London-based Virtual Walkthrough offers real-estate agents and developers digital visits of properties for sale or rent. The company secured its first £800,000 ($1.2 million) of funding in January 2014, said co-founder James Morris-Manuel… Wall Street Journal
- Measuring Up: The Long and Short of IPMS for Office Buildings – So, just how big is your building? Did you know that your property could shrink or grow in size simply depending on where it is located? Historically, commercial property has been measured differently throughout the world. According to research by global property giant JLL, depending on the measurement standard used, the area quoted in different markets for an equivalent building could vary by as much as 24 percent… NREI
- Preservationists, building owners debate Fulton Market historic district – Preservation groups voiced support Thursday for a city proposal to create a historic landmark district in the booming Fulton Market area, Chicago’s surviving wholesale food market. But many business and property owners oppose the designation because of the restrictions it would place on their ability to develop buildings… Chicago Tribune
- WeWork bringing its model of larger coworking spaces to Chicago – The total membership of WeWork would fill many a Chicago suburb. The New York-based coworking company, a startup that boasts 25,000 members worldwide, has elbowed its way into an already busy Chicago market, planning to open a space in River North at 111 W. Illinois St. on Friday. Later this year, the company will open six floors of space in the West Loop at 210 N. Green St., further evidence of a coworking movement that’s tapping into the needs of larger and more diverse organizations, industry experts said… Chicago Tribune
Bradford Allen Completes Lease Renewal and Restructure for Ex Libris in Des Plaines
CHICAGO, IL – Bradford Allen Realty Services is pleased to announce that the firm’s Senior Managing Directors Ben Azulay and Joel Berger have completed a lease renewal and restructure for 18,222 square feet on behalf of Ex Libris Group at 1350 E. Touhy Avenue in Des Plaines, Illinois.
1350 E. Touhy Avenue is a 244,049 square foot, office building located just north of the Allstate Arena, between I-90 and Mannheim Road. In 2009, the property’s developer, MR Properties LLC, filed for Chapter 11 bankruptcy protection, which set off a legal battle over the property between MR and the building’s owner at the time, Five Mile Capital Partners LLC, a Connecticut-based investment firm. Five Mile foreclosed on the property in December 2012 and in August 2014, 1350 East Touhy LLC purchased the property out of foreclosure. 1350 East Touhy LLC has since infused $3 million toward renovations and capital improvements at the property.
Ex Libris, a provider of library automation solutions, previously occupied space on the second floor of 1350 E. Touhy. As the firm neared the end of its current lease, Bradford Allen’s Azulay and Berger were selected to assist with site selection options and strategy. After reviewing multiple relocation options in the area, Ex Libris opted to stay at 1350 E. Touhy due to the recent renovations in the building. As a result, Azulay and Berger sourced a unique and strategic opportunity for the firm to restructure its current lease terms and relocate to another suite within the same property.
“When Ex Libris approached us, they had over two years remaining on their lease, but were not happy with the inefficiencies and dated finishes within their existing space,” said Azulay. “Knowing our client’s preference to remain at the Des Plaines location, Joel and I were able to restructure the rent for Ex Libris immediately to save them a considerable amount of money and move them into new, upgraded space in the building. It was a win-win for all parties.”
Azulay and Berger represented Ex Libris in the lease negotiations and Fred Ishler of Transwestern represented ownership.
About Bradford Allen Realty Services
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate.
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
- Avison Young acquires Chicago’s Mesa Development – A Chicago developer that built two condo towers at Millennium Park has been acquired by a Canadian firm. Toronto-based Avison Young announced the deal this morning for Mesa Development, founded in 2000 by Richard Hanson. He and James Hanson have joined Avison Young’s downtown office as principals... Crain’s Chicago
- Chicago beats even Silicon Valley in tech-job growth – Chicago was one of the fastest-growing cities for tech jobs coming out of the recession. The number of tech jobs in the city rose 25.8 percent between 2010 and 2013, according to a report on the nation’s top tech markets by commercial real estate firm CBRE… Crain’s Chicago
- CMBS lending to Chicago-area landlords drops after strong 2014 – After showering local landlords with $2.5 billion in debt last year, Wall Street lenders are off to a slow start here in 2015. Lenders that package real estate loans into commercial mortgage-backed securities (CMBS) originated and sold off $2.5 billion in loans on Chicago-area properties in 2015… Crain’s Chicago
- Cushman & Wakefield buying McKinney brokerage – J.F. McKinney & Associates, a Chicago real estate brokerage that handles leasing at office buildings including the John Hancock Center and the Merchandise Mart, is being acquired by industry behemoth Cushman & Wakefield. The deal is expected to be completed by April 30, according to New York-based Cushman & Wakefield. Terms of the deal were not disclosed… Crain’s Chicago
- Investors Turn to Big Real Estate Funds – Investors are pouring more money into real-estate funds than they have since the property bust, but a few giant fund firms are collecting the lion’s share of the spoils. Pension funds, endowments and other big institutional investors are putting more cash into private-equity firms with large real-estate funds and strong track records, leaving smaller firms to fight over the scraps… Wall Street Journal
Bradford Allen Welcomes Dan O’Neill as Managing Director of Investment Sales
CHICAGO, IL – Jeffrey Bernstein and Laurence Elbaum, principals and co-founders of Bradford Allen are pleased to announce that Dan O’Neill has joined the firm as Managing Director of Investment Sales.
“Dan brings over 25 years of investment sales experience to Bradford Allen,” said Elbaum. “He has a strong track record of achievement, understands the industry and will undoubtedly be an asset to our team.”
In his new role with Bradford Allen, O’Neill will concentrate on growing the investment sales platform in the Chicagoland Suburbs. His focus will be on the representation of Institutional and Entrepreneurial Owners of office, industrial and retail property. Prior to joining Bradford Allen, O’Neill was employed as Senior Vice President of Investment Sales with Cawley Chicago Real Estate. Throughout his career, O’Neill has been responsible for successfully negotiating over 400 lease agreements and sales contracts.
O’Neill is a graduate of the University of Iowa, where he received his Bachelor of Arts in Political Sciences and Economics.
About Bradford Allen Realty Services
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate.
Bradford Allen Represents Seller in 43,516 SF Sale of Flex/Industrial Property in Downers Grove
CHICAGO, IL – Bradford Allen is pleased to announce that Directors Ryan Moen and John Millner have completed the sale of a 43,516 square foot flex/industrial building at 5201-5241 Thatcher Road in Downers Grove, Illinois.
Moen and Millner represented the seller, Heartland Bank and Trust Company, in the transaction. 5201-5241 Thatcher Road is a 43,516 square foot multi-tenant, flex/industrial building. The property is ideally located within minutes of downtown Downers Grove, Lisle and Yorktown Shopping Center, offering an abundance of upscale shopping and dining destinations. It offers immediate access to Interstate I-355 and I-88 and is located within minutes from the Belmont Metra stop. Built in 1978, the 11-unit facility features suites with drive-in doors and/or docks, heavy power and ample on-site parking.
“This multi-tenant, flex property was a rare offering in the West Suburbs industrial market,” said Moen. “It presented an outstanding ‘value add’ opportunity that garnered a lot of investor interest, and we are pleased to have assisted Heartland Bank and Trust in this transaction.”
The buyer of 5201-5241 Thatcher Road is Midwest Industrial Funds, a Chicago-based, vertically integrated industrial real estate, development and asset management company. Midwest Industrial has been extremely active in the market acquiring several other industrial properties in metro Chicagoland in the last 12 months. The property is currently 32% occupied.
About Bradford Allen Realty Services
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate.
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
- Law Firms Looking to Downsize – The business model for most law firms is changing dramatically, and according to a new report from Colliers International, over the next few years many will seek to right-size their real estate portfolios. Except at the very top tier law firms.. Globe St.
- Mizachi, Werner sell land beneath West Loop office building – After bids fell short of their target sale price, owners of a big West Loop office tower are trying a new approach: splitting it in two. A venture of Florida-based investor Joseph Mizrachi and New York-based David Werner sold the land beneath 300 S. Riverside Plaza for $220 million. Now they’ll try again to sell the nearly 1.1 million-square-foot office building on it… Crain’s Chicago
- Morton Salt plans new West Loop HQ at River Point – Morton Salt’s headquarters and a satellite office for Allstate are ticketed for a West Loop development along the Chicago River, continuing a run of deals for the two office towers under construction downtown… Crain’s Chicago
- Optimus moving HQ to a (very) high-profile address – Optimus President Tom Duff said today that his post production company, one of the largest in Chicago, will in late fall of this year move from its longtime home at 161 E. Grand Ave. in the city’s Streeterville neighborhood to the iconic Wrigley Building at 410 N. Michigan Ave… Chicago Business Journal
- Suburban Chicago office vacancy falls, JLL reports – Vacancy in suburban Chicago office buildings fell to its lowest level in more than seven years during the first quarter, providing another positive sign for landlords battered during the recession… Crain’s Chicago
First Quarter 2015 Chicago Downtown Office Market Report
Downtown Market Experiences a Slight Uptick in Vacancy; Still an Overall Positive Tone
Chicago’s downtown office market saw the vacancy rate increase this quarter for the first time since 2013. The slight increase from 13.1% in Q4 2014 to 13.3% was attributable to the BMO Harris relocation/contraction and downsizing of showroom tenants at 311 W. Monroe and the Merchandise Mart, respectively. Please note however the vacancy rate of 13.3% is well below the 14.0% in Q1 2014.
Alexander Joins Bradford Allen As Managing Director
CHICAGO, IL – Jeffrey Bernstein and Laurence Elbaum, principals and co-founders of Bradford Allen are pleased to announce that Matthew Alexander has joined the firm as Managing Director.
Joining Bradford Allen from DTZ, Mr. Alexander brings over 20 years of transactional experience in commercial real estate to his role. Matt has joined the firm’s tenant representation practice and will focus on expanding his portfolio of clients on a local, regional and national basis.
“Matt’s tenant representation background in national real estate along with his in-depth knowledge and expertise of Chicagoland are invaluable to his clients,” said Elbaum. “He understands the nuances of our industry and will be an important addition to the Bradford Allen team.”
Alexander did his undergraduate studies at the University of Illinois at Chicago. He is an active member of CoreNet Global and is a licensed real estate broker in the state of Illinois. He currently resides in Chicago, Illinois.
About Bradford Allen Realty Services
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate.
Bradford Allen Represents Buyer at 1910 S. Highland Avenue in Lombard
CHICAGO, IL – Bradford Allen is pleased to announce that Director Ryan Moen has completed the 52,564 square foot building sale of 1910 S. Highland Avenue in Lombard, Illinois. Moen represented the property buyer in the transaction and Bradford Allen was also selected as the exclusive leasing agent and property manager for the property.
Built in 1988, 1910 S. Highland Avenue is a Class B, 52,564 square foot office building. The three-story property is ideally located within minutes of an abundance of upscale shopping and dining destinations at Yorktown Shopping Center and along Butterfield Road. Bradford Allen’s Moen assisted the undisclosed buyer with its site selection analysis, ultimately securing the property on Highland Avenue due to its location, the physical attributes of the building as well as the various size suites it offers. The property is currently 39.7% occupied.
This is the second property that Bradford Allen will lease for the buyer. Bradford Allen previously leased a 40,860 square foot office building, also in Lombard, for the firm.
“The buyer chose to work with us again due to our past success and our familiarity with the Lombard market,” said Moen. “We have successfully leased another Lombard property to 100% for the firm and we currently lease 1920 S. Highland Avenue, the adjacent property to 1910. Our experience in the market combined with our aggressive leasing and marketing efforts, ensures our team’s ability to produce significant results.”
Moen represented the buyer in the sale and Bill Novelli and Derek Fohl of CBRE represented the seller, RBS Citizens Bank.
About Bradford Allen Realty Services
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate.
Bradford Allen Completes Two Leases Totaling 96,000 SF For UBS
CHICAGO, IL – Bradford Allen Realty Services is pleased to announce the firm’s Principal and Co-President Jeff Bernstein, Directors, Ryan Moen and Allison Reynolds, have completed two leases totaling 96,000 square feet at 4245 Meridian Parkway in Aurora, Illinois.
4245 Meridian Parkway is a two-story, 140,383-square-foot Class A office building built in 2000 for Hartford Fire Insurance Company (NYSE: HIG). The property is owned by an investor account advised by the real estate division of UBS Global Asset Management. Bradford Allen was initially hired by UBS in 2011 to procure a tenant to lease a 22,000-square-foot space, vacated by Hartford. The firm successfully secured a lease with Styrolution America, LLC within eight months, returning the building to full occupancy. As a result, Bradford Allen was engaged to assist UBS in negotiations when Hartford notified ownership of its intent to consolidate. Prior to the restacking of the building, Hartford was under lease for 118,000 SF, of which a portion of the second floor space was subleased to Sedgwick Claims Management Services, Inc., who acquired the Specialty Risk Services division from Hartford in December 2010 and continued to operate in the building. Further complicating matters, the building systems and utility configuration was built and designed for a single tenant.
“The unique circumstances presented by Hartford’s consolidation and Sedgwick’s preference for space more suitable for their company operations provided us with an opportunity to creatively structure a solution for all of the parties involved.” said Bernstein.
Moen added “We negotiated Hartford’s consolidation to the entire second floor, while simultaneously working with Sedgwick to relieve them of their sublease and enter into a direct new lease with the Landlord to relocate to the first floor. The building’s systems were also redesigned to accommodate multi-tenant operations moving forward. The result was both companies securing long-term leases and modifying the systems to operate like a typical multi-tenant building in the marketplace.”
Bernstein, Moen and Reynolds negotiated a 71,000-square-foot lease renewal of the second floor for Hartford and concurrently secured a 25,000-square-foot space with Sedgwick on the first floor, simultaneously filling more than half of the vacancy that was created by Hartford’s consolidation. Andrea Van Gelder of JLL represented Hartford Fire Insurance Company and Mark Konieczka of CBRE represented Sedgwick Claims Management Services.
The Class A property, centrally located within the Meridian Business Park and located minutes from Route 59 and I-88, has 22,000 square feet remaining available for lease. The facility also offers bus service to the commuter train, high parking ratios and is within close proximity to several retail and restaurant options. The Meridian Business Park is home to many well-known companies including Nissan, Optimum Nutrition, JVC and Cabot Microelectronics to name a few.
About Bradford Allen Realty Services
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate.
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
- Blackstone to Buy Willis for $1.3 Billion – Blackstone Group LP has agreed to buy the iconic Willis Tower for $1.3 billion, the most ever paid for a US office building outside of Manhattan, the Wall Street Journal reported last night. The sellers, New York-basedJoseph Chetrit and Joseph Moinian and Skokie, IL-based American Landmark Properties paid $841 million for the building… Globe St.
- Guardian Life files to foreclose on Hoffman Estates office property – The owners of a Hoffman Estates office property have been hit with a $21 million foreclosure suit, an increasingly rare event amid a recovering suburban office market. An affiliate of New York-based Guardian Life Insurance Co. of America sued an affiliate of Stonegate Properties that owns Northwest Corporate Centre, a 12-building complex at 2500 W. Higgins Road. The Stonegate venture failed to pay off a $21 million loan on the property when it came due in March 2014… Crain’s Chicago
- Sam Zell’s latest stab at market timing – Sam Zell gained a reputation for impeccable timing with the $39 billion sale of Equity Office Properties Trust on the eve of the 2007 financial collapse. Eight years after that deal with private-equity firm Blackstone Group, the Chicago real estate billionaire wants to prove he still knows when to head for the exits… Crain’s Chicago
- Updates to the John Hancock could include name change – On the heels of news that the Willis Tower — nee Sears Tower — is changing hands, Sneed hears the Hearn Company — which owns the commercial portion of the John Hancock Center — is proposing changes to the historic structure… Chicago Sun-Times
- River North office building sells for $8.2 million – A group led by Chicago trader and investor Michael Palumbo paid $8.2 million for a fully leased loft office building in River North, betting the neighborhood’s office boom will continue. Ceres Acquisitions, a company led by Palumbo, teamed up with Chicago-based Elmdale Partners in the purchase of 435 N. LaSalle St. a 50,000-square-foot brick office building built in 1906. They acquired the property… Crain’s Chicago
River North Office Redevelopment Leasing Up Quickly
CHICAGO, IL – Jeffrey Bernstein, Principal and Co-President at Bradford Allen is pleased to announce that 363 W. Erie Street in Chicago, Illinois has recently completed five new leases, bringing the office occupancy to approximately 50% within 90 days of the commencement of a major renovation to the building.
363 W. Erie Street is an 115,000 RSF loft office property. Located in the heart of River North, the property is within walking distance to the downtown area, the Merchandise Mart, public transportation, as well as several shops and restaurants. The property offers large floor plates up to 17,000 RSF, not commonly found in River North properties. There are two large contiguous blocks of space remaining in the building; one 23,446 RSF and the other 22,276 RSF.
The five new leases totaling 41,600 RSF, were all completed by Steve Fitzgerald, Managing Director of Bradford Allen and the exclusive agent for the building. The transactions completed at 363 W Erie include Worldwide Express leasing 12,951 RSF, represented by Chris O’Leary and Jeff Lindenmeyer with Avison Young; HighGround, Inc. leasing 10,500 RSF, represented by Ari Klein and James Stein with Cushman and Wakefield; Medical Dermatology Associates of Chicago leasing 6,471 RSF, represented by Larry Cohen with @properties Commercial; NinjaTrader Group leasing 6,471 RSF, represented by Trevor Marticke with Cushman & Wakefield and InquanaMed leasing 5,200 RSF, represented by Victor Sanmiguel and Nicole Weldon with Cushman & Wakefield.
“We are pleased to announce these deals on behalf of Brijus Capital, LLC,” said Bernstein. “Our recent success in leasing the property stems from the major improvements being made by ownership, the building’s advantageous location as well as our continued dedication to tenant satisfaction.”
“The developer, Brijus Capital, LLC, saw the potential in 363 W. Erie and has made significant improvements to enhance the property,” said Fitzgerald. “We were then able to use our position in the market to quickly lease the newly renovated property to 50%, and with our aggressive marketing efforts, we are confident that we will continue to bring quality, long-term tenants to our client.”
The building was substantially vacant prior to the commencement of the renovations. The restorations include a new glass entrance, new lobby, a tenant lounge, bike room, and new high-speed elevators. The building also has 12,000 square feet of newly created retail space that was formerly warehouse space. The retail space is being marketed by RKF Group Illinois LLC.
About Bradford Allen Realty Services
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate.
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
- Blackstone in talks to buy Willis Tower – Willis Tower, Chicago’s tallest building, may soon have an equally big owner: Blackstone Group, the world’s largest private equity real estate owner. New York-based Blackstone has a preliminary agreement to pay almost $1.5 billion for Willis Tower, according to a person familiar with its plans. Blackstone representatives have been visiting the building to perform due diligence on the 110-story icon, and it is looking to buy the West Loop tower for one of its funds… Crain’s Chicago
- Delinquencies on Chicago-area CMBS loans hold below 5 %, according to Trepp – Rising rents and property values are lifting more Chicago-area landlords out of loan trouble, but a day of reckoning awaits some. The delinquency rate on Chicago-area commercial mortgage-backed securities (CMBS) loans dipped to 4.11 percent in December… Crain’s Chicago
- Loop tower sold to White Oak, Angelo Gordon venture by Ares Management – Wabash Avenue, critically located between the tourist attractions on Michigan Avenue and shopping on State Street, is poised to undergo a significant makeover.After more than a year spent collecting input and brainstorming, the Chicago Loop Alliance, the organization that promotes the downtown business district… Crain’s Chicago
- River North Property Reaches 50% Leased – Bradford Allen has just completed five new leases at 363 W. Erie St. in the River North neighborhood, bringing the office building to about 50% occupancy within 90 days of the commencement of a major renovation to the building… Globe St.
- Trunk Club expands in River North, Goose Island – Men’s clothing startup Trunk Club is trying on new real estate in its hometown amid rapid growth that includes plans to add a women’s brand. The Chicago-based company, which sends cardboard trunks of clothes to customers, subleased 17,000 square feet of office space across the street from its River North headquarters and showroom. About 1½ miles north, Trunk Club leased 170,000 square feet of warehouse space on Goose Island… Crain’s Chicago
Bradford Allen Completes Lease Renewal for MedSpeed in Elmhurst
CHICAGO, IL – Bradford Allen Realty Services is pleased to announce that the firm’s Senior Managing Director Ben Azulay has completed a lease consolidation, expansion and renewal for 22,739 square feet on behalf of MedSpeed at 650-655 W. Grand Avenue (Corporate Commerce Center) in Elmhurst, Illinois.
Founded in 1999, MedSpeed is a technology enhanced healthcare transportation solutions provider. The firm has leased space within the Corporate Commerce Center for more than 10 years, and due to the firm’s success has grown to encompass four separate suites throughout the complex. Again with a need for additional space, and to consolidate its employees under one roof, MedSpeed selected Bradford Allen to assist with finding them a solution to the firm’s space needs. As a result, Bradford Allen’s Azulay sourced a unique and strategic opportunity for the firm within the same property.
“After working closely with building ownership, we arranged the relocation of MedSpeed’s corporate operations from three smaller suites throughout Corporate Commerce Center to one larger suite and maintained a smaller suite for their logistic operations.” said Azulay. “We are pleased to have assisted MedSpeed in streamlining its operations under one roof and minimizing the disruption to its operations by remaining in the same complex, while also offering the space needed to accommodate the firm’s growth.”
“We anticipate that MedSpeed’s business and market-reach will continue to expand and are happy to have space to accommodate that growth,” said Jake Crampton, MedSpeed CEO. “Additionally, we wanted to keep our offices and operation in the same area because doing so makes it more convenient for our employees.”
Corporate Commerce Center was built in 1990, and offers a total of 142,095 square feet of flex space. The property is near several expressways, within minutes of O’Hare Airport and offers ample parking. Azulay represented MedSpeed in the lease negotiations and Patrick Lederer of Korman, Lederer & Associates represented Corporate Commerce Center.
About MedSpeed
The transportation of physical materials, such as patient specimens, pharmaceuticals, medical equipment, supplies, mail and print, is often overlooked by health system executives as a major component in meeting key business objectives, such as improving the patient experience, enhancing physician satisfaction, long-term cost savings and seamless integration and scalability post mergers and acquisitions. However, research shows that healthcare transportation has the potential to have significant impact at these high levels. MedSpeed partners exclusively with healthcare organizations to transform transportation from a cost center into a strategic asset that generates returns by integrating the enterprise-wide movement of physical materials. The result is a high-performing, centralized operation that achieves greater operational efficiencies, more effectively utilizes scale, reduces operational expense, eliminates redundancies and capital expenditures, reduces risk and liability and centralizes services.
About Bradford Allen Realty Services
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. For more information please visit our website at www.bradfordallen.com.
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
- Chicago Named “Top Metro” for New and Expanding Companies – Mayor Rahm Emanuel today announced that for the second year in a row, Chicago was named the “Top Metro” in the nation* for corporate investment by Site Selection magazine, considered the “industry scoreboard for corporate investment and relocation professionals… World Business Chicago
- Chicago’s Willis Tower is on the market – and could fetch $1.5 billion – A potential sale is in the works for Chicago’s tallest building, a deal that could fetch almost $1.5 billion and shatter the city’s price record amid soaring property values downtown. The owners of the Willis Tower have hired Eastdil Secured to seek a sale, according to an offering book already given to potential buyers… Crain’s Chicago
- Group lays out its plan to spiff up Chicago’s Wabash Avenue – Wabash Avenue, critically located between the tourist attractions on Michigan Avenue and shopping on State Street, is poised to undergo a significant makeover.After more than a year spent collecting input and brainstorming, the Chicago Loop Alliance, the organization that promotes the downtown business district… Chicago Tribune
- Mead Johnson moving headquarters to downtown Chicago – Baby formula company Mead Johnson Nutrition is moving its headquarters to downtown Chicago from north suburban Glenview. Mead Johnson will bring 200 workers to River Point, a 52-story office tower under construction in the West Loop, the company and Mayor Rahm Emanuel announced today. Crain’s reported earlier today that Mead Johnson planned to move to the tower at 444 W. Lake St. along the Chicago River… Crain’s Chicago
- The Case Against Open Offices – I love the constant frenzy of activity at 1871’s front door. There are more than a thousand people a day regularly passing through it. There are visitors stopping by for a press conference or to attend a class, lecture, or luncheon… Chicago Tribune
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
- A Chicago Masterpiece Rediscovered – Even though downtown Chicago has a worldwide reputation for great architecture, many of its treasures suffer from neglect and disinvestment. But an increasing number of businesses believe that occupying historically-significant space can bring a type of prestige that modern office buildings… Globe St.
- As Office Space Shrinks, So Does Privacy for Workers – Dafna Sarnoff worked her way up to vice president at American Express and what she remembers as “a desirable office.” Later she was hired by a financial services company — bigger salary, bigger office. Then, in 2012, she was recruited by Yodle, a smaller, newer company that sells online marketing tools for small businesses…. New York Times
- Cushman & Wakefield Going Up for Sale – The Italian family that controls Cushman & Wakefield Inc., one of the world’s largest real-estate services firms, is putting the company up for sale as rising property prices push up the value of rivals, according to people familiar with the matter… Wall Street Journal
- More New Jobs Are in City Centers, While Employment Growth Shrinks in the Suburbs – For decades, most Americans working in metropolitan areas have gone to work outside city centers – in suburban office parks, stores or plants, not downtown skyscrapers. But as people increasingly choose to live in cities instead of outside them, employers are following…. New York Times
- The Smart Way to Create a Transparent Workplace – Transparency. The concept is as simple as it is alluring. By making sure employees conduct their work in plain view—visible in open offices, monitored with sensing technology and tracked through digital activity—companies hope to increase accountability, collaboration, knowledge sharing and innovation… Wall Street Journal
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
- Dolce Living Communities buys vintage Loop office building from Hamilton Partners – A Florida residential developer bought a 115-year-old LaSalle Street office building, likely signaling another change in a nook of the Loop where several vintage office properties are being reincarnated… Crain’s Chicago
- Gogo to expand at Sterling Bay building in West Loop – Gogo is adding more jobs at its new West Loop headquarters. In 2013, the inflight wireless provider decided to move its corporate offices from Itasca to 111 N. Canal St., where it would employ 500 people and occupy 232,000 square feet… Crain’s Chicago
- How does branding work in real estate? – Is branding important to real estate? Most of us give it lip service but think that it is dwarfed in importance by the deal terms around a real estate transaction – T.I. dollars, lease terms, CTL financing and cap rates. The prevailing opinion in our industry (which I’ve heard verbatim numerous time) runs along these lines… RE Journals
- Suburban co-working movement building slowly in Geneva, Naperville – A handful of co-working centers are establishing themselves in the suburbs, but the idea of a place where independent professionals come together, share space and form a community is a tough sell among suburbanites… Daily Herald
- West Loop office tower in Chicago for sale – The Congress Center is going up for sale about 2½ years after injection of fresh cash pulled the West Loop office tower out of distress. A venture of New York-based Northwood Investors hired the Chicago office of HFF to broker a sale of the 16-story office tower at 525 W. Van Buren… Crain’s Chicago
J.H. Heck Joins Bradford Allen as Director in Chicago
CHICAGO, IL – Jeffrey A. Bernstein and Laurence B. Elbaum, principals and co-founders of Bradford Allen are pleased to announce that J.H. Heck has joined the firm as Director. Heck will provide tenant and landlord representation in the Chicagoland area.
Heck has 17 years of sales experience with 10 years being in the real estate and finance industries. Previously, he served as the local executive responsible for leasing, construction and property management at Aura Real Estate and Management in Chicago. Heck was responsible for origination and negotiation of all new and renewal lease agreements, tenant improvement analysis and construction projects at 330 S. Wells and 401 S. LaSalle in Chicago. Most notably, he achieved and maintained an occupancy level of 96% at 401 S. LaSalle with a marked increase in the property’s rent roll.
“J.H. is a results-oriented professional with a long and successful track record”, said Elbaum. “His ability to cultivate and secure new business, as well as, his experience in property management and financing will make him an asset to our growing team”.
In his new role with Bradford Allen, Heck will be responsible for assisting local and national clients with real estate analysis and decisions by aligning their organizational goals with sound market strategy. Prior to his experience in commercial real estate, Heck spent a number of years with Americor Financial Services in Michigan. He is a licensed real estate broker in the state of Illinois and holds a Bachelor’s in Business Administration from Northwood University in Midland, Michigan.
About Bradford Allen Realty Services
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. For more information please visit our website at www.bradfordallen.com.
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
- Fresh Thyme grocery chain to move to Downers Grove, open Elston store – An organic grocer that plans an ambitious expansion across the Midwest has inked deals for two more Chicago-area stores as it prepares to move its headquarters to Downers Grove from Phoenix. Fresh Thyme Farmers Market signed a 15-year lease for its first store in the city, at 2500 N. Elston Ave… Crain’s Chicago
- Illinois tops LEED rankings from USGBC – Illinois led the nation in building space certified as environmentally friendly for the second straight year, according to a report. The U.S. Green Building Council’s report yesterday named the top 10 states for buildings certified as “LEED,” which stands for Leadership in Energy & Environmental Design… Crain’s Chicago
- John Buck lands Freeborn & Peters for new Loop office tower – A third new office tower could soon rise in downtown Chicago, with law firm Freeborn & Peters agreeing to move into a 36-story project developer John Buck plans in the Loop. Freeborn & Peters has signed a letter of intent for offices in an 800,000-square-foot tower at 151 N. Franklin St… Crain’s Chicago
- Sterling Bay Gets $220M Refi for 1KFulton – Mesa West Capital has provided Sterling Bay with $220 million to refinance its 1KFulton project in the West Loop. The Chicago-based developer bought the former Fulton Market Cold Storage warehouse in 2012 and renovated it into a 535,000-square-foot office building thatGoogle will soon use as its new regional headquarters… Globe St.
- Suburban Chicago office building sales jump in 2014 – Sales of suburban office buildings surged to $1 billion last year, the highest volume since the crash. Suburban office sales rose almost 20 percent from about $865 million in 2013, the third straight year of rising sales but still only about half the 2007 peak of $2.09 billion… Crain’s Chicago
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
- 2015 Healthcare Outlook – The market for medical office real estate (MOB) has changed dramatically during the last few years. Once a fringe product type, MOB is inching towards the spotlight as a main-stream real estate investment. The space, once dominated by a handful of healthcare REIT’s, has expanded… RE Journals
- Chicago’s Civic Opera Building for sale, could fetch $210 million – A venture of Nanuet, N.Y.-based Berkley Properties has hired the Chicago office of HFF to find a buyer for the 44-story, 915,164-square-foot tower at 20 N. Wacker Drive. People familiar with the building estimate it could sell for more than $210 million, or more than $230 per square foot… Crain’s Chicago
- The Rise of the 18-Hour City – One of the biggest findings of the 2014 PWC Real Estate Investor Survey has been the rise of “18-hour” cities, or second-tier cities, as opposed to the 24-hour gateways. NREI spoke with Mitchell Roschelle, the U.S. national practice leader for PwC’s real estate advisory practice and the publisher of the survey, about the implications of this trend… NREI
- Union Station Rehab Project To Get $12 Million from Amtrak – Amtrak will contribute $12 million for major renovations at Union Station, the city announced Thursday morning. The contribution is the first step in the Chicago Department of Transportation’s ambitious Union Station Master Plan, which calls for roughly $500 million to completely overhaul the 90-year-old station at South Riverside Plaza and has been in development for more than three years. Union Station’s last major renovation was in 1989… DNA Info
- With debt woes over, Loop office tower selling for $65 million – After surviving the real estate crash and a legal skirmish with a lender, the owners of a 1960s Loop office tower are poised to cash in with a nearly $65 million sale. A venture of Chicago-based real estate investors Fulcrum Asset Advisors and Diversified Real Estate, whose founders include restaurateur Larry Levy, have an agreement to sell the 24-story tower at 33 N. Dearborn St. for almost $65 million, according to people familiar with the deal… Crain’s Chicago
Bradford Allen Adds Four New Chicago Properties To Leasing Portfolio
CHICAGO, IL – Bradford Allen is pleased to announce the firm has been hired as the exclusive leasing agent for four additional properties in Chicago, expanding the portfolio of their growing downtown agency practice. The buildings added to the portfolio include 1 East Erie Street; 120 West Madison Street; 520 West Erie Street; and 405 West Superior Street.
“We are excited to expand our downtown portfolio with these four well-positioned properties,” said Bradford Allen’s Principal and Co-Founder Jeffrey A. Bernstein. “With our aggressive leasing and marketing efforts, we have proven our ability to produce significant results for our clients whether in the city or suburbs.”
- 1 East Erie – Bradford Allen was selected by the owner, Winthrop Realty Trust, to lease the Class B property in River North. The 126,266 square foot property features a soaring sky-lit atrium, a fitness center, high ceilings as well as an abundance of natural light throughout. The property is centrally located with access to a plethora of shops, restaurants and public transportation. Available suites range from 1,703 square feet up to 11,553 square feet. Managing Director Steve Fitzgerald, and Associate Max Malec, will be leasing the property.
- 120 West Madison – The firm has been hired to lease this property by the owner, 120 Building LLC. The 111,323 square foot Central Loop building offers a newly renovated lobby and elevators, brand new spec suites and a building conference center. Managing Director Andrew DeMoss, and Associate Reisha Vanterpool, will be leasing the property with available suites ranging from 400 square feet to 7,157 square feet.
- 520 West Erie – Gamla Cedron hired the firm to lease the 40,300 square foot brick and timber loft building in River North. The property offers high ceilings, large windows and customizable suites. It is located across from a park and offers several shops, restaurants and public transportation options nearby. Available suites range from 1,897 square feet up to 6,900 square feet. Senior Managing Director Craig A. Nadborne, and Associate Cathriona McGuire, will be leasing the property.
- 405 West Superior – Micro Office Solutions, owner of the Class B, River North property, has selected Bradford Allen as the exclusive leasing agent. The 50,400 square foot building offers an efficient floor plate, modern concrete loft as well as garage parking. It is located near public transportation, shops and restaurants. Managing Director Sameena Basit, and Associate Christopher Rucker, will be leasing the property with available suites ranging up to 14,400 square feet.
About Bradford Allen Realty Services
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate.
Craig Nadborne Inducted to 2014 Midwest Real Estate Commercial Real Estate Hall of Fame
CHICAGO, IL — H. Ross Ford III, President and CEO of TCN Worldwide, joins with Jeffrey A. Bernstein and Laurence Elbaum, Principals and Co-founders of Bradford Allen/TCN Worldwide, to announce that Craig A. Nadborne, Senior Managing Director of Bradford Allen Realty Services/TCN Worldwide, has been inducted into Midwest Real Estate News’ Commercial Real Estate Hall of Fame.
Craig A. Nadborne joined Bradford Allen in 2007, bringing more than 30 years of experience to his leadership role. A seasoned professional, Craig has vast experience assisting clients with relocations, expansions, renegotiations, and dispositions of excess space for a wide variety of not-for-profit clients, as well as entrepreneurial, and mid-size businesses. He is proud to have represented clients such as Ajinomoto Heartland, Inc., MainStreet Advisors, Thresholds, Lambda Legal Defense and Education Fund, and Aids Legal Counsel of Chicago among others. Throughout his career, Craig has successfully closed over 600 transactions valued in excess of $36 million.
Craig has been awarded several distinguished honors throughout his career including Board Member of Chicago House and Social Service Agency, President of the Chicago Business Network and President of Chicago Networking Group.
“We are honored to announce that Craig Nadborne has been inducted into Midwest Real Estate News’ Commercial Real Estate Hall of Fame,” said Ross Ford, president and CEO of TCN Worldwide. “Craig’s commitment to underrepresented organizations and over three decades of success as a real estate professional have set him apart as one of the industry’s most impressive leaders. TCN Worldwide is honored to count him among the most esteemed representatives of our membership. Congratulations, Craig!”
About Bradford Allen Realty Services
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, makes a full range of services and expertise available to entrepreneurial and corporate business entities, and not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate.
About TCN Worldwide
TCN Worldwide, a consortium of independent commercial real estate firms, provides complete integrated real estate solutions locally and internationally. With approximately $38.8 billion in annual transactions and over 80 million square feet of space under management, the organization ranks as one of the largest service providers in the industry. An extensive range of real estate services coupled with a personal commitment to exceed client expectations is what allows TCN Worldwide to be a leader within the commercial real estate industry. Formed in 1989, TCN Worldwide is comprised of over 800 commercial real estate professionals serving more than 200 primary and secondary markets worldwide.
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
- Coworking 2.0: Collaboration meets privacy in the workplace – Last year marked the 50th anniversary of the cubicle, and while few people dispute the impact this workplace wonder has had on office design and culture, most agree that cubicles have come to symbolize the old way of doing business. Today, companies have transitioned to more open floor plans designed to foster creativity and collaboration among employees. In fact, open offices accounted for 70 percent of workplaces in a 2010 survey conducted by the International Management Facility Association… RE Journals
- JLL snares tech-focused broker Cassata from CBRE – Office leasing broker Chris Cassata, who has signed some of the technology sector’s biggest names to leases in Chicago, joined Jones Lang LaSalle after 14 years at rival CBRE. Cassata, 38, who has represented Chicago developer Sterling Bay in leases with tenants including Google and Twitter, will focus on adding new assignments outside the realm of traditional glass-and-steel skyscrapers… Crain’s Chicago
- Millennials Prefer Single-Family Homes in the Suburbs – One of the hottest debates among housing economists these days isn’t the trajectory of home sales, but whether millennials, those born in the 1980s and 1990s, want to remain urbanites or eventually relocate to the suburbs. Some demographers and economists argue that the preference of millennials, also called Generation Y, for city living will remain long lasting. And surveys of these young urban residents have tended to show that they don’t mind small living quarters as long as they have access to mass transit and are close to entertainment… Wall Street Journal
- Should Core Investors Chase Yield Into Slower Growth Markets? – Commercial real estate investors are flocking to secondary and even tertiary markets in search of yield. This is due to a variety of factors, including an overall low yield environment and risk complacency. In addition, similar to the Federal Reserve “crowding” investors out of Treasuries into higher yielding investments, foreign buyers of U.S. commercial real estate are “crowding” domestic investors out of gateway office markets into higher yielding secondary and tertiary markets… NREI
- Top 5 Predictions for Medical Office Real Estate in 2015 – The “retailization” of healthcare will continue to increase this year, according to executives at Revista, an Annapolis, Md.-based research firm that focuses on the medical real estate industry. Revista was founded in 2013 by seniors housing industry veterans Elisa Infante Freeman, Mike Hargrave and Hilda Flower Martin. The company tracks investment sales and construction statistics in the medical office sector, as well as publishing the Top 50 Owners report for the industry. … NREI
Year-End 2014 Chicago Suburban Office Market Report
Suburban Office Market Sees Vacancy and Availability Decrease and a Bifurcation Taking Place
The suburban office market saw multiple statistical improvements to end the year. The overall vacancy rate decreased from 18.9% Mid-Year to 17.5%. Availability also decreased from 24.4% at Mid-Year to 23.2%. Even though a large tenant migration to the CBD occurred earlier in 2014, the suburban office market was able to record 929,540 SF of positive absorption for the year. These statistical improvements have led to a healthier suburban office market.
Fourth Quarter 2014 Chicago Downtown Office Market Report
Chicago Office Market Continues to Heat Up
The Chicago economy continues to show signs of improvement as the unemployment rate in the metropolitan area decreased from 8.7% to 6.3% year over year. This translated into a healthier downtown office market with the vacancy rate decreasing from 14.1% to 13.1% year over year. Attributing to this was net absorption for the year of 1,141,848 SF. Vacancy however did increase slightly from 13.0% last quarter due to the former Chicago Public Schools (CPS) office building being added to the downtown inventory.
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
- Commercial Mortgage-Backed Securities Make Comeback – A hunt for yield and a gradually improving property market are bolstering a key engine of U.S. commercial property lending, helping borrowers to refinance but also reigniting fears the market is getting overheated. In all, lenders made $94 billion in loans bundled together and sold off as bonds to investors in 2014, the most since 2007 for the product known as commercial mortgage-backed securities, according to trade publication Commercial Mortgage Alert… Wall Street Journal
- Cyber sleuths move HQ to Chicago – Take that, all you evil-minded hackers! A fast-growing global cybersecurity company is moving its headquarters here. Prescient Edge, which has the likes of ex-Green Berets and federal intelligence agents in its executive suite, is setting up shop at One Prudential Plaza, where it is leasing about 24,000 square feet of space, according to the city and the company. Prescient Edge now is based in McLean, Va., not too far from Washington… Crain’s Chicago
- Jewel Osco HQ sold to Hamilton Partners – Feeling more optimistic about the suburban office market, Hamilton Partners added Jewel-Osco’s headquarters to its shopping cart for almost $24 million. The Itasca-based developer and investor bought the 185,020-square-foot office building at 150 Pierce Road in west suburban Itasca on Dec. 30 for $23.7 million, or about $128 per square foot, according to DuPage County records. The seller was Bethesda, Md.-based pension fund adviser ASB Capital Management… Crain’s Chicago
- Mezzanine Financing on the Upswing as Industry Sees More Construction – Borrowers have a growing appetite for mezzanine loans that is fueled by redevelopment and refinancing activity, as well as the return of new construction. Terra Capital Partners, a New York-based fund manager, has seen its mezzanine lending volume double over the past year and the firm expects that volume to double again in 2015. Although Terra Capital Partners does not disclose its total lending volume, it provided mezzanine or bridge financing on about 40 different projects last year. Mezzanine capital typically goes higher on the “capital stack” of project financing, layering on top of a first mortgage to provide a borrower with higher leverage… NREI
- Prices for Office Assets in CBDs Are on a Tear – Stronger job growth over the past year is beginning to have an impact on office building valuations, as Moody’s/RCA Commercial Property Price Indices (CPPI) registered an 8.6 percent increase in prices for office assets in Central Building Districts (CBD) in the three months ending in November 2014. The sector was the best performing of all core commercial property types at a time when commercial prices as a whole continued to go up. CBD office buildings have now recovered 145.6 percent of their losses peak-to-trough. All commercial properties taken together have recovered 105.8 percent of their losses… NREI
Bradford Allen Represents Blue Star Properties and Baderbrau Brewing at 2515 S. Wabash
CHICAGO, IL – Bradford Allen is pleased to announce that Senior Managing Director Ben Azulay and Director Justin Kessler have completed the 25,810 square foot building sale of 2515 S. Wabash in Chicago. The sale is valued at $1,250,000.
Azulay and Kessler represented both the property buyer, Blue Star Properties and the lessee, Baderbrau Brewing. The property is located immediately off of I-55 in close proximity to McCormick Place and downtown. The South Loop property is situated a few blocks south of the soon-to-open Cermak station on the Green Line and features a bow truss ceiling, two drive-in doors as well as an old water tower visible in either direction on I-55.
Baderbrau Brewing has leased the entire property on a long-term lease and plan to open the brewery along with a 4,000 square foot taproom later this year. Homebrewer Rob Sama revived Baderbrau in 2012, bringing back the original Chicago Pilsener popular in the 1990s, and has since created seasonal varietals such as Red Velvet, Oktoberfest, Lawnmower Lager and Naked Selfie, a Black India Pale Lager.
“We surveyed several neighborhoods outlining downtown, as it was important for Baderbrau to have a Chicago address,” Kessler said. “2515 S. Wabash was ultimately selected due to the building’s size and layout being ideal for Baderbrau’s vision, as well as the proximity to McCormick Place and the redevelopment of Motor Row. However, with the building only for sale we had to bring in a developer to purchase the building and felt straight away that Blue Star was the right group for this project – it turned out to be a win/win for everyone.”
“The Bradford Allen team was fantastic to work with. Ben and Justin understood our requirements and worked tirelessly to find us a property that fit the bill for a brewery in terms of size, location as well as type of building,” said Sama. “Not only did they find us a great property, but they also found a buyer for the property, which was necessary to get the deal done.”
The brewery is projected to open late Summer 2015.
About Bradford Allen Realty Services
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate.
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
- Office Market Sees Tepid Recovery – U.S. companies are adding employees at the fastest rate in years. But those workers aren’t filling up office buildings like they used to. While the labor force finally has pushed past its prerecession peak, readings on office-space usage have barely budged. The vacancy rate stood at 16.7% in the fourth quarter, down only a hair from the 16.9% registered a year earlier and compared with the postrecession peak of 17.6% reached in 2010, according to data from real-estate research firm Reis Inc… Wall Street Journal
- Offices to Become More Like Home in 2015 – In the past several years, office users across the nation began transforming their spaces from old-style cubicle designs into more collaborative arrangements. In addition, many sought to shrink their footprints by using space in a more efficient manner. And as office users look to the year ahead, experts say that other changes are underway… Globe St.
- Rising tide lifts DuPage office market – The effects of the improving economy are being felt in the suburban Chicago office market, where conditions are tightening and shifting the landscape for companies that do business here. A microcosm of this dynamic can be found in DuPage County’s sprawling East-West Office Corridor, which runs along a 20-mile stretch of Interstate-88 from Westchester to western Naperville… Daily Herald
- Suburban Chicago office vacancy rate drops to six-year low – Suburban office landlords entered 2015 with a burst of leasing momentum rarely seen since the recession. Office vacancy in suburban Chicago fell to 22.6 percent in fourth-quarter 2014, down from 23.4 percent in the previous quarter and from 24.3 percent a year earlier, according to Chicago-based Jones Lang LaSalle. The vacancy rate is at its lowest level in more than six years… Crain’s Chicago
- VisaNow moving HQ to Chicago’s Loop amid quick growth – With a $16 million cash infusion and plans to more than double its workforce within 18 months, visa processing firm VisaNow is moving its Chicago headquarters. VisaNow signed a lease for about 30,000 square feet at 230 W. Monroe St., with an option to add another 20,000 square feet in the Loop tower, CEO Bob Meltzer said. VisaNow helps companies secure visas for their workers… Crain’s Chicago
Chicago Commercial Real Estate – In the News
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Check out the top Chicago commercial real estate news before heading into the weekend!
- Cadence Health moving 170 jobs to Cantera in Warrenville – Cadence Health signed a nearly 55,000-square-foot lease in a west suburban office park to bring administrative staff closer to two of its cancer treatment centers. The Winfield-based health system in October signed the 54,798-square-foot lease at Keystone, a building at 4525 Weaver Parkway in the sprawling Cantera business park in Warrenville, according to CBRE Inc., which brokered the deal. Terms of the lease were not disclosed… Crain’s Chicago
- Demand for Office Space Heats Up as FIRE Sectors Recover – Professional services that have traditionally led demand for office space, including finance, insurance and real estate, have finally made a comeback after a slump following the recession. Office market experts hope that the sectors, collectively referred to as FIRE, will now join with the tech and energy industries to heat up office demand in primary cities in 2015… NREI
- Fulton Market landmark plan draws strong opposition – Opponents of the city’s plans to name the Fulton Market meatpacking area a historic district took their fight to City Hall on Wednesday, where they demanded Mayor Rahm Emanuel abandon the “forced landmarking” of their properties. Roger Romanelli, executive director of the Randolph Fulton Market Association, and about 20 critics of the proposed designation protested outside Mayor Rahm Emanuel’s office… Chicago Tribune
- Prudential paying $370 million for 55 E. Monroe – Prudential Real Estate Investors agreed to pay more than $370 million for an East Loop office building, the latest deal in a memorable year for high-dollar sales downtown. The unit of the New Jersey-based financial services giant has a deal to buy the almost 1.3 million square feet of office and retail space at 55 E. Monroe St. for more than $290 a square foot… Crain’s Chicago
- Why suburban companies like McDonald’s follow the siren call of downtown – The trend of suburban corporations adding satellite offices downtown has become super-sized. Oak Brook-based McDonald’s, the embodiment of the sprawling suburban office campus, disclosed plans Dec. 9 to open a River North office as soon as January. Following similar moves by behemoths such as Walgreen, Kraft Foods Group, Sears Holdings and Motorola Mobility, McDonald’s plan demonstrates the increasing importance large corporations are placing on downtown real estate in recruiting and retaining younger employees… Crain’s Chicago
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
Check out the top Chicago commercial real estate news before heading into the weekend!
- Chicago area’s bad real estate debt drops to lowest level since 2008 – Bankers who get paid to fix broken real estate loans may soon need to find a new line of work. The delinquency rate for bank loans on local income-producing properties dropped to 3.8 percent in the third quarter, down from 4 percent in the second quarter and 4.5 percent a year earlier, according to New York research firm Trepp… Crain’s Chicago
- Global Investors Driving Chi. Office Market – Investors across the country and from around the world continue to find Chicago one of the most attractive markets in the US. That was proven yet again this week when Heitman bought 353 N. Clark St., a 46-story tower in the River North neighbourhood, after beating out a crowded field of investors. Cook County property records show that the company paid the seller, Tishman Speyer, $715 million for the 1.2-million-square-foot property, or roughly $609 per-square-foot, the second-highest ever paid for a Chicago office building… Globe St.
- McD’s opening corporate office in River North – McDonald’s will open a corporate office in River North in the first quarter of 2015 in a play to recruit better tech talent, an executive said tonight. Some of the company’s growing digital strategy team, designers and business development employees are expected to move into the new office from corporate headquarters in Oak Brook, said Steve Easterbrook, senior executive vice president and global chief brand officer. “Having boots on the ground in the city is a huge opportunity for us,” Easterbrook said following an innovation event downtown… Crain’s Chicago
- Full Service Brokers Give Tenants Best Deal – The debate over whether tenant-only brokerage firms are better for tenants flared recently with the release of a report that found full service firms will favor landlords over tenants when representing both in a deal. We looked at that report’s findings yesterday in this article – a report, it must be noted again, that was commissioned by Cresa. The actual study was conducted by George Washington University and Peter Smirniotopoulos, founder and principal of petersgroup consulting and an adjunct professor of Real Estate at George Washington University… Globe St.
- Tribune Tower redevelopment under consideration – The landmark Tribune Tower may become part of a major Michigan Avenue redevelopment project. Tribune Media, which owns the iconic neo-Gothic tower, unveiled broad plans at a New York investor presentation Thursday that could potentially triple the building’s space with residential, retail and hotel components. “Tribune Tower, our iconic office tower, it sits in one of the best locations in Chicago — Michigan Avenue at the river — and it’s a prime candidate for redevelopment,” said Murray McQueen, president of Tribune Real Estate… Chicago Tribune
Chicago Commercial Real Estate – In the News
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Check out the top Chicago commercial real estate news before heading into the weekend!
- Apollo buys Kemper Lakes office complex outside Chicago – A New York-based investment manager paid $127 million for the Kemper Lakes Business Center, after a previous deal for the Long Grove office campus fell apart. Apollo Global Management, which oversees about $164 billion in assets, completed the deal Nov. 12, according to Lake County property records. An Apollo fund bought the four-building property from Equus Capital Partners, according to people familiar with the deal. Apollo stepped in to fill the void left after insurer MetLife walked away from a $130 million deal for the 1.1 million-square-foot complex earlier this year… Crain’s Chicago
- AT&T Building in downtown Chicago for sale by Kushner – The owner of a 30-story West Loop office tower leased to AT&T is ready to cash in on investors’ continued interest in the 312 area code. New York-based Kushner Cos. hired the Chicago office of HFF to seek a sale of 225 W. Randolph St., which it bought for about $275.7 million in late 2007. In a somewhat unusual move, the AT&T Building is being offered for a specific price… Crain’s Chicago
- Chicago-area commercial construction contracts up – New commercial real estate projects are powering the local construction industry, a welcome change for contractors who wondered five years ago if they’d ever bid on an office tower or shopping center again. Contracts for commercial and residential construction projects in the Chicago area totaled $8.6 billion over the first 10 months of the year, up 16.3 percent from a year earlier, according to Dodge Data & Analytics, a data provider formerly known as McGraw-Hill Construction… Crain’s Chicago
- Mizrachi plans 41-story office and hotel tower in Chicago’s West Loop – Jumping into an already competitive field of downtown office developments, a West Loop landlord unveiled plans for a 41-story tower that would include a four-star hotel topped by office space. Joseph Mizrachi, who led a group of investors that bought the 1.1 million-square-foot office tower at 540 W. Madison St. in December 2012, heads a venture to develop land on the west side of the 23-story building. The site was part of the $350 million acquisition… Crain’s Chicago
- Study Reignites Debate About Broker Interests – A new study by George Washington University’s Center for Real Estate and Urban Analysis has rekindled the debate over whether there are conflicts of interest at some of the country’s largest commercial real estate brokerages. Brokers who represent only office tenants have argued for years that conflicts exist at firms that represent both landlords and tenants—and that their tenant clients often suffer as a result… Wall Street Journal
Bradford Allen Represents Healthcare Tech Firm in Office Relocation and Expansion
CHICAGO, IL – Bradford Allen Realty Services is pleased to announce that Senior Managing Director Ben Azulay has completed a new 32,668 square foot lease on behalf of ZirMed at 111 N. Canal Street in Chicago.
ZirMed, the premier cloud-based enterprise business and clinical performance solution for healthcare, recently acquired MethodCare, Inc., a Chicago-based healthcare analytics firm, with significant expansion plans in Chicago. MethodCare, Inc. currently leases 6,000 square feet at 350 W. Ontario. Due to the acquisition and the need for additional space, MethodCare, Inc., chose to relocate to the fourth floor of 111 N. Canal Street where it will increase its space fivefold.
“In conjunction with the acquisition of MethodCare, ZirMed needed to find a new space in order to streamline their growing operations,” said Bradford Allen’s Azulay. “111 N. Canal provided the firm with the desired west loop location, space requirement on a single floor, amenities and relocates them into one of the city’s hottest tech markets.”
Azulay assisted the firm with its site selection analysis, ultimately securing space within the West Loop building based on its location, which provides easy access from the city and the suburbs, as well as the building’s high-tech atmosphere. ZirMed will move into the new space in March 2015, and will join the building’s other technology tenants including Uber Technologies, Gogo Inc. and Twitter Inc.
Azulay represented ZirMed in the lease negotiations. 111 N. Canal, which is owned and leased by Sterling Bay Companies, was represented by Chloe Reaumond.
About Bradford Allen Realty Services
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate.
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
Check out the top Chicago commercial real estate news before heading into the weekend!
- Corporations Prepare for Upcoming Lease Accounting Changes – Corporations have resigned themselves to the fact that, at some point, new lease accounting standards will be in place that will effectively shift leases from off-balance sheet to on-balance sheet reporting. Although the big question still remains as to when those new rules will become effective, companies are already preparing for the new requirements… NREI
- Golub/Alcion Launch Oak Brook Renovation – The suburban office market may suffer from an overall high vacancy rate, but some investors still see opportunities. As reported in GlobeSt.com yesterday, for example, Golub & Company and its partner Alcion Ventures just bought Oak Brook Executive Plaza, a 389,000-square-foot office complex on W. 22nd St. in west suburban Oak Brook… Globe St.
- New Office Conversion Planned for Goose Island Warehouse – Another developer is banking on the Goose Island tech renaissance with a new renovation of the 42,744 square foot Burhop Box & Packaging warehouse at 1071 W. Division Street to create new office space. Design and development outfit Summit Design + Build is leading the effort to transform the aging structure into an office complex, joining several other adaptive reuse projects currently underway on the man-made island… Curbed Chicago
- Once Again, Office Vacancy Rate Doesn’t Budge – The national vacancy rate for the office sector remained unchanged at 16.8 percent in the third quarter. The vacancy has not budged all year, wedged at a level that is only 80 basis points below the cyclical high observed four years ago. On a year-over-year basis, vacancy has fallen just 10 basis points, with the only decline coming in the fourth quarter of 2013… NREI
- To Sell or Refinance? In a CRE Market Flush With Capital, Owners Enjoy Luxury of Choice – One can forgive commercial property owners if they seem a bit giddy lately. Just four short years ago, their property values had been cut in half in the wake of the crippling global economic recession. No lender would return their calls and those unfortunate enough to have loans come due often lost their properties to the dreaded special servicers… CoStar Group
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
Check out the top Chicago commercial real estate news before heading into the weekend!
- Lawrence House developer lands financing, buys near Google project – Cedar Street Cos. landed financing for an ambitious Uptown redevelopment and on the other side of town bought a loft building near Google Inc.’s future offices. A venture of Chicago-based Cedar Street borrowed $18 million from PrivateBank & Trust Co. and secured a $7 million equity investment to remake the former Lawrence House, 1020 W. Lawrence Ave., said Cedar Street Managing Partner Alex Samoylovich… Crain’s Chicago
- Has co-working jumped the shark in Chicago? – Cubicles are overrated. That’s the philosophy at Space, a three-month-old co-working venue in the shadow of Trump Tower. The 25,000-square-foot warehouse on the top floor of a River North loft gives off a warm industrial feel with its wood beams, open rafters and exposed-brick walls. Clean white desks and Herman Miller chairs dot the room, and about half are occupied by silently working 20- and 30-somethings. The whole setup looks more like a stylish loft than an industrial hub… Crain’s Chicago
- Foreign investors pay $40.5 million for Deer Park offices – An investor group with ties to London, Dubai and Kuwait paid $40.5 million for a Deer Park office building, illustrating the Chicago-area real estate market’s increasing international connections. A venture of London-based 90 North Real Estate Partners LLP and Dubai-based Arzan Wealth Ltd. on Sept. 22 bought the seven-story Reserve at Deer Park building at 21440 W. Lake Cook Road, according to 90 North and Lake County records. Investors in the deal include Kuwait-based real estate investment and development firm Al-Tijaria… Crain’s Chicago
- Heitman paying $700 million for River North office tower – Chicago-based real estate investment manager Heitman LLC has agreed to pay just over $700 million for a trophy tower in River North, in what would be one of the largest office deals in the city’s history. A Heitman fund has a preliminary deal to buy the 46-story tower at 353 N. Clark St. for nearly $600 per square foot, according to people familiar with the deal. If completed as expected, the sale of the nearly 1.2 million-square-foot tower will rank as the fourth-highest price paid for a Chicago office tower, and the second-highest per square foot… Crain’s Chicago
- Top 10 cities with the most construction – After two years atop the Forbes list of American cities with the most construction, New York has to settle for runner-up to a booming, oil rich Houston. The Texas city racked up over $25B in construction starts in the first three quarters, with a trio of $3B gas and energy sector developments leading the charge. Two healthcare projects—the Helen L. and Martin S. Kimmel Pavilion Clinical Medical Facility at NYU and David H. Koch Ambulatory Care Center at New York-Presbyterian—topped the development list in NYC… Bisnow
Bradford Allen Completes Long Term Sublease for MainStreet Advisors at 120 N. LaSalle
CHICAGO, IL – Bradford Allen Realty Services is pleased to announce that the firm’s Senior Managing Director Craig Nadborne has completed a sublease for 13,685 rentable square foot lease on behalf of MainStreet Advisors (MSA) at 120 N. LaSalle in Chicago.
MainStreet Advisors specializes in providing wealth management services for financial institutions. A client of Nadborne’s for more than a decade, the firm currently occupies 8,694 square feet at 120 N. LaSalle and required additional space to accommodate its operational growth. Bradford Allen’s Nadborne sourced a unique and strategic opportunity for the firm within the same property.
“The full floor sublease was available 4 floors below MainStreet’s existing offices and it was still in the high-rise portion of the building, which was a requirement of MSA’s” said Nadborne. “After working closely with Avison Young, the sub-lessor, and building ownership, we were able to arrange the relocation of MainStreet Advisors to the 13,685 square foot space thereby creating a convenient expansion within the same building.”
The newly leased space is currently occupied by Avison Young who will be relocating to another downtown property. MainStreet Advisors’ former space of 8,694 rentable square feet is now available for sublease. The investment firm will take occupancy of the expanded offices on the 33rd floor in November.
“Craig arranged our first lease for 775 square feet many years ago,” said John Crosson, managing director of MainStreet Advisors. “He understands our business and requirements and has seen us through multiple expansions. In this case, he created an opportunity for us to continue our growth with little disruption to our operations. It was a win-win for everyone involved.”
Nadborne represented MainStreet Advisors in the lease negotiations and Avison Young was self-represented by John Ziesmer, in the sublease. 120 N. LaSalle is owned by Lincoln Property Company.
About Bradford Allen Realty Services
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate.
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
Check out the top Chicago commercial real estate news before heading into the weekend!
- For investment returns, retail landlords lead Chicago market – It’s a good time to be a landlord in the Chicago area, especially if you own a retail property. Shopping centers around the region delivered one-year total returns of 14 percent in the third quarter, the highest among all major property types here, according to data from the National Council of Real Estate Investment Fiduciaries, a Chicago-based trade association… Crain’s Chicago
- Hyatt, Polsinelli plan moves to 150 N Riverside – Hyatt Hotels Corp. and law firm Polsinelli PC are in advanced negotiations to move to a 53-story office tower under construction along the Chicago River, deals that would make the development about 60 percent pre-leased two years before it’s complete. Chicago-based Hyatt is finalizing a lease to move its headquarters to about 250,000 square feet in the building at 150 N. Riverside Plaza, according to people familiar with the project. Kansas City, Missouri-based Polsinelli also is close to shifting its Chicago office to about 110,000 square feet in the tower… Crain’s Chicago
- Millenials: Not as Different as You Think – Everything you’ve been told about the millennial generation and their desires for futuristic office design isn’t true, according to a recent CBRE study. Millennials are seen by society as tech-friendly, diverse, urban-minded and married to their smartphones. In the business setting, they’re seen as anti-authority, desiring more social links and drawn to collaborative spaces. Developers and business owners, mindful that 75 percent of the workforce will be made up of millennials by 2025, have tried to follow these trends in office construction, removing private offices and making social spaces a focal workspace plan… NREI
- Protein shakes maker Glanbia leasing former Sara Lee HQ space – Sports nutrition company Glanbia Performance Nutrition Inc. is bulking up its west suburban office with a deal to move into a large block of Sara Lee Corp.’s former headquarters space in Downers Grove. The subsidiary of Irish cheese and nutritional ingredients company Glanbia PLC, which makes protein drinks and other nutritional supplements under brands such as Optimum Nutrition and Isopure… Crain’s Chicago
- It’s official: The Chicago Spire is dead – Chicago developer Related Midwest LLC has taken control of the Chicago Spire development site, putting an end to a big bubble-era dream that stalled once the housing crisis hit. Chicago bankruptcy lawyer Joseph D. Frank, who represents Spire developer Garrett Kelleher, confirmed today that his client handed over the property at 400 N. Lake Shore Drive to its biggest creditor after failing to make a required payment late last month… Crain’s Chicago
Bradford Allen Expands Team With More New Hires
CHICAGO, IL – Jeffrey Bernstein and Laurence Elbaum, principals and co-founders of Bradford Allen are pleased to announce that the firm has hired three new team members. Heidi Roth has joined the firm as an office coordinator, and Matt Wright and Christopher Rucker have joined the firm as broker associates.
As an office coordinator, Roth will be responsible for fostering and maintaining a professional, efficient, productive and collaborative work environment. Roth’s responsibilities include office operations, human resources management and information technology. Prior to joining Bradford Allen, Roth worked at LaSalle Network, where she was also an office coordinator. She received her Bachelor of Science degree in Family and Child Studies from Northern Illinois University.
As broker associates with Bradford Allen, Wright and Rucker will work directly with senior brokers to build relationships with internal and external clients and to develop new business accounts. They will also be responsible for researching local, regional and national tenants and landlords, qualifying prospective companies as well as preparing and completing client tours for senior brokers and clients as needed.
Wright joins Bradford Allen from Echo Global Logistics in Chicago, where he was a senior account executive. He is a graduate of Southern Methodist University where he received his Bachelor of Art’s degree in Developing Markets and Culture.
Rucker comes back to Bradford Allen after recently graduating from the University of Missouri, where he received his Bachelor of Science degree in Financial Planning with an emphasis on Real Estate. While earning his degree, he completed an internship with Bradford Allen in the summer of 2013.
About Bradford Allen Realty Services
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate.
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
Check out the top Chicago commercial real estate news before heading into the weekend!
- Chicago 14th for real estate investors in survey – Real estate investors like Chicago, but it doesn’t set their hearts aflutter like Seattle, Boston and Houston. Real estate executives ranked Chicago 14th among 75 U.S. markets for investment attractiveness in 2015, according to the “Emerging Trends in Real Estate” report, an annual publication by the Urban Land Institute and PricewaterhouseCoopers LLP… Crain’s Chicago
- Most precious thing in downtown Chicago? Dirt – As high-rise developers keep stamping out more apartments and condominiums, they are paying up for a key—and scarce—raw material: dirt. In Chicago’s strongest neighborhoods, prices of development sites have eclipsed precrash levels, fueled by an apartment and hotel construction wave and a resurgent condo market… Crain’s Chicago
- River North development adds office space – Looking to capitalize on a tight River North office market, the developer of a retail building added an office component to its plans. Chicago-based Midwest Property Group Ltd. is seeking office or showroom tenants for 22,000 square feet in a three-story structure it plans for the corner of LaSalle and Hubbard streets. The developer previously disclosed plans for a two-story, 20,000-square-foot retail building on the site, where it has an 85-year ground lease… Crain’s Chicago
- Suburbs Still Appeal to Some Office Tenants – Suburban office markets have lately received a bad rap, but some supporters say that outside markets are now the places to find the best deals and locate new satellite offices. Suburbs across the country have been struggling to recover from the recession and the flight to urban CBDs that followed… NREI
- Venture Investors Splurge On Real Estate Tech – Investments in real estate tech are on the upswing in the wake of some billion dollar exits this year. Following Zillow’s acquisition of Trulia for $3.5 billion in July and News Corp’s $950 million purchase of Realtor.com-parent Move Inc. in September, venture investors are more eager than ever to get in on the market, putting up nearly $300 million in over 30 venture deals for real estate tech startups in the past quarter… TechCrunch
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
Check out the top Chicago commercial real estate news before heading into the weekend!
- Chicago’s Coolest Office – We asked you to show us your office over social media, and hundreds of you did, along with sending some pretty enthusiastic notes about your favorite features. What’s trending in 2014? On-site art commissions are popular, for starters. So are coffee bars stocked with specialty roasts. Other of-the-moment features: sit-stand desks, themed nooks for brainstorming, industrial lighting and the eye-popping color duo of chartreuse and electric blue… Crain’s Chicago
- Foreign Investment in U.S. Markets to Top 2013 Levels – Foreign institutional investors are spending heavily on U.S. assets this year, revealed JLL’s global capital markets experts at the Urban Land Institute’s (ULI) fall meeting, currently underway at New York’s Javits Center. In fact, the inflow of foreign capital is so strong that JLL is raising its predictions on foreign investment into the United States for 2014, and is now forecasting nearly $50 billion, up from $38.7 billion in 2013. This latest prediction follows JLL’s having already raised its earlier prediction of total global direct investment transaction volumes from $650 billion to $700 billion by the close of this year… NREI
- New Partners try to kick-start office project near Old St. Pat’s – Tishman Speyer Properties L.P.’s former Chicago leader and real estate investor CA Ventures LLC want to kick-start a proposed West Loop office tower. Chicago-based CA Ventures and Casey Wold, who left New York-based Tishman Speyer in February after working there nearly a decade, confirmed they are part of a recently formed venture to develop a long-planned office tower at 625 W. Adams St., near Old St. Patrick’s Church and the Kennedy Expressway… Crain’s Chicago
- Law Firms Cut Back on Existing Space as They Lag Professional Services in Recovery – U.S. law firms are just not following the recovery trend experienced by the rest of the professional services industry, and are giving up occupancy in many major markets. A new report by real estate services firm Savills Studley points out that while the employment rate for the professional and business services sector is now 7.5 percent above its prior peak at the end of 2007, the number of law office employees has remained unchanged since 2009… NREI
- Suburban Office Holds Its Own – As reported in GlobeSt.com last week, the office market in the CBD has been putting up some good numbers, showing solid improvement in its vacancy rate, level of absorption and the ability to attract investors. But the suburban region, long regarded as anemic and still losing some companies to downtown buildings, at least held its own in the third quarter, and has shown some signs of life… Globe St.
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
Check out the top Chicago commercial real estate news before heading into the weekend!
- CBRE and Bankers Life fight in court over headquarters move – CBRE Inc. is fighting in court with Bankers Life & Casualty Insurance Co., which accuses the brokerage of botching its headquarters move to the East Loop by failing to account for expenses it incurred as part of the shift. In a court filing in U.S. District Court in Chicago, Bankers Life asks a federal judge to overturn an arbitration panel’s decision to side with CBRE in the dispute. The main source of conflict is the insurer’s sublease of about 220,000 square feet at 600 W. Chicago Ave. to Groupon in 2011, space it vacated in its subsequent move to 111 E. Wacker Drive… Crain’s Chicago
- Deutsche Bank paying $300 million for West Loop office tower – Amid competitive bidding for downtown Chicago office towers, a unit of Deutsche Bank A.G. has made a pre-emptive strike to buy a West Loop office tower for about $300 million. The venture of Deutsche Asset & Wealth Management forged an unusual deal for Fifth Third Center, a 35-story tower at 222 S. Riverside Plaza, before Dallas-based owner TIER REIT Inc. formally put it on the market, according to a person familiar with the deal… Crain’s Chicago
- Foreign Investors Chase Yield, Saftey in U.S. Office Sector – Foreign buyers increased their investment in the U.S. commercial real estate markets in the first half of 2014, pouring in $85.4 billion in property purchases here compared to $76.7 billion in the first half of 2013. Almost half of foreign investment this year, about $37.8 billion, went into the office market, as buyers from countries including China, Russia and Canada fought over trophy properties in major markets. Sales volume was highest in New York City, at $9.4 billion, with $4.6 billion in sales in Los Angeles and just more than $3 billion each in Boston and Washington D.C., according to a recent report by real estate services firm Avison Young… NREI
- Golub ventures buying two suburban office properties – Ventures of Golub & Co. have deals to buy two office properties in the Chicago suburbs, an area some investors are scouring for higher returns than they can find downtown. Chicago-based Golub and Boston-based private-equity firm Alcion Ventures L.P. have agreed to pay about $57 million, or $150 per square foot, for the four-building Oak Brook Executive Plaza, according to real estate sources. Meanwhile, a venture of Golub and a Middle Eastern fund manager have a deal to buy the 11-story International Tower near O’Hare International Airport, sources said. That price could not be determined… Crain’s Chicago
- Space Shift: As Wealthiest Flock to Supertall Condos, Offices Go Horizontal – In Midtown Manhattan, the extra-slim 432 Park Ave. condo tower is scheduled Tuesday to reach its peak 1,396-foot height and become the tallest residential building in the western hemisphere, 146-feet taller than the roof of the Empire State Building. But the crowning of the 104-unit tower—which hosts a $95 million penthouse—marks more than just the latest of the super-tall condos for the ultra-rich… Wall Street Journal
Bradford Allen Welcomes New Financial Analyst to Team
CHICAGO, IL – Jeffrey Bernstein and Laurence Elbaum, principals and co-founders of Bradford Allen are pleased to announce that Lauren Lambe has joined the firm as Financial Analyst.
“We are excited to welcome Lauren to our team,” said Elbaum . “Her extensive background in global real estate finance will be an asset to our team as we continue to grow our business.”
In her new role with Bradford Allen, Lambe will work closely with the acquisition, lending and leasing teams to provide Argus valuation modeling, underwriting and analyses. Her responsibilities will also include analyzing potential leases, overseeing investment performance, and performing detailed quarterly financial analysis. Prior to joining Bradford Allen, Lambe was employed as an associate with PricewaterhouseCoopers’ Real Estate Advisory Group in Chicago where she represented clients such as JP Morgan, Bank of America, PIMCO, Oak Tree and Prima Capital.
Lambe is a graduate of the Boston College Carroll School of Management, where she received her Bachelor’s degree in Accounting and Economics. She is also an active member of the Junior Council, a charitable organization comprised of young professionals which supports the Pediatric & Adolescent AIDS & HIV Programs of Ann & Robert H. Lurie Children’s Hospital of Chicago. Lambe currently resides in Chicago, Illinois.
About Bradford Allen Realty Services
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate.
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
Check out the top Chicago commercial real estate news before heading into the weekend!
- Chicago’s real estate market is booming – In 2017, for the first time in eight years, Chicago will see tenants move into two brand-new office buildings. The launches of these towers – located next to each other on a picturesque bend in the Chicago River – are seen as a major sign of economic recovery in the third-largest US city, of the resurgence of Chicago’s downtown area, and of the changing tastes of young workers across America. Their delivery in three years will, according to local developers, be the first in a string of new buildings welcoming tenants, as the Windy City’s commercial property market rebounds from the recession… Financial Times
- Investors Snap Up Apts., Office Properties to Fuel Third Quarter Sales Volume – With vast amounts of investor capital allocated to chase after all types of commercial real estate, especially multifamily and office assets, sales of U.S. commercial property are projected to total about $415.1 billion for the four-quarter period ending with the third quarter of 2014. That represents an increase of about 8% over the previous four-quarter period, according to early CoStar COMPs sales transaction data… CoStar Group
- Old Post Office owner plots next move after breakup with Sterling Bay – The owner of the vacant Old Main Post Office may seek a sale of the sprawling West Loop property or a new development partner after a joint venture with Sterling Bay Cos. fizzled. Less than four months ago, British developer Bill Davies and Chicago-based Sterling Bay said they were forming a venture for a $500 million redevelopment of the 2.7 million-square-foot building that straddles Congress Parkway.The news brought hope that the property, empty since the post office close 18 years ago, finally would be transformed into a new use… Crain’s Chicago
- Sterling Bay puts West Loop building up for sale – A 101-year-old West Loop office building that has become one of the most desirable addresses in Chicago’s growing technology sector is for sale and could fetch $300 million or more. Sterling Bay Cos. hired Jones Lang LaSalle Inc. Managing Director Bruce Miller to seek a sale of the 16-story vintage building at 111 N. Canal St., Sterling Bay Managing Principal Andy Gloor confirmed. He declined to comment further… Crain’s Chicago
- Suburban Chicago office vacancy drops again, but market feels slow – For the first time since 2011 the office vacancy rate for suburban Chicago dropped for two quarters in a row, providing rare momentum in a long-stagnant market. Overall vacancy fell to 23.4 percent in the third quarter, down from 23.7 percent in the second quarter and 24.2 percent a year earlier, according to Chicago-based Jones Lang LaSalle Inc. The vacancy rate hasn’t been that low since fourth-quarter 2008… Crain’s Chicago
Third Quarter 2014 Chicago Downtown Office Market Report
Vacancy and Availability Rates Continue to Decrease in Downtown Office Market
The downtown office market continues to decrease in vacancy and availability this quarter as net absorption is now over 1 million square feet for the year. Chicago’s economy has continued to improve as the unemployment rate decreased to 7.4% in August compared to 10.7% a year earlier. This decrease is the largest annual unemployment rate decline since September of 1994 (-3.5%). Overall this is translating into a tighter Chicago office market with vacancy and availability rates at 13.0% and 16.4% compared to 2013 Q3 numbers of 13.8% and 17.8%, respectively.
Bradford Allen Represents Epsilon in 42,435 SF Office Relocation in Itasca
CHICAGO, IL – Bradford Allen Realty Services is pleased to announce that Senior Managing Director Ben Azulay and Director Ryan Moen have completed a new 42,435 square foot lease on behalf of Epsilon at 1 Pierce Place in Itasca, Illinois.
Epsilon, a global marketing services firm, is relocating to 1 Pierce Place from 1100 East Woodfield Road in Schaumburg, Illinois. Founded in 1969 and recognized by Ad Age as the #1 U.S. Agency from All Disciplines, #1 World CRM/Direct Marketing Network and #3 U.S. Digital Agency Network, the firm has 60 offices worldwide and over 5000 employees. With six offices in the Chicago area, the firm is consolidating its existing Schaumburg location with its office in West Chicago, Illinois.
Azulay and Moen assisted the firm with its site selection analysis, ultimately securing space at 1 Pierce Place in Itasca based on its location between Schaumburg and West Chicago as well as the building’s high-end, professional environment. Epsilon will move into the new 42,435 square foot office space in two phases beginning in November 2014 and culminating in May 2015.
“We are pleased to have assisted Epsilon in streamlining its operations to create greater efficiencies and foster deeper collaboration. This transaction enables Epsilon to combine employees from two suburban offices under one roof in a convenient and centralized location,” said Bradford Allen’s Azulay. “It also offers Epsilon flexible expansion options within the same property if needed down the road.”
“It’s an exciting time for Bradford Allen with our continued expansion and the growth of our multi-market platform,” added Jeffrey Bernstein, principal and co-founder of Bradford Allen. “In this particular transaction, Ben and Ryan teamed with Cassidy Turley’s Boston office and drew from their market knowledge and analysis skills to find a high-end, move-in ready space to accommodate the firm’s near and long-term growth.”
Azulay and Moen represented Epsilon in the lease negotiations and co-brokered the deal with John Boyle and Denise Orlando from Cassidy Turley’s Boston office. Scott Schroeder of Hamilton Partners represented building ownership.
About Bradford Allen Realty Services
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate.
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
Check out the top Chicago commercial real estate news before heading into the weekend!
- Transportation Drives CRE Development – Cushman & Wakefield has released a new report that explores the consequences of rapid population growth in 10 major North American cities. Entitled “Urban Development: Faster Greener Commutes Key to Sustained City Growth,” the report discusses the impact of intensified gridlock and slow commutes that impact work productivity and quality of life, along with the transit-oriented real estate developments helping to relieve congestion and support growth… Globe St.
- Cision signs lease in Prudential Plaza in Chicago’s East Loop – The owners of Prudential Plaza landed their first big tenant since taking over the East Loop office complex last year, the first deal of many they will need to turn the property around. Swedish public relations software provider Cision AB leased 49,464 square feet at One Prudential Plaza, which will become the firm’s headquarters after it merges with rival firm Vocus Inc. Stockholm-based Cision will move about 400 Chicago workers to the seventh floor of the 41-story tower at 130 E. Randolph St. in the first quarter of 2015, moving from a nearby building, a Vocus spokeswoman said… Crain’s Chicago
- Downtown Chicago office vacancy rate falls – As more companies move their offices, the downtown office vacancy rate keeps moving lower. The overall downtown Chicago vacancy rate fell to 13.8 percent in the third quarter, its lowest point in 5½ years, according to Los Angeles-based CBRE Inc. Vacancy fell from 14.1 percent in the second quarter, which already was a five-year low, and from 14.7 percent a year earlier… Crain’s Chicago
- Office Investors Decide It’s Time to Buy Vacancy – An economy producing a steady stream of new jobs, combined with a dwindling supply of affordable core office properties, has reversed investor sentiment for office properties that were largely discredited and ignored by investors as recently as one year ago… CoStar Group
- Urban Locations Are Most Desirable for New HQs – Developers are trying two distinct approaches to attracting new office tenants in a market that is rapidly seeing cheap, big-block space dry up: the tried-and-true new class-A headquarters building and repositioning a dated property. Office vacancy rates declined again in most major U.S. markets during the third quarter 2014, and asking rates are increasing as tenants’ appetite for space continues to grow, according to a report this week from CBRE… NREI
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
Check out the top Chicago commercial real estate news before heading into the weekend!
- Developers jockey for anchor tenants to fill Chicago office towers – How many major office towers will join Chicago’s skyline over the rest of this decade could be decided soon by just three big tenants. When developer John O’Donnell recently secured a $296 million construction loan, it meant he’ll be able to complete his long-planned 53-story tower on the Chicago River, only the second big office development started downtown since the previous development cycle fell victim to the recession… Crain’s Chicago
- How different are Millennials than the rest of us? – Just how different are Millennials, Gen Xers and Baby Boomers when it comes to how they want to work? Which of these groups prefer working from home? Which thrive in a traditional office environment? Coldwell Banker Commercial Affiliates looked at these questions in its recent survey of more than 2,000 adults… RE Journals
- Playing field tilts toward landlords – As the US economy and overall office market continue to improve, more cities have approached the tipping point between a landlord’s market and a tenant’s market, according to CBRE’s latest quarterly OccupierView report, which analyzes the nation’s office markets from the tenant perspective. Tenants in most downtown markets have begun to experience tightening conditions that have curtailed availability and boosted costs, the report finds, though suburban office markets have experienced little change… Globe St.
- Sterling Bay venture paying $28 million for River North loft – Chicago developer Sterling Bay Cos. and a partner are paying almost $28 million for a River North loft office building that wound up in foreclosure after the crash, nearly double its 2004 price. A joint venture between New York-based DRA Advisors LLC and Sterling Bay, one of the city’s most active developers and acquirers of non-traditional office space, agreed to buy the seven-story building at 213 W. Institute Place for about $185 per square foot, which would be about $27.5 million, according to people familiar with the transaction… Crain’s Chicago
- TPG Group to acquire Cassidy Turley, rebrand as DTZ – Confirming rumors and reports that have been floating around the industry for several weeks, a group led by private-equity giant TPG Capital has agreed to acquire U.S.-based Cassidy Turley and combine it with its previously acquisition target DTZ to form what could become the world’s third-largest CRE services company… CoStar Group
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
Check out the top news in Chicago commercial real estate before heading into the weekend!
- It’s the hottest commercial property market since 2007 – Sales of Chicago-area commercial properties are on pace for their best year since the crash amid an improving economy and low interest rates. Investors acquired more than $9.15 billion in local apartments, hotels, retail, office and industrial properties through August, up 28 percent from the $7.14 billion spent through the first eight months of last year, according to New York-based Real Capital Analytics Inc… Crain’s Chicago
- HFF Closes $62M Sub. Office Sale – Although the suburbs suffer from an elevated vacancy rate and continue to see some of its office tenants move into Chicago’s CBD, many top properties seem immune to these troubles and remain very attractive to investors. HFF recently closed, for example, the $62 million sale of Highland Landmark II, a 284,278-square-foot class A office building in the western suburb of Downers Grove. HFF marketed the property on behalf of GLL Real Estate Partners. James Campbell Company LLC, which was advised by Colony Realty Partners, purchased the building… Globe St.
- Rise Interactive expanding at 1 S Wacker – Rise Interactive Inc. plans to hire as many as 150 employees and double the size of its West Loop headquarters as it prepares for torrid growth in its digital marketing business. Rise said it agreed to expand its space at 1 S. Wacker Drive to about 34,000 square feet in a new 12-year lease, from its current 15,000 square feet… Crain’s Chicago
- West Loop site could fetch $35 million – A West Loop site where Steve Fifield envisioned a 75-story skyscraper is up for sale, possibly ending the Chicago developer’s ambitious plan for the property. CBRE Global Investors, Mr. Fifield’s financial partner in his planned development at 601-625 W. Monroe St., hired CBRE Inc. to sell the 60,000-square-foot property, which could fetch as much as $35 million, according to people familiar with the property… Crain’s Chicago
- Uber accelerates Chicago growth with new West Loop lease – Rideshare firm Uber Technologies Inc. is stepping on the gas in Chicago, adding a large chunk of office space in the West Loop to make room for potentially hundreds of new employees. Just months after moving its Midwest headquarters into a much smaller building… Crain’s Chicago
Project Management: Guiding clients every step of the way
CHICAGO, IL – As commercial real estate needs have become more complex and specific to each client, Bradford Allen has begun offering project management services to ensure each client’s transaction goes seamlessly, saving them time and money, and ensuring the environment will be a good fit.
Project management has become an important part of commercial real estate for a variety of reasons, including growing technology demands, planned stages of growth, and greater specialized services. The scope of project management from beginning to end includes: project planning and design oversight; strategic planning; budget and schedule development; occupancy planning; risk management; site selection analysis; construction management, and move management.
“It’s site selection, it’s looking at your needs now and in the long term, it’s the pricing and selection of furniture, ensuring the IT infrastructure, the moving and much more,’’ said Steven Lerner, a one-time corporate real estate manager turned broker whom Bradford Allen brought in to start its project management practice. “Essentially, our focus is on customization so the space is tailored to the exact needs of the client.’’
Lerner notes some of the reasons project management is critical:
- An end-to-end solution — From the planning stage to the day you get the keys, a project manager will maximize the potential of your new space and assure it comes in at or under budget. Hiring one at the very start is most beneficial, but a project manager will add value at any time in the process.
- Efficiency and accountability — The goal of a project manager is to save the client 10% to 20% of the total cost and reduce the commitment of their internal resources. This positive return on investment comes from timely coordination and the savings that come from experience and existing vendor relationships.
- Single point of contact — Managing a variety of vendors and specialized tasks requires more time, expertise and focus that most people realize. The project manager will keep everything from the drywall to the telephone installation on a tight and orderly schedule while your employees excel at your core business.
- Professional expertise — Real estate project managers have the expertise to consult on a client’s individual needs. Perhaps a company is experienced planned stage growth and needs an office that can be expanded in a year. The project manager can plan ahead for how your space will look now, a year from now, and five years from now.
- Risk management — People think about the cost of hiring a project manager, but what is the potential cost of not hiring one? The very real potential for disruption in your business due to building or permitting delays is likely to far exceed the cost of ensuring your project is done on time and meets your needs.
Lerner has consulted for Bradford Allen clients that include small firms lacking the resources to even begin seeking input on sophisticated IT infrastructure and space management issues, large companies with a firm budget and strict timeline, businesses not yet present in the Chicago market, and even for projects outside of Chicago.
“We would have spent a lot more time and money if there were no project manager overseeing the project, said Biren Jethwa, a recent Bradford Allen client who says project management work was critical for the office space it recently rented at 55 E. Monroe. “It was exceptionally helpful on the IT front. You will have cost overruns if you don’t hire one.”
About Bradford Allen Realty Services
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. For more information please visit our website at www.bradfordallen.com.
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
Check out the top news in Chicago commercial real estate before heading into the weekend!
- CRE Execs Feeling “Bullish” on US – DLA Piper just released its “State of the Market Survey” at its 12th Global Real Estate Summit in Chicago this week, and of the commercial real estate executives surveyed, 89% were “bullish” on the prospects for the US economy. This was slightly higher than last year, when 85% responded optimistically, and even higher than in 2007, when 77% did so… Globe St.
- For sale: Another $1.8 billion of office towers – More downtown office landlords are hanging up For Sale signs, an end-of-summer tradition getting an extra boost this year from an unusually strong investment sales market in Chicago.Five more buildings with an estimated combined value of about $1.8 billion are going on the market, according to people familiar with the properties… Crain’s Chicago
- Is this the start of office building boom in the Loop? – Nothing shapes perceptions of a city like its skyline, and nothing defines a skyline like towering office buildings. Successive waves of office construction over the past 30 years added striking new features to Chicago’s profile, showcasing a vibrant commercial hub… Crain’s Chicago
- Tech Turns Chicago Skid Row Into Top Market – Chicago’s River North, a district once notorious for its prostitutes and dilapidated warehouses, has become one of the hottest office markets in the U.S. The neighborhood has transformed from a wasteland in the 1970s to a trendy spot for living, dining and entertainment that’s also attracting technology tenants… Bloomberg
- West Loop Gets Another Tech Firm – The West Loop has become the CBD’s hottest office market and one of the reasons is the desire of many tech firms to find a downtown home. And Newark element14, an electronics and engineering firm, is just the latest tech company to make this move after spending the last 34 years in Ravenswood on the North Side… Globe St.
Bradford Allen Completes 16,005 SF Lease For Long Time Client Ajinomoto Heartland, Inc.
CHICAGO, IL – Ajinomoto Heartland, Inc., a global leader in feed-grade amino acid manufacturing, signed a 16,005 square foot, lease renewal, extension and expansion at 8430 W. Bryn Mawr Ave, US Cellular Plaza.
Bradford Allen’s Senior Managing Director, Craig A. Nadborne represented Ajinomoto Heartland, Inc. in the transaction. Nadborne has been the company’s broker for 22 years when Ajinomoto Heartland, Inc. renewed its first lease of 4,000 square foot in the building. The company currently occupies 11,140 square feet and will be expanding by another 4,865 square feet this fall.
“When we enter into renewal negotiations Craig has always had the focus I’m looking for, whether it is rate reduction, free rent or better terms.” said Dennis Mullane, vice president and treasurer of Ajinomoto Heartland, Inc.. “He’s completely familiar with how we operate, the rate at which we’ve grown and what we need.”
Ajinomoto Heartland, Inc. decided to keep its Chicago location in O’Hare because of the large volume of employees visiting from their headquarters in Japan and also from its production operations in Iowa.
“US Cellular Plaza was able to accommodate Ajinomoto’s expansion needs and create an extended lease with favorable terms ” said Nadborne. “Through the years, US Cellular has been a great home for them due to its location in O’Hare.”
Bradford Allen’s Craig Nadborne represented Ajinomoto in the lease negotiations and 8430 W Bryn Mawr was represented by Collier International’s Francis Prock and Jason Simon.
About Bradford Allen Realty Services
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. For more information please visit our website at www.bradfordallen.com.
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
Check out the top news in Chicago commercial real estate before heading into the weekend!
- 11 Historic Buildings Getting New Life as Hotels & Apartments – Chicago’s strong architectural legacy lives on not only in our minds and in history books, but also in the dozens of historic buildings all around the city whose age and pedigree make them too important to get rid of, but too outdated to still serve their original purpose. Buildings meant to be offices a century ago no longer meet the needs of office tenants today, so in order to avoid money-wasting vacancy or tragic dilapidation, these buildings need to find new uses. Fortunately, the rebounding economy is seeing a lot of interest in rescuing these historic buildings by changing their use from offices to something new… Curbed Chicago
- Citizens Financial Co-Finances $296M for West Loop Tower – Citizens Financial Group recently helped complete a $296 million construction loan to finance the development of 150 N. Riverside, one of several new office towers beginning to rise along the Chicago River in the West Loop. The O’Donnell Investment Co. began construction on the 53-story, 1.2-million-square-foot building in July and the loan closed in August, Citizens’ officials tell GlobeSt.com. The bank was the joint lead arranger and joint bookrunner along with Bank of America and Helaba… Globe St.
- Hearn poised for big gain in $241 million Loop office sale – After buying a 40-story Loop office tower three years ago and filling up most of its empty space, Hearn Co. is selling out for a big profit. The Chicago-based office investor agreed to sell the Helmut Jahn-designed tower at 55 W. Monroe St. for about $300 per square foot, or $241 million, to John Hancock Real Estate, according to people familiar with the deal… Crain’s Chicago
- South Street Capital plans office project on Chicago’s Goose Island – A Chicago real estate investor is doubling down on its bet that Goose Island will emerge as an office market, planning a $90 million project accessible by a new cycling and pedestrian bridge over the Chicago River. A venture of South Street Capital paid almost $8.25 million Aug. 28 for the Goose Island Boat Yard, a three-acre property along the Chicago River where it plans to build a six-story, 350,000-square-foot office building, said South Street Co-founder Matt Garrison… Crain’s Chicago
- What Corporations Can Coopt from Co-Working – Companies seeking to attract top, young talent—and who isn’t?—by creating dynamic work environments should look not only at the non-traditional spaces seen in large tech companies, but also at smaller incubators offering co-working spaces. Co-working originated within the corporate environment in the early 2000s to support “co-opetition”—collaborations and even partnerships between competitors with synergistic strengths (think of Microsoft and Cisco)… NREI
Bradford Allen Represents Residential Home Health in Office Relocation and Expansion
CHICAGO, IL, – Bradford Allen Realty Services is pleased to announce that Senior Managing Director Joel Berger has completed a new 17,000 square foot lease on behalf of Residential Home Health at 1431 Opus Place (Executive Towers West I) in Downers Grove, Illinois.
Residential Home Health, one of the largest providers of home health and hospice services in the Midwest, is relocating to Executive Towers West I from 40 Shuman Blvd. in Naperville, Illinois. Founded in 2001, the firm recently acquired Elmhurst Memorial Home Health and Elmhurst Memorial Hospice creating the need for additional space as well as a new centralized location. Berger assisted the firm with its site selection analysis, ultimately securing space within Executive Towers West I which more than doubled the firm’s existing offices. The new 17,000 square foot office space will be customized to accommodate Residential Home Health’s requirements including classrooms as well as training rooms.
“Residential Home Health is a dynamic and growing organization and Executive Towers West I provided the location, amenities and space needed to accommodate the firm,” said Bradford Allen’s Berger. “It also provides a centralized location to best serve Residential Home Health’s existing Naperville employees as well as the new team from Elmhurst.”
Berger and co-broker, Skyline Properties from Troy, Michigan, represented Residential Home Health in the lease negotiations. John Norris, John Clark and Rob Lundin with Newmark Grubb Knight Frank represented ownership in the lease transaction.
About Bradford Allen Realty Services
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. For more information please visit our website at www.bradfordallen.com.
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
Check out the top news in Chicago commercial real estate before heading into the weekend!
- Can a new broker fill Trump’s long-vacant retail space – Donald Trump’s controversial decision to splash his name on his River North skyscraper drew lots of national media attention over the summer. Now the outspoken developer will test whether tenants took notice. New York-based Trump Organization hired retail brokerage RKF to find office tenants to fill the lower two levels of the long-vacant four-level shopping area at the base of the Trump International Hotel & Tower at 401 N. Wabash Ave… Crain’s Chicago
- Dom & Tom Expands in Chicago with Plans to Increase Presence in the City – In an ongoing effort to increase its presence in Chicago, digital development agency, Dom & Tom Inc. announced today that the company is doubling its office space in the Tribune Tower and adding several new web & mobile developers, UX/UI specialists, visual designers, and digital strategists to their staff. Cofounder and CEO, Tom Tancredi, has relocated to the Chicago office from New York City, where the company was founded five years ago, to focus on the company’s continued expansion… World Business Chicago
- Healthcare No Longer a Niche Market – Harrison Street Real Estate Capital just pulled off the biggest healthcare deal of the year, and Mindy Berman, the managing director of JLL, which brokered the 12-asset, $283 million sale, tells GlobeSt.com that the offering generated greater interest from investors than normally seen, partly due to the growing importance of medical office in general, and partly due to the way the Chicago-based Harrison carefully constructed this specific portfolio. The investors who bought the properties were not disclosed… Globe St.
- Innovation-focused Morgan Manufacturing to open in Fulton Market – A revamped industrial complex in the Fulton Market district will give large corporations another urban space to connect with up-and-coming Chicago companies. Morgan Manufacturing, an 88,000-square-foot event, meeting and work facility slated to open by late September, will provide space for organizations such as the Chicago Innovation Awards to bring potential partners together, the company announced Monday… Chicago Tribune
- What Your Workplace Says About Your Company Culture – The world’s highest-performing and most innovative companies create physical workspaces that support business goals and culture, foster innovation and collaboration and promote employee retention. The saying that “every picture tells a story” is supported by the fact that office spaces of today often reveal more about companies’ cultures than the “About Us” sections of their websites… NREI
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
Check out the top news in Chicago commercial real estate before heading into the weekend!
- Chicago a top city for fastest-growing companies, Inc ranking says – Chicago is a top city on Inc.’s annual ranking of America’s fastest-growing private companies, the magazine said today. The Inc. 5000 ranking for 2014 analyzes companies’ three-year revenue growth and lists the 5,000 fastest-growing private companies and small businesses in the U.S. Chicago has 95 companies on the list — the most of any city except New York. San Francisco came in at No. 7, with 63 companies… Crain’s Chicago
- Global Investors Target Secondary Markets – Foreign investors have long flocked to the top gateway markets like New York, San Francisco, and Washington, DC, but increasingly these individuals and institutions are poking around secondary markets throughout the US, a reflection both of the American economy’s strength and the transparency provided by the country’s real estate laws… Globe St.
- Why real estate investors just can’t quit Chicago – The possibility of substantial tax increases to pay for the city’s and state’s unfunded pension obligations hasn’t prevented real estate investors from plunking down big sums—even record-breaking ones—to snap up property in the area.“I think it’s an issue, but I don’t think it’s stopping anyone from investing in Chicago… Crain’s Chicago
- Selling points: Why now is a good time to sell – The recent sale of 200 W. Monroe, a 23-story office tower located in The Loop in downtown Chicago, drives home a point that has become increasingly evident in recent months: Today’s real estate market is a great one for sellers. And, like any good sellers’ market, it is not a bad market for buyers, either… RE Journals
- U.S. Construction Shifts Into Second Tier – Construction projects in cities across the country that stalled during the economic downturn now are getting the green light, an indication that the real-estate recovery is spreading beyond a handful of urban areas. The construction of office buildings, hotels and apartment buildings picked up in New York, San Francisco and Boston several years ago. Now activity is spreading to Atlanta, Chicago, Las Vegas and a number of other cities that are finally seeing a pickup in employment, economists say… Wall Street Journal
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
Check out the top news in Chicago commercial real estate before heading into the weekend!
- Amid rising market, pile of bad real estate debt shrinks further – Special servicers — firms that get paid to work out bad real estate debt — have a lot more free time these days. The delinquency rate on Chicago-area commercial mortgage-backed securities (CMBS) loans dipped below 5 percent in May and has stayed there, its lowest point since January 2010, according to Trepp LLC, a New York-based research firm. The rate was 4.9 percent in July, down from 7 percent a year earlier and a peak of 10.6 percent in January 2013… Crain’s Chicago
- After legal fight, Des Plaines office building sells for huge discount – A Chicago investor bought a nearly half-empty foreclosed office building near O’Hare International Airport for $6.2 million, less than a third of what the lender was owed on it. The sale of the 244,049-square-foot building at 1350 E. Touhy Ave. ends a troubled chapter that began in December 2009, when the property’s developer, Des Plaines-based MR Properties LLC, filed for Chapter 11 bankruptcy protection... Crain’s Chicago
- Serial converter has no such plans for latest Loop office tower buy – Prices of the area’s biggest commercial properties keep rising, and so do their taxes. Property taxes rose at nine out of the 10 commercial properties in Cook County with the highest bills in 2013, according to the Cook County Treasurer’s Office. That’s similar to the 2012 tax year, when tax bills also mostly rose for the area’s biggest landlords. Yet unlike 2012, when five of the most valuable commercial properties here were hit with double-digit tax increases, increases in the past year were more modest, perhaps reflecting a cooling real estate market that was red-hot throughout 2012 and into 2013… Crain’s Chicago
- Office space, the final frontier – When Montgomery Ward & Co. opened its massive Catalog House along the Chicago River in 1908, it was at the cutting edge of commerce, with “pickers” on roller skates zipping through the halls to gather merchandise ordered from the retailer’s catalogs.
More than a century later, the behemoth at 600 W. Chicago Ave. is once again a pathbreaking address in Chicago commerce. Every day, hundreds of employees bicycle to work at Groupon Inc., where they sell all manner of products and services via the Internet. It’s just one sign of how the city’s burgeoning tech sector is radically transforming the largest downtown office market west of Manhattan… Crain’s Chicago - Zell Tackles Overhaul at Equity Commonwealth: Real Estate – Since taking over Equity Commonwealth in an investor-led revolt almost three months ago, Sam Zell and his team have found buyers for more than $200 million of properties, sold shares in a former unit and moved the company’s headquarters. Now they face a bigger challenge. Zell and one of his longtime deputies, David Helfand, must remake the Chicago-based office landlord after an ouster of top executives based on claims of mismanagement and a misdirected strategy. They’re in charge of a disparate group of more than 100 properties in U.S. suburbs and markets where rent growth is slower than in big cities such as… Bloomberg
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
Check out the top news in Chicago commercial real estate before heading into the weekend!
- Adventus buys Chicago-area office property near O’Hare – A Canadian real estate investment trust with a voracious appetite for office properties in the Chicago suburbs has zeroed in its largest deal yet, agreeing to pay just over $95 million for a complex near O’Hare International Airport. Vancouver, British Columbia-based Adventus Realty Trust has a preliminary deal to buy the three-building Columbia Centre complex in Rosemont for a little more than $95 million, or $154 per square foot, according to people familiar with the deal… Crain’s Chicago
- Morgan/Harbour Construction completes HQ’s for Hub Group – Morgan / Harbour Construction has completed the new ground-up 130,000 square foot, four-story office build-to-suit for the Hub Group (NASDAQ: HUBG) at 2000 Clearwater Drive in Oak Brook, Illinois. The build-to-suit office project represents the first new office building in Oak Brook since 2000. A leading asset-light freight transportation management company providing comprehensive intermodal, truck brokerage and logistics services, Hub Group relocated its headquarters and nearly 500 employees from its previous locations in Illinois... RE Journals
- Property taxes up at biggest buildings in Cook County – Prices of the area’s biggest commercial properties keep rising, and so do their taxes. Property taxes rose at nine out of the 10 commercial properties in Cook County with the highest bills in 2013, according to the Cook County Treasurer’s Office. That’s similar to the 2012 tax year, when tax bills also mostly rose for the area’s biggest landlords. Yet unlike 2012, when five of the most valuable commercial properties here were hit with double-digit tax increases, increases in the past year were more modest, perhaps reflecting a cooling real estate market that was red-hot throughout 2012 and into 2013… Crain’s Chicago
- Virtual Marketing Helps Brokers Showcase Properties – There has been a lot of buzz about the use of drones to capture aerial photos and a bird’s eye view of properties. Yet drones are just one of the high-tech tools that brokers use these days to market real estate assets for sale or lease. Although the Federal Aviation Administration (FAA) has taken steps to crack down on drones, the use of such unmanned aerial vehicles to shoot photos has become increasingly popular among both commercial brokers and residential realtors… NREI
- Before IPO, Enova picks future Chicago HQ – As it gets ready to be spun off into its own publicly traded company, online payday lender Enova International Inc. found a new Chicago headquarters. Enova signed a 12-year lease for 160,240 square feet in the 23-story office tower at 175 W. Jackson Blvd., where it will move early next year, the company confirmed… Crain’s Chicago
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
Check out the top news in Chicago commercial real estate before heading into the weekend!
- Construction deals rise in first half – The local construction industry got off to a strong start during the first half of the year but will likely be challenged to continue such a pace as 2014 wears on. Signed contracts for commercial and residential construction projects in the Chicago area hit nearly $4.3 billion during the first six months of the year, up 16 percent versus $3.7 billion in deals during the same period a year ago, according to data from New York-based McGraw-Hill Construction… Crain’s Chicago
- BECO buys Motorola Mobility’s Libertyville campus – The vacant former Motorola Mobility campus headquarters in Libertyville has been acquired by a Washington, D.C.-based commercial real estate company that plans to remake the space into an “innovation campus.” BECO Management Inc. said Monday it purchased the five-building, 1.2-million-square-foot complex on 84 acres of land for $9.5 million… Chicago Tribune
- Is something wrong with Chicago’s suburbs? – In the past, I’ve written about Connecticut becoming a suburban corporate wasteland as well as the rise of the executive headquarters in major global city downtowns. What we see is anecdotal signs of re-centralizing, while the more bread-and-butter — though still often well-paying — jobs are heading to less-expensive suburban locales in places like Austin, Texas; Charlotte, North Carolina; and Salt Lake City. This leaves expensive and business-hostile suburbs around global cities, like most of those in Connecticut, in a tough spot… Crain’s Chicago
- Wintrust sings lease for 231 S. LaSalle – Wintrust Financial Corporation has entered into a long term lease for the main banking hall, multiple floors, retail space and primary signage to the iconic 231 South LaSalle building. Built in 1924, the building is located at the base of “the canyon” on the corner of LaSalle and Jackson, across from the Federal Reserve Bank and the Chicago Board of Trade. Once the home of Continental Illinois Bank, the building is considered one of the most recognizable buildings in the Loop and features a banking hall believed to be one of the largest of its kind in the world… RE Journals
- Sterling Bay to buy LaSalle-Wacker Building – Sterling Bay Cos. has found its next target: an 85-year-old riverfront office tower on Wacker Drive. A venture of the Chicago-based developer agreed to pay $53 million for most of the 41-story art deco tower at 221 N. LaSalle St., known as the LaSalle-Wacker Building, according to a person familiar with the deal. The acquisition marks another turnaround opportunity for Sterling Bay, which is converting the former Fulton Market Cold Storage building into Google Inc.’s future Chicago office and is trying its hand at the long-vacant, 2.7 million-square-foot Old Main Post Office straddling the Congress Parkway… Crain’s Chicago
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
Check out the top news in Chicago commercial real estate before heading into the weekend!
- GoHealth subleases River North building near HQ – In the latest real estate deal involving a fast-growing technology company, GoHealth LLC added space in River North in a building that backs up to its headquarters. GoHealth subleased a three-story, 42,000-square-foot loft building at 219 W. Superior St., said CBRE Inc., which represented the health care tech firm in the transaction. GoHealth accomplished a difficult feat in finding a larger block of space in River North, the city’s tightest office market. The area has 10.8 percent vacancy, well below 14.1 percent for all of downtown, according to Los Angeles-based CBRE… Crain’s Chicago
- Sale clears obstacle for potential Wacker Drive tower – At five stories, the headquarters of General Growth Properties Inc. is a stump in the forest of office towers that stand tall on Wacker Drive. But the building’s owner has moved a step closer to replacing the stubby structure with a high-rise of its own. A venture of Howard Hughes Corp. paid $12.3 million for the 43,000-square-foot parcel beneath the building at 110 N. Wacker Drive, according to Cook County property records. Dallas-based Howard Hughes has said it wants to redevelop the property, a more attainable goal now that it owns both the building and land underneath it… Crain’s Chicago
- The New Business Casual Is Still Uptight – Every workplace imposes certain behavioral standards on its workers — dress this way, talk that way, get lunch here and not there. Learning these standards is, we’re told, a big part of being successful. But what do we do if they’re constantly shifting, or if we’re not even sure what they are? At The Billfold, Megan Reynolds tackles one aspect of this question — the meaning of the word “professional.” As she notes, many of us have certain received ideas about what counts as professional — she mentions “pants that are not jeans” and “org charts… The New York Times
- With two LaSalle Street hotels already, Reschke comes back for thirds – After developing one hotel on LaSalle Street and starting another last year, Michael Reschke is laying plans for No. 3, the latest in a wave of new hotels planned for the city’s financial district. The Chicago developer plans to convert part of a vintage office building at 208 S. LaSalle St. into hotel rooms, according to an operating agreement for the property filed this month with the Cook County Recorder… Crain’s Chicago
- Workspace Variety’s the Key – A mix of workspace options is essential improving worker productivity, CBRE Group suggests in a new report. Titled “The Evolving Workplace: How US Office Space is Changing,” the study suggests a direction for the future of office-using tenants. “Organizations that provide flexibility and choice will create greater office efficiencies and higher levels of employee satisfaction,” the report states. “By more intensely utilizing their assets, they are able to reinvest in technology and a suite of services that can make the new workplace environment a reality for their workforce… Globe St.
Bradford Allen Suburban Team Negotiates Multiple Leases Throughout The Second Quarter
CHICAGO – Bradford Allen Realty Services’ suburban tenant representation team has arranged several leases throughout the second quarter in the Chicagoland suburbs. Senior managing director Joel Berger, director John Millner and director Ryan Moen have negotiated leases on behalf of five new clients.
Silgan White Cap, a leading worldwide supplier of metal, composite and plastic vacuum closures for food and beverage products, has renewed their office lease at 1140 31st Street in Downers Grove. Both Berger and Moen represented the firm in the 42,000 square foot renewal. The lease will accommodate the growing firm who acquired Naperville-based Portola Packaging late last year. Doug Jones, a Senior Vice President with HSA Commercial, represented the landlord.
Dex Media, a provider of social, local and mobile marketing solutions through direct relationships with local businesses, has leased 9,800 square feet of office space at 300 North Martingale Road in Schaumburg. The Dallas, Texas based firm, represented by Berger and Bob Acuff from Case Commercial, is consolidating four regional Regus office suites spread across the northwest market. Joe Stevens, a Senior Vice President with Transwestern, represented the landlord, LNR Realty Partners.
Additionally, the suburban tenant representation team has completed leases on behalf of:
- Trinity Holistic Health Center – in a renewal at 8501 W Higgins Rd in Chicago. Represented by Berger.
- Mortgage Services III, Inc – in a renewal at Brittany Towers, 17 W662 Butterfield Road in Oakbrook Terrace. Represented by both Berger and Moen.
About Bradford Allen Realty Services
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. For more information please visit our website at www.bradfordallen.com.
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
Check out the top news in Chicago commercial real estate before heading into the weekend!
- CBRE acquires Chicago’s U.S. Equities – Chicago boutique brokerage U.S. Equities Realty LLC has been acquired by CBRE Inc., the world’s largest commercial real estate firm, following months of rumors of a deal swirling in local real estate circles. Los Angeles-based CBRE today completed the deal for the U.S. business of the firm that was founded in 1978, the companies said. Terms of the deal were not disclosed. The deal does not include U.S. Equities’ Latin American business… Crain’s Chicago
- Chicago slowly, but steadily, increasing construction activity – Although not as strong as the robust economic recoveries experienced in Texas and along the West Coast, Mathew R. Dougherty, P.E., executive vice president and regional manager –Midwest at McShane Construction Company, says Chicago and the Midwest Region has experienced a slow, but steady increase in construction activity over the past 12 months. “Most notably, two large market sectors, industrial and multi-family, comprise the majority of new construction activity,” he said. “Within the industrial market, there has been a shift over the past 18 months in supply and demand… RE Journals
- Uncle Sam wants ideas for State Street buildings – The federal government is trying to figure out what to do with a stretch of State Street that’s not so great. The U.S. General Services Administration is seeking ideas for four vacant and vintage buildings it owns on the 200 block of South State Street, the beginning of a process that could lead to an opportunity for developers to revitalize a key Loop block that progress left behind. The GSA, which runs the Everett M. Dirksen Federal Office Building & Courthouse behind the buildings, took them over nearly a decade ago, thinking it might need the properties for a new office building… Crain’s Chicago
- Publisher books suburbs’ second-largest office lease of 2014 – Textbook publisher Houghton Mifflin Harcourt Co. leased 106,000 square feet in Itasca, the second-largest office lease this year in the Chicago suburbs. The Boston-based publisher and educational content producer signed a 12-year deal at 1 Pierce Place in the west suburb and plans to move 340 employees there from Rolling Meadows in October 2015, a company spokeswoman said. The employees, who work in product development, research, sales, marketing and customer service, will move from 110,000 square feet Houghton Mifflin leases in the Atrium Corporate Center, 3800 Golf Road in Rolling Meadows, the spokeswoman said… Crain’s Chicago
- Sterling Bay Expanding Into Midwest – As reported yesterday in GlobeSt.com, Sterling Bay Companies just entered into a partnership with New York-based J.P. Morgan Asset Management that makes the latter a co-developer of the many Near West Side buildings Sterling has bought since 2012. And today Sterling principal John Gavin tells GlobeSt.com that such a partnership was essential. Renovating the more than 20 assets, which includes the giant Fulton Market Cold Storage building at 1000 W. Fulton and Fulton West, a portfolio of existing and partially completed office, retail and parking facilities, would run up about $750 million in project costs, far beyond Sterling’s capacity if it were to go it alone… Globe St.
Bradford Allen Special Report: Take Your Office Search To The Next Level
The technology scene is witnessing tremendous growth. According to Built in Chicago, funding to Chicago start-ups has increased 169% from 2012 to 2013. This additional funding has the best of the best go from fledging idea to growing company in no time. With the growth, operational challenges start to multiply as well. Perhaps the biggest of these challenges involves real estate, which is one of the largest line items on a company’s balance sheet.
In a recovering economy where office space is getting tighter, the challenges are heightened. The right space at the right price can foster a culture to help you attract the talent necessary for success. The wrong location or a lease under dubious terms could undermine the very viability of a business.
Major company relocations from the suburbs to downtown by Motorola Mobility and Gogo, as well as expansions by kCura, Fieldglass, Vivid Seats and Punchkick Interactive illustrate that the pendulum is beginning to swing in favor of the landlords, especially in the River North submarke
The competitive office conditions may be particularly acute for smaller, entrepreneurial companies that often focus narrowly on the brick and timber loft buildings common in River North. With a total inventory of just over 17 million square feet, the River North submarket continues to record positive net absorption, which helped keep the vacancy rate at only 9.4% at the end of the first quarter
While landing the right space is tough, here are a few considerations that can help companies stay nimble and successfully navigate through the commercial office space market in downtown Chicago…
Mid-Year 2014 Chicago Suburban Office Market Report
Suburban Office Market: Vacancy and Availability Numbers Don’t Tell True Story
The suburban Chicago office market saw mixed statistical conditions during the first part of the year. Demand improved significantly in 2Q. 493,984 SF of net absorption was recorded decreasing YTD net absorption to -518,096 SF. This positive absorption in 2Q was not enough to decrease the vacancy rate, as it stands at 18.9% overall compared to 18.6% at year-end 2013. However, these current statistical conditions do not tell the entire story in suburban Chicago. Another large tenant migration to the CBD had a great impact on the overall vacancy and availability numbers since year-end 2013. Taking out the single 1,121,186 SF that Motorola left vacant, the net absorption for the year would jump to 603,090 SF; a very positive statistic.
Second Quarter 2014 Chicago Downtown Office Market Report
Downtown Office Market Recovery Speeds Up As Multiple Tenants Sign Expansions
Chicago’s office market and the economy improved again this quarter. Despite a surprise contraction in 1Q GDP growth, the unemployment rate hit a low this June. National and statewide unemployment rates dropped to 6.1% and 7.9%, respectively. Both of these rates haven’t been this low since 2008. The improving economy correlated into vacancy and availability rates decreasing YOY from 14.1% and 18.4% to 13.4% and 16.6%, respectively.
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
Check out the top news in Chicago commercial real estate before heading into the weekend!
- KBS Closes $850 Sale of 300 N LaSalle – Officials from KBS Real Estate Investment Trust II said yesterday that they had closed on the sale, first announced in May, of the 300 N. LaSalle building to the Newport Beach, CA-based Irvine Company for $850 million, the most ever paid for a Chicago office building. The deal was also the third-largest office building transaction in the US this year, according to CoStar. KBS paid $655 million for the 60-story, 1.3-million-square-foot tower on the Chicago River back in 2010… Globe St.
- LaSalle Investment Management to buy 101 N Wacker – LaSalle Investment Management has agreed to pay $210 million for a 24-story office tower on Wacker Drive, another sign of the frothy downtown office sales market.The deal for 101 N. Wacker Drive continues the flow of foreign money into downtown office properties, including recent acquisitions by Japanese and Chinese ventures. LaSalle is buying the building from Hines Interests L.P. on behalf of German investors, according to people familiar with the transaction… Crain’s Chicago
- More New York Companies Experiment With Innovative Office Space – Alexander Saint-Amand admits he used his old desk to store his stuff: extra neckties, books and water bottles. As of last week, that became impossible because Mr. Saint-Amand no longer has a permanent desk at Gerson Lehrman Group Inc., the company he leads as chief executive. Like everyone else in the 250-person office, Mr. Saint-Amand is now assigned only a laptop, a headset and a locker. GLG’s new office design offers an array of workspaces—from comfortable couches to high stools at a barista-staffed coffee bar to single-occupancy glass booths… Wall Street Journal
- Office Lags Outside Energy, Tech Markets – For office markets with strong concentrations of energy or tech tenants, the recovery in demand has been equally strong. Outside of those markets, however, it’s considerably less robust, Albert Lindeman, SVP with Sperry Van Ness, tells GlobeSt.com. “The coasts are doing very well,” says Lindeman, citing New York City and San Francisco. “When you get into the energy sector, Denver and the Texas markets are growing dramatically.” In secondary markets such as Charlotte as well as Lindeman’s home base of Chicago, the expansion of tech tenants is contributing to growth… Globe St.
- Sterling Bay Companies and IPDNA Companies to revamp Chicago’s historic old Main Post Office – The rumors have been put to rest about Chicago’s old Main Post Office building. Officials from Sterling Bay Companies came forth recently announcing a partnership with Chair of International Property Developers North America (IPDNA), owner Bill Davies, to redevelop the property. Andy Gloor, managing principal of Sterling, told Illinois Real Estate Journal, that IPDNA has done an enormous amount of due diligence on the property in the last five years… RE Journals
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
Check out the top news in Chicago commercial real estate before heading into the weekend!
- DRW scraps plan for 17-story hotel on Fulton Market – Trader Don Wilson filed plans with the city for a Brooklyn Bowl bowling alley and nightclub on West Fulton Market, with one major omission: a 17-story hotel. The development arm of Mr. Wilson’s Chicago-based DRW Holdings LLC filed an application with the city June 25 to change the zoning for the property at 832-856 W. Fulton Market, where DRW plans the bowling alley from New York-based Brooklyn Bowl. But the application limits the development to three stories and makes no mention of the hotel that had been included in previous plans. The building would have stood 17 stories with many as 200 rooms. In the plan filed with the city, maximum height would be 50 feet… Crain’s Chicago
- Engagement Is Open Space’s Driving Force – Different degrees of open space in an office environment are acceptable to different firms, and it’s the design team’s job to determine the which degree matches the clients’ needs best, Heidi Hendy, founding principal of H. Hendy Associates, tells GlobeSt.com. But a uniting force behind all degrees of open-space work environments is the need for engagement among staff members. As GlobeSt.com reported in May, the locally based interior architecture firm has completed the construction of Monster Energy’s new headquarters building at 1010 Railroad St. in Corona, CA… Globe St.
- GE spinoff moving to Loop office complex – The owner of a 60-story Loop office complex brought in a General Electric Capital Corp. subsidiary to help offset the future loss of its two largest tenants. Retail Finance International Holdings Inc., a consumer finance unit of Norwalk, Connecticut-based GE Capital, signed a 76,000-square-foot lease at 227 W. Monroe St. in Franklin Center, according to a person familiar with the deal. The lease closed in the second quarter, and the GE unit is moving from office space the company occupies at nearby 500 W. Monroe St., the person said… Crain’s Chicago
- The Roll of the Office Cycle – In many ways, the office sector’s position along the real estate cycle resembles that of the 2005/2006 period. The market is rising at a steady pace, as it did in 2005 and 2006: average national vacancies, which have fallen for four years straight, are under 12 percent and closely aligned with 2005 levels. Investors are once again underwriting strong income growth, as rents signed at the bottom of the market will receive mark-ups when they roll to market rate—at least at the better-quality assets. Liquidity is strong, with trading volume well above historical averages and nearly back to 2007 peaks (when the assets of the former Equity Office Properties portfolio ping-ponged between investors)… NREI
- Office Recovery Spreads Across US – During the second quarter, the US office sector reached a milestone on its road to a true recovery, according to a new research by JLL. Although office users and landlords reported a lot of activity, it was perhaps more significant that increased velocity was seen in markets far beyond the gateway cities and areas like New York, San Francisco and Silicon Valley. “First and foremost, we saw in the second quarter about 14-million-square-feet of net absorption,” John Sikaitis, JLL’s managing director for local markets and office research, tells GlobeSt.com, a boost of about 38% from the second quarter of last year. Overall, tenants leased 61.9-million-square-feet of space during the second quarter… Globe St.
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
Check out the top news in Chicago commercial real estate before heading into the weekend!
- Five Reasons People are More Important Than Buildings – The word “office” doesn’t mean what it used to. When workers refer to going into the office, they could mean they’re heading to the brick-and-mortar building that houses their company, but they could also be referring to the unlimited expanse of the digital and technological world that connects the workforce in previously unimaginable ways. Today’s office travels where the worker goes.This worker-centric structure requires that the workspace be flexible, mobile, and managed by technology. Times are changing, and the office needs to keep up. Here are five ways offices should already be putting people first… WorkDesign Magazine
- LaSalle Street office towers sell for $270 million – Two office towers facing each other on LaSalle Street sold for more than $270 million combined. New York-based AmTrust Realty Corp. paid $237.5 million for the 43-story tower at 30 N. LaSalle St., while Chicago-based John Buck Co. paid $32.8 million to seize a financially distressed 38-story tower at 33 N. LaSalle St. through a deed-in-lieu of foreclosure, according to Cook County property records… Crain’s Chicago
- New, state-of-the-art headquarters to stand as symbol of Zurich’s growth in North America – Zurich North America Commercial and North American Regional Chairman Mike Foley and dignitaries, including Illinois State Sen. Dan Kotowski, Illinois State Rep. Michelle Mussman and Schaumburg Mayor Al Larson, have broke ground on Zurich’s new North American headquarters. The 40-acre site will be home to the 735,000-square-foot-building that will house 2,500 employees and contractors who work in Schaumburg and live in the surrounding communities… RE Journals
- Rent jump at Chicago’s best office towers – Chicago office landlords that endured the recession are enjoying a comeback — for those who own high-end towers, anyway. Landlords with upper-tier buildings collected a lot more in rent last year than they did in 2012, according to a report by New York-based Savills Studley. The report looks at effective rents, which factor in extra costs that affect how much landlords take in and tenants pay out… Crain’s Chicago
- Tech Firms Hitting the Tipping Point – According to the new MBRE Index, landlords of the 30 newest class A office buildings in downtown Chicago saw, partly due to significant leases signed by tech firms, the direct vacancy rates for their properties decline over the last quarter from 11.2% to 10.3%. The decline was a recovery from the previous quarter, when the same buildings had an increase in vacancy, breaking what had become a pattern of steady improvement in the market… Globe St.
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
Check out the top news in Chicago commercial real estate before heading into the weekend!
- Charles Schwab Chooses 150 S Wacker as long-term home – Charles Schwab has selected 150 South Wacker Drive for its corporate offices, inking a lease for 105,000 rentable square feet at the strategically located West Loop office tower. Schwab was represented by Colliers International, and ownership of 150 South Wacker Drive was represented by Fulcrum Asset Advisors, LLC and Lincoln Property Company. With its 65,000 square foot expansion, Charles Schwab is now the largest tenant at 150 South Wacker Drive, and has committed to occupy 20% of the building… RE Journals
- Musicians performing in glass at the Hancock? Could Happen – Not long after luring thrill-seekers to the “Tilt” on its 94th-floor observation deck, the John Hancock Center may get an eye-catching addition at street level. An owner of the 100-story tower hopes musicians will soon entertain crowds in the public plaza from inside a glass, diamond-shaped structure rising four to five stories above North Michigan Avenue… Crain’s Chicago
- Sterling Bay Launches Remake of Post Office – A lot of rumors have swirled around the eventual fate of the city’s old Main Post Office Building, but yesterday officials from Sterling Bay Companies said they would partner with owner Bill Davies, chair of International Property Developers North America, to redevelop the property. The partners envision that the first phase will cost $500 million and transform the hulking structure, which arches over the Eisenhower Expressway, into 2.7-million-square-feet of modern office space and retail amenities… Globe St.
- War for Talent Driving Office Leasing Decisions – There’s a massive shortage of available workers between the ages of 18 through 64 happening today, a trend that is causing company CEOs sleeplessness and will ultimately affect where prime offices will be located by 2030.According to a recently released Cushman & Wakefield report, “Human Capital: The War for Talent and its Effect on Real Estate… NREI
- Trouble at Top – The Willis Tower in Chicago—formerly the Sears Tower—is hitting a patch of financial turbulence as its owners try to fill vacant space. Earlier this month, Fitch Ratings reported that the owners of the boxy, black skyscraper were seeking a loan modification to complete a lease. The ratings company said the $774 million mortgage on the tower was transferred to the control of special servicer CWCapital Asset Management LLC, a distressed-debt specialist that oversees modifications on behalf of investors that hold the tower’s debt… Wall Street Journal
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
Check out the top news in Chicago commercial real estate before heading into the weekend!
- Chicago’s Suburbs Suffer from Companies’ Flight to CBD – As members of the millennial generation continue to choose downtown living, the companies that follow them may be the bigger story of the economic recovery. But this flight to urban cores is coming at the expense of suburban class-A office parks.Suburban Chicago’s 155-million-sq.-ft. office market, which now has approximately a 23 percent vacancy rate, shows a continued struggle for relevancy. The Windy City’s suburbs experienced 1.2 million sq. ft. of negative space absorption in the first quarter, with demand stunted in part because large firms were either packing up and moving downtown or consolidating multiple uses in single locations. The moves included Motorola Mobility’s removal from 1 million sq. ft. in Libertyville, Ill. to the Merchandise Mart in the Chicago Central Business District (CBD), and Capital One leaving 200,000 sq. ft. in Mettawa to move to the former United Airlines space at 77 West Wacker… NREI
- Energy, Jobs Loom Largest as CRE Issues – The number one issue affecting commercial real estate in the near and long term? America’s growing energy independence, says the Chicago-based Counselors of Real Estate, which put it at the top of its annual Top Ten Issues Affecting Real Estate list, released Wednesday. Other issues in the association’s top 10 list this year: jobs, millennials, healthcare, globalization, water supply, the capital markets, housing, manufacturing and agriculture. “The list reflects growing economic and political turmoil, changing demographics and the lifestyle choices of an emerging generation, rising energy independence in the United States and a strengthening job market fueled in part by massive changes in the delivery of healthcare,”… Globe St.
- Four new hotels under way in Schaumburg – The long paralyzed growth of the hospitality industry in Schaumburg will break its shackles this summer as construction gets under way on four new hotels. Final approval is scheduled Tuesday for an extended-stay TownePlace Suites and a short-stay Fairfield Inn & Suites to be built side by side along National Parkway, near Higgins Road and the Tilted Kilt restaurant. A 93,000-square-foot Cambria Suites hotel delayed by economic concerns since its approval in 2006 has changed to a Radisson hotel and will break ground next month… DailyHerald
- Office investor doubles down on Monroe Street with $122 million buy – A Florida office investor is paying about $122 million for a 29-story Loop tower next to another office building it already owns. Real estate fund manager Beacon Investment Properties LLC is working to finalize a deal in which it would pay about $196 per square foot for 230 W. Monroe St., which is about 32 percent vacant, according to people familiar with the transaction. Although it is a relative newcomer to Chicago, Beacon is quickly gaining familiarity with the neighborhood around the 623,524-square-foot tower, which was completed in 1971… Crain’s Chicago
- Incremental Improvements in the Office Market Are No Longer a Surprise – The national vacancy rate for the office sector fell to 16.8 percent in the second quarter, a 10 basis point decline over the first quarter of the year. This is in line with trends witnessed over the last three and a half years. Vacancies peaked at 17.6 percent in late 2010, and since then any recorded declines were no larger than 10 basis points. It has certainly been a slow recovery, but quite in line with expectations, given an economy that has been growing at an average of 2 percent per year since the end of the recession. On a slightly positive note, net absorption registered its highest quarterly increase since late 2007, with occupied stock rising by 9.8 million sq. ft… NREI
Bradford Allen Represents Consumers Digest Communications in Lease Renewal
CHICAGO – Consumer Digest Communications, a consumer products review periodical, has signed a 9,987 square foot, long-term lease renewal at 520 Lake Cook Road. The publisher has operated out of its Deerfield location for the past ten years.
Bradford Allen Senior Managing Director Ben Azulay represented Consumer Digest Communications in the transaction. Chris Cummins and Steve Kling of Colliers International represented the landlord, Arden Realty.
“Consumers Digest Communications analyzed several relocation options in the area, but ultimately the combination of the building’s quality and location made a renewal the optimal decision for them,” said Azulay.
About Bradford Allen Realty Services
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. For more information please visit our website at www.bradfordallen.com.
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
Check out the top news in Chicago commercial real estate before heading into the weekend!
- After Hancock buy, Hearn to pay $375 million for Loop office tower – In yet another sign of climbing office building values downtown, Hearn Co. is paying about $375 million for the 57-story Three First National Plaza in the Loop. Chicago-based Hearn will pay about $260 per square foot, or 9 percent more than a Hong Kong-South Korea venture paid less than three years ago for the 1.4 million-square-foot tower at 70 W. Madison St., according to people familiar with the transaction… Crain’s Chicago
- Art Deco tower on Wacker Drive could fetch $48 million – An 85-year-old riverside tower previously redeveloped as an office condominium building is now being offered for sale outright, with the owners hoping to fetch close to $48 million. The owners, a group of South American investors affiliated with Miami-based Cape Horn Group LLC, hired Los Angeles-based CBRE Inc. to sell most of the 41-story art deco tower at 221 N. LaSalle St., also known as the LaSalle-Wacker Building, confirmed Dan Deuter, senior vice president in CBRE’s Chicago office… Crain’s Chicago
- Five Ways to Make Your Office A Happier, More Productive Place – According to Gallup’s 2013 State of the American Workplace Report, which surveyed more than 150,000 full- and part-time workers, only 30 percent of employees are engaged and inspired at work. A happy worker means a more productive worker, so it’s important that managers make serious efforts to make their workplace more enjoyable. So what is it that today’s workforce wants? And how can you give it to them in a way that’s cost-effective and best for your company? Elizabeth Dukes, co-author of Wide Open Workspace and co-founder of iOffice, has five suggestions… Work Design
- Chicago’s land marking push unsettles burgeoning Fulton Market area – Richard Pastorelli’s family has worked in the West Loop market district for 87 years and has a colorful history to show for it. Pastorelli, president of the company his grandfather founded in 1927, said Pastorelli Food Products survived its early years by bartering with the manufacturers that lined Randolph Street, trading truckloads of sugar and soap chips for paper and canned goods. During the Depression, he said, the company sold sugar primarily to Al Capone’s distilleries that occupied the second floors of many buildings along the corridor… Chicago Tribune
- O’Hare Marriott owner plans big office project next door – More than four decades after it was built, the Chicago Marriott O’Hare could add some new neighbors—office tenants. The property’s owner, Host Hotels & Resorts Inc., is asking the city for a zoning amendment that would allow development of 750,000 square feet of new office space and a 3,000-space parking garage, according to plans filed with the city. Host’s plans show three office buildings of up to 18 floors surrounding the parking structure, all of which would be built along the west side of the hotel. The site is on Higgins Road on the north side of the Kennedy Expressway, between River and Cumberland roads… Crain’s Chicago
Bradford Allen Completes 21,000 SF Lease in Bolingbrook
CHICAGO – Bradford Allen Realty Services is pleased to announce the firm has recently completed a 21,000 square foot lease for Fidelity Information Systems (FIS) at Creekside Corporate Center located at 270 Remington Boulevard in Bolingbrook, IL.
After analyzing multiple options in the market, FIS, a global provider dedicated to banking and payments technologies, chose the Creekside Corporate Center for its well-surrounded location and hands-on ownership. Bradford Allen directors Ryan Moen and John Millner represented the building’s ownership, Sperry Equities. FIS was represented by Erik Ozolins of California-based Orion Realty.
“The firm was drawn to the convenient Bolingbrook location, competitive pricing, and proactive ownership,” says Millner. The collaborative efforts of the ownership, leasing and management were able to provide Fidelity Information Systems with a smooth and fast deal for their new facility.
270 Remington and 480 Quadrangle in Bolingbrook, collectively known as Creekside Corporate Center, were purchased by Irvine, California-based Sperry Equities in August 2013. The office complex, which consists of approximately 98,000 square feet of single story office space, has 17,000 square feet remaining.
About Bradford Allen Realty Services
Bradford Allen Realty Services, a Chicago-based, national commercial real estate company provides a full array of brokerage services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. Services include: Tenant Representation, Landlord Representation, Property Management, Commercial Real Estate Finance Corporate Services, and Investment Sales. Please visit our website at www.bradfordallen.com.
Bradford Allen Promotes Tom Hanrahan To Research and Communications Director
CHICAGO – Bradford Allen is pleased to announce the promotion of Tom Hanrahan to Research and Communications Director.
Hanrahan joined Bradford Allen in 2013 and has quickly built an impressive reputation within the firm, providing data-driven market analysis and intelligence for the Chicago CBD and suburban office markets while developing cutting-edge research related marketing tools. He was formerly an Associate.
In his new role, Hanrahan will continue to provide market research and strategic insights to the firm, and will now oversee the firm’s public relations, social media initiatives and corporate communications platform.
Prior to joining Bradford Allen, Tom was an associate at Barrington Research, a full-service investment firm, providing research, brokerage, investment banking and asset management services.
A graduate of Adrian College in Adrian, Michigan, Hanrahan is a member of the Young Real Estate Professionals (YREP) organization.
About Bradford Allen Realty Services
Bradford Allen Realty Services, a Chicago-based, national commercial real estate company provides a full array of brokerage services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. Services include: Tenant Representation, Landlord Representation, Property Management, Commercial Real Estate Finance Corporate Services, and Investment Sales. Please visit our website at www.bradfordallen.com.
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
Check out the top news in Chicago commercial real estate before heading into the weekend!
- Co-Working Centers Continue to Carve Out Bigger Niche – Although it remains a highly fragmented industry, companies catering to the demand for co-working or shared office spaces are continuing to expand and add more services to appeal to today’s workers on the go. There continues to be healthy growth in all sectors of the “workspace on demand” niche, ranging from business centers and executive suites to incubators and even hotels that are now offering drop-in space on a permanent or temporary basis, notes Mark Gilbreath, founder and CEO of LiquidSpace in San Francisco… NREI
- Building Owners Brace for Common Approach to Measuring Office Space – One of the biggest complaints of office tenants is that building owners throughout the world use different systems for measuring how many square feet or square meters tenants are leasing, deviating as much as 24% from one another. Now an international coalition of real-estate organizations formed last year is hoping to change that. The International Property Measurement Standards Coalition in June plans to announce a single measurement system for the global office market. “The current situation on measuring standards is totally unacceptable,” said Ken Creighton, chair of the coalition’s board of trustees. But whether or not building owners adopt or ignore the standards remains to be seen… Wall Street Journal
- Health Care Systems Seek Ways to Monetize MOBs – Hospitals and other health care providers, already dealing with changes brought by the new Affordable Care Act (ACA), are selling their assets to third party owners to reap the benefits of escalating property prices. Recent studies on medical office buildings (MOBs) by Colliers International, Newmark Grubb Knight Frank and JLL indicate that an abrupt slowdown in new development in 2013, along with the expected increase in demand for MOB properties, has created intense interest from investors… NREI
- Sam Zell takes charge of REIT, moves HQ to Chicago – Seven years after selling Equity Office Properties Trust, Sam Zell is the newly minted chairman of another Chicago-based office REIT. CommonWealth REIT shareholders today voted in a new board including the Chicago billionaire, marking the completion of a 15-month effort by Corvex Management LP and Related Cos. to overthrow management and install new trustees. The new board then installed Mr. Zell as chairman of the real estate investment trust and his deputy David Helfand as its president, CEO and acting chief financial officer and treasurer… Crain’s Chicago
- Here’s what it looks like when Willis Tower’s Ledge cracks – The Ledge tourist attraction at the Willis Tower has been closed after a report of cracking glass at the 103rd-floor attraction.The Ledge has been closed for a “routine inspection,” but the building’s Skydeck tourist venue on the 103rd floor remains open, said a Willis Tower spokesman. Earlier this morning, the spokesman said the Ledge remained open.The spokesman said a visitor is believed to have cracked the protective coating on one of the glass boxes, likely with a sharp object, at the Ledge while the venue was open last night… Crain’s Chicago
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
I’m sorry about jinxing the weather everyone. I clearly forgot where I lived. Check out the top news stories in Chicago Commercial Real Estate before heading into the weekend!
- KCura gobbles up more office space on LaSalle Street – Fast-growing legal software maker kCura Corp. is taking a big chunk of extra office space at its home on South LaSalle Street to accommodate all the workers it’s been hiring.The Chicago-based company is adding nearly 50,000 square feet at 231 S. LaSalle St., bringing its total space to 133,609 square feet. It’s the fourth time in as many years that kCura has expanded. In 2009, it had just 8,000 square feet, according to CBRE Group Inc., which represented the company. KCura has experienced explosive growth recently. The company hired 150 people last year and expects to add a similar number this year… Crain’s Chicago
- Hotels are in, office is out for proposed West Loop high-rise – Jupiter Realty Co. has changed course again on its proposed West Loop high-rise, opting to fill it with hotel rooms instead of apartments or office space. The Chicago-based developer wants to build a 23-story tower at 108 N. Jefferson St. with two hotels, a 210-room Hampton Inn and a 128-room Homewood Suites, sharing the building, according to an e-mail Ald. Brendan Reilly (42nd) sent constituents last week. That plan marks a big shift for Jupiter, which first proposed a 45-story tower with apartments and offices when it acquired the sitefor $7.5 million in 2007… Crain’s Chicago
- Open-Plan Office Space: Is It All It’s Cracked Up to Be? – According to popular accounts, the corporate workplace is changing, seemingly reducing demand for office space. The square footage per employee is shrinking due to the increased prevalence of the open-plan office format. As a result, tenants now require less space than they previously needed. The open-plan office format has been increasing in popularity since the recession, as many tenants viewed it as a way to reduce their real estate costs. Moreover, in theory, this format increases employee productivity through easier collaboration… NREI
- Paltry Office Pantries Give Way to Sleek Social Spaces -For 12 years, employees of Anbau, a luxury real estate investment and development firm, worked in a walk-up on Fifth Avenue with no kitchen pantry to heat lunches or make coffee. So it was fitting somehow that the kitchen would become the focal point of the company’s new offices, on East 26th Street, overlooking Madison Square Park. A boomerang-shaped bar made out of Indonesian mango wood doubles as the reception area, making it the first place visitors see. With limestone countertops and stainless steel appliances, the area is more reminiscent of a residential kitchen than it is of an office pantry. In the months since the company relocated, Anbau has hosted cocktail parties in the same place where employees eat lunch and hold staff meetings… NY Times
- Suburban Office Vacancy Rate Rises – The suburban Chicago office market has long suffered from a high vacancy rate, and in the first quarter, that number climbed to 21.2%, up from 20.3% at the end of 2013, largely due to the decisions of several corporations to move downtown and the decisions of others to shrink their footprints, according to Colliers, which recently published its overview of the first quarter. “While there continues to be improvement in certain pockets of the market, tenants in the suburbs are still acting conservatively,” the researchers note. Too few are ready to make the long-term commitments needed to create a healthy market, and many suburban landlords are still offering aggressive incentive packages… Globe St.
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
It’s starting to feel like summer in Chicago with the temperature rising (keep your fingers crossed). Check out our top Chicago Commercial Real Estate articles before heading into the weekend!
- Give the People What They Want – A recent survey conducted by Mancini Duffy and designed to gain insight into ways that companies can maximize workplace performance to produce successful business results found a large disconnect between what’s most important to employees in the workplace and what employers are currently providing. Focusing on the importance and current performance of workplace characteristics in the areas of brand, talent, agility and work patterns, responses were consistent across the 20 industry sectors represented, with themes recurring across the four categories. Furthermore, many of the characteristics cited as most important to employees were not only relatively easy givebacks, but ones that could increase flexibility and efficiency, better support the way people want and need to work and enhance the image of the corporation… NREI
- Marketing Technology Startup, Revenew, Moves headquarters to Downtown Chicago – Chicago Mayor Rahm Emanuel and Revenew CEO Nasrin Thierer announced today that the marketing technology startup has relocated from Palatine to downtown Chicago. The new office, at 200 W. Monroe Street, places Revenew in the heart of the city’s tech startup community, and houses the company’s thirty-plus employees, with room to accommodate additional planned growth.“Revenew’s relocation to downtown Chicago is a testament to our city’s growing status as a leading technology hub, which attracts the most innovative startups and top technology talent from all over the country,” said Mayor Rahm Emanuel. “I welcome Revenew to its new home and look forward to working with them and other startups as the industry continues to create 21st century jobs and opportunities for Chicagoans… World Business Chicago
- Chicago Stock Exchange Stays Put – The shift to electronic trading made the physical trading floor of the Chicago Stock Exchange unnecessary, and several years ago, the CSE gave up about 62,000-square-feet of the space it occupied for decades at One Financial Place, 440 S. LaSalle. That left the exchange with about 50,000-square-feet in the 40-story, 1-million-square-foot tower that anchors the southern end of the city’s financial district. And now the exchange has decided to give up about one-third of that space as it shifts to a more collaborative office layout.It has just signed a long-term renewal of about 33,000-square-feet at 440 S. LaSalle. The exchange has operated on the seventh and eighth floor, but will now consolidate operations onto one floor… Globe St.
- Walgreen checked out Main Post Office for HQ: report – In search of new digs for their headquarters, Walgreen Co. has scouted the hulking cement block that formerly housed the Main Post Office in the South Loop.But the Deerfield-based drugstore chain isn’t tipping their hand.The company told Crain’s Chicago Business it was “not engaged with developers on any new locations for our corporate headquarters.”But Crain’s reports that British developer Bill Davies, who owns the building, has negotiated with Walgreen without reaching an agreement.A source tells the Sun-Times that Walgreen reps were at the Illinois Department of Commerce and Economic Opportunity in January expressing interest in the post office, but discussions — described as preliminary — never broached job numbers or state incentives… Chicago Sun Times
- Strong Employment Numbers Lead to Hope for More Office Leases – There was a surge in hiring among national office tenants in April, with an addition of 75,000 new jobs, an increase representing more than one-third of the growth seen during the past 12 months. April’s improved employment statistics were reflected in most industries, with total non-agriculture new jobs rising by 288,000 and the national unemployment rate dropping to 6.3 percent, according to the U.S. Bureau of Labor. Employment in professional and business services increased by an average of 55,000 new jobs per month over the past year. The retail segment also saw an increase of about 35,000 new jobs in April, while growth in industrial employment was largely unchanged from previous months… NREI
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
After the 4 day break this week, the Blackhawks continue their road to the Stanley Cup finals. Check out our top Chicago commercial real estate articles before the game tonight!
- Toyota’s Jilting of California a jolt to Illinois – Sometimes they just leave. Without warning, they announce it’s over before you can beg and plead and promise. They tell you they’ve found a better fit, a partner that does things for them you haven’t or can’t. So they’re moving on and taking part of you with them. That’s what Toyota did this week to California. Anyone who worries about business in Illinois should take heed. Divorce is rampant these days. The Japanese carmaker, which gained a foothold in America through its relationship with Southern California, abruptly announced it will shift around 3,000 marketing and finance jobs from Torrance, Calif., to Plano, Texas, where it’s establishing a new North American headquarters outside Dallas… Chicago Tribune
- Sun-Times to shrink space at River North HQ – After cutting jobs, the owner of the Chicago Sun-Times is cutting office space at its riverfront headquarters. Wrapports LLC, which owns the Sun-Times Media Group newspapers, is negotiating a lease for about 45,000 square feet in the River North Point office building at Orleans Street and the Chicago River, according to people familiar with its plans. That’s a 54 percent reduction from the 98,000 square feet it currently leases in the 23-story building, formerly known as the Apparel Center, where the Sun-Times moved in 2004. San Francisco-based Shorenstein Properties LLC, which owns River North Point, in January confirmed that the Sun-Times’ parent exercised an option to end its lease in the fourth quarter of this year. At the time, Shorenstein left open the possibility that Wrapports could downsize and stay put… Crain’s Chicago
- Five Office Designs to Increase Productivity – Designers and architects have pondered how to design an office to encourage productivity for more than 100 years. In the early 20th century, offices resembled factories. Starting in the 1960s layouts changed to foster teamwork. And by the beginning of the 21st century, office design sought to inspire creativity. “Under each fad, there were ideas ahead of their time,” says Stephen Apking, an interior-design partner at the architecture firm Skidmore, Owings & Merrill LLP. Many ideas from the 20th century have been improved and incorporated into 21st century design, Mr. Apking adds… Wall Street Journal
- Place Making That Works: Physical Location, Technology, and Knowledge Sharing – Employers continue to be concerned with how to utilize corporate culture and physical workspace to attract the skills and talents needed for their organization’s future. While compensation and benefits are crucial elements that affect recruitment and retention, there are also three key aspects of an organization that cannot be overlooked in this process: physical location, technology and knowledge sharing. To attract the talent a company desires, employers must offer the correct mix of an attractive location, supply modern technological tools and provide employees with opportunities to develop meaningful connections with co-workers. Increasingly, organizations are examining how to best make use of this mix in their workspaces, using the physical workplace as an integral tool to help recruit and retain the best talent and create spaces that will appeal to the multiple generations in today’s workforce… WorkDesign Magazine
- Buck preps residential makeover for H20 Plus building – Developer John Buck plans to give the West Loop headquarters of skincare products maker H2O Plus a major facelift that could include as many as 500 residential units. Chicago-based John Buck Co. has agreed to pay a little more than $20 million for the two-story building at 845 W. Madison St., with plans to redevelop the property in a couple years, according to people familiar with the transaction. H2O Plus CEO Rick Ruffolo confirmed via email that the Chicago-based company, which makes shower gels, lotions, shampoos and face creams, has been “in regular communication” with company founder Cindy Melk, who owns the property, and Buck regarding the pending sale of the 90,000-square-foot building. H2O Plus plans to find a new home… Crain’s Chicago
Bradford Allen Suburban Team Negotiates Multiple Leases
CHICAGO – Bradford Allen Realty Services’ suburban tenant representation team has arranged several leases throughout the first quarter in the Chicagoland suburban office market. Senior managing director Joel Berger, director John Millner, director Ryan Moen and associate C.J. Riccardi have negotiated leases on behalf of five new clients.
VHT Inc., a full service provider of Visual Marketing Services designed for the Real Estate Industry, has leased 8,807 square feet of office space at 6400 Shafer Court in Rosemont. The firm, represented by both Berger and Ricardi, is relocating from 9500 Bryn Mawr Avenue. Zachary Fox, an associate with Transwestern, represented the landlord, Crossroads Development.
Bloomington-based Mortgage Services III, LLC (MSI), a subsidiary of First State Bank Member FDIC, downsized their Oakbrook location at 17W662 Butterfield Road. Both Berger and Moen represented the firm in a new 5,947 square foot lease in the building.
Additionally, the suburban tenant representation team has completed leases on behalf of:
- Radware Inc. – in a new lease at 377 E Butterfield Rd in Lombard. Represented by both Berger and Millner.
- Innovative Hearing Solutions (SONUS) – in a new lease at 7001 Cermak Rd in Berwyn. Represented by Millner.
- Banner Personnel Services, Inc. – in a renewal and expansion at 1717 N Naper Blvd. in Naperville. Represented by both Millner and Moen.
- Homer Chastain & Associates – in a new lease at 120 Center Court in Schaumburg . Represented by Berger.
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based, national commercial real estate company provides a full array of brokerage services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. For more information please visit our website at www.bradfordallen.com.
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
Eventful week in Chicago as summer approaches. Check out our top Chicago commercial real estate articles before heading into the weekend!
- 14 Ways the Workplace is Evolving – Mobility versus routine. Distraction versus focus. Command-and-control management versus employee choice. As corporate cultural battles play out, workplaces have become the battleground, with outcomes increasingly dependent on worker engagement, health, well-being and a sense of belonging or purpose. The following are 14 workplace trends reshaping corporate cultures in 2014 and beyond… Globe St.
- How Your Office Is Harming Your Health – Many of us spend a large chunk of our waking lives at work, but rarely do we give much thought to how our on-the-clock environment might be affecting how we feel around the clock. If the recent literature has anything to say about it, working in offices could be making us feel pretty crappy. Open office plans (and cubicles, to a certain extent) may be the worst offenders when it comes to harming employee wellness and productivity, and some studies on the fallbacks of the popular design have called the entire structure of American work life into question… Huffington Post
- More Metrics Needed for Medical Office Buildings Sector – Medical office buildings (MOBs) are starting to overtake hospitals as the preferred new property type for health care systems, but real estate market statistics for MOBs are still lumped into the broader health care category, making data and trends hard to obtain for newcomer investors. The traditional MOB is now evolving into more of a full-service, ambulatory care model that is causing hospitals to distribute resources differently and re-examine expenditures, especially when it comes to real estate decisions. Two recent reports have detailed the need for hospitals and health care systems to be more aware of modern customer needs for local comprehensive care facilities… NREI
- Office Recovery Hits Halfway Point as Demand for Space Spreads Across More U.S. Markets –The U.S. office recovery continued to hum quietly along in the first quarter, absent any dramatic surges or spikes. As a result of the measured pace of increasing tenant demand, the national office vacancy rate remained unchanged from the previous quarter at 11.9%, according to CoStar’s First Quarter 2014 Office Review and Outlook. Overall net absorption of U.S. office space is running ahead of last year’s pace with 74 million square feet absorbed over the last 12 months, compared with 61 million square feet during the previous year period through first-quarter 2013… CoStar
- John Buck moves in on struggling Loop office tower – John Buck Co., best known for developing trophy office towers on Wacker Drive, is about to take control of a vintage Loop building that’s been reeling since the city of Chicago vacated nearly a third of it last year. Chicago-based Buck is in advanced talks to assume ownership of the Class B structure at 33 N. LaSalle St. for less than the remaining debt on the 38-story art deco tower, according to people familiar with the transaction. The building’s owners, Chicago-based Golub & Co. and German shipping and real estate firm Norddeutsche Vermogen, owed nearly $42.5 million when they negotiated a loan modification in December 2012 with New York-based AXA Equitable Life Insurance Co., according to Cook County records… Crain’s Chicago
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
The NHL playoff season has begun. Lets go Blackhawks!! Check out our top Chicago Commercial Real Estate articles as you head into the weekend.
- Duchossois family plans Oak Brook office development – A venture of the Duchossois family bought four no-frills office buildings in Oak Brook that it may tear down for an office development of at least 200,000 square feet. The real estate arm of Elmhurst-based Duchossois Group Inc., known for a variety of investments including horse racetracks such as Churchill Downs and garage door opener company Chamberlain Group Inc., acquired the adjacent buildings March 31, a spokeswoman confirmed… Crain’s Chicago
- Investor Mizrachi looks to build one West Loop tower, sell another – Florida investor Joseph Mizrachi wants to build a hotel and office tower in the West Loop while selling an office building several blocks away that he hopes will attract offers of $335 million or more. Mr. Mizrachi plans a nearly 1.1 million-square-foot hotel and office tower on land at Jefferson and Madison streets, according to people familiar with his plans. He and New York investor David Werner took over the parcel through their $350 million acquisition in late 2012 of 540 W. Madison St., the office building next door… Crain’s Chicago
- Using Collaborative Office Strategies – Corporate users across the metro area have begun transforming their offices into more collaborative, wide-open spaces, and many more have become intrigued by the trend. But experts say before a proper transformation takes place, designers need to have a lot of interaction with workers.“I would sit on the floor with groups of employees,” Debbie Fangman, facility manager for Gogo, told a panel discussion group on Thursday, and stay there asking questions until she understood “how they deal with the obstacles in our current system… Globe St.
- Tech’s Impact on Office Leasing – Greater digitalization, tighter cubicle spaces, more freedom for collaboration and the disappearance of the Baby Boom generation. All of these factors are changing the way corporate America works…and will ultimately impact how commercial office brokers and developers ply their trades. So says Beth Campbell, principal and managing director in the local office of architecture and design giant Gensler. “People are signing 10, 15 even 20-year leases,” she says. “But how will the office technology look then? There is a challenge in this system… Globe St.
- Thinking About Office Development: Consider These Submarkets – If you’re thinking about building office space in this cycle, you’d better dust off those blueprints and get back into the game soon, before it’s too late. The office cycle is about halfway through the recovery phase: Demand continues to rise and is expected to peak by 2015-16. Supply remains mostly concentrated in a handful of markets, rent growth finally cracked the 3% level last year, and NOI growth should return in 2014. All this means that projects kicking up dirt this year will deliver — and more importantly, stabilize — just in time, before fundamentals unwind… CoStar
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
It looks like Chicago has finally decided that it’s time for spring and great weather! Check out the top news in the Chicago Commercial Real Estate Industry before heading into the weekend and happy Friday!
- Office Market Continues to Gain Momentum – First quarter office sector studies show that in most of the nation’s office markets, rather than just in the top cities, landlords are gaining the upper hand.About 70 percent of U.S. office markets reported occupancy gains during the first quarter, according to commercial real estate services firm Cassidy Turley. The markets absorbed 12 million sq. ft. collectively from January through March 2014, up 63 percent from the first quarter of 2013… NREI
- How workplace design looks to Groupon, Gogo and Herman Miller – Collaboration areas, whiteboard walls and spaces for private conversation drive workplace design at Groupon and Gogo, company officials said at a panel discussion Thursday.Even amid fast growth, Chicago-based Groupon stuck to workbench-style seating to foster collaboration. Gogo, an inflight Internet provider that is about to move to River West from Itasca, said its new space will be designed around employee needs… Chicago Tribune
- Small leases, big office vacancy in suburbs – After opening 2014 with just one lease larger than 50,000 square feet, landlords in suburban Chicago are back to where they were a year earlier.Lacking large new deals, overall suburban vacancy ticked up a notch during the first quarter of the year to 24.4 percent, the same as it was a year earlier, according to Chicago-based Jones Lang LaSalle Inc… Crain’s Chicago
- CareerBuilder consolidates LaSalle Street offices – CareerBuilder LLC is merging one of its Loop offices into a neighboring tower, boosting the size of its Chicago headquarters as parent Tribune Co. prepares to split its business lines.The Chicago-based job search website is adding 47,466 square feet to its headquarters at 200 N. LaSalle St... Crain’s Chicago
- Add $45 million Buffalo Grove deal to Florida investor’s office spree – A Florida buyer is set to pay about $45 million for a 12-story Buffalo Grove office tower, continuing an aggressive initial push into the Chicago area.Beacon Investment Properties LLC, which hadn’t invested in Chicago until late 2013, plans to buy Riverwalk II… Crain’s Chicago
First Quarter 2014 Chicago Downtown Office Market Report
Outside Corporations and Technology Tenants Continue to See Value in Chicago CBD
Overall conditions in the CBD office market tightened during the 1st quarter as certain economic indicators improved. Although GDP growth for the U.S. is slow, the country’s unemployment rate has continued to drop. Chicago’s fell to 9.9% in February – the lowest since February 2009. While this rate is relatively high compared to New York City and other metros; it’s still a good sign for Chicago’s economy. This translated into CBD vacancy and availability decreasing year over year from 13.9% to 13.5% and 18.1% to 17.3%, respectively.
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
Baseball season has finally started! Too bad the Cubs and White Sox didn’t bring the warm weather back with them from Spring Training. Enjoy these Chicago Commercial Real Estate news articles and have a great weekend!
- 2014 Top Brokers – It was another year of robust growth for commercial real estate brokerage firms. Increases in investment sales and leasing activity enabled many of the firms on our list to grow their transaction volumes by 15 percent or more, with some firms experiencing particularly robust growth rates.The top dog on our list remains CBRE Group Inc. It is the 11th consecutive year that CBRE has lead the industry in total transaction volume. The firm reported a total volume of $233.30 billion in 2013, a 17.7 percent increase over 2012’s figure of $189.80 billion… NREI
- After eight-year hiatus, Japanese return to downtown office market – A subsidiary of Tokyo-based conglomerate Sumitomo Corp. has paid $111.5 million for a downtown office tower, the first such acquisition by a Japanese investor in eight years. New York-based Sumitomo Corp. of Americas, a wholly owned subsidiary of the Japanese firm, acquired the 581,107-square-foot office portion of the 27-story tower at 203 N. LaSalle St. yesterday, confirmed Tomonori Wada, a senior vice president who oversees the Sumitomo group that includes real estate, food and tire businesses… Crain’s Chicago
- Growth Is Picking Up In U.S. Office Market – The U.S. office market is showing signs of picking up steam, with businesses adding space in the first quarter at the fastest pace since 2007, according to a report from real-estate data firm Reis Inc. The amount of occupied office space grew by 9.8 million square feet in the first three months of the year, up from 9 million square feet in the fourth quarter of 2013 and an average of 5.2 million square feet a quarter between 2011 and 2013, according to Reis… Wall Street Journal
- Chicago Lays Out a Complex Plan for the Future of the Fulton-Randolph Market Area – The future of the Fulton-Randolph Market District could well look back on its past. Representatives of the Chicago Department of Planning and Development described an ambitious plan for ongoing development of the district. That plan will pay respect to the feel of the district’s heritage, even down to the exterior building design and streetscapes... The Chicago Architecture Blog
- Top Commercial Real Estate Firms and Brokers in Chicago Win CoStar Power Broker Awards – The winners of the annual CoStar Power Broker Awards have been announced, and several top firms and real estate brokers in Chicago are among the winners. Recognizing the “best of the best” in commercial real estate brokerage, the CoStar Power Broker Awards are presented each year to a select group of local real estate firms and individual brokers who achieved the highest overall transaction volumes in commercial property sales and leases in their market during 2013… CoStar Group
Bradford Allen Adds Four Suburban Properties to Leasing Portfolio
CHICAGO – Bradford Allen is pleased to announce the firm has been hired as the exclusive leasing agent for four new suburban properties, adding to their growing Chicagoland agency practice. Earlier this month, a Minnesota-based institutional investor took control of 115, 121 and 125 South Wilke Road in Arlington Heights and 1920 South Highland Avenue in Lombard through a deed-in-lieu of foreclosure. SVN Crossroads Management will be handling asset and property management for the assignments.
The 123,500 square foot Wilke office plaza, located one block from the intersection of South Wilke Road and Euclid Avenue, is approximately 67 percent leased. In close proximity to the Cook County Circuit Court and Northwest Community Hospital, the buildings contain a mix of medical office and professional services tenants. Bradford Allen Director John Millner, along with Director Allison Reynolds, will be leasing the properties. In collaboration with SVN Crossroads Management, a rebranding, repositioning and capital improvement program is being planned.
“The buildings have great intrinsic value,” said Bradford Allen, Principal and Co-Founder, Jeffrey Bernstein, who leads the firm’s agency practice. “They’re simply in need of some selected, capital improvements, and an aggressive leasing and marketing program.”
Similarly, Bradford Allen and SVN Crossroads Management will partner to reposition and rebrand 1920 South Highland Avenue, a three story, 54,400 square foot office building located near the intersection of Highland Avenue and 22nd Street. The well-located property, with close proximity to I-355 and I-88, is approximately 60 percent occupied. Bradford Allen Director Ryan Moen will handle leasing efforts for the assignment along with Reynolds.
“We are excited to team with Bradford Allen on these projects,” said SVN Crossroads Management Principal, Lee Kotler. “Their long track-record of success and deep roots in the suburban market arena and their fresh marketing approach make them well positioned to help turn these assets around.”
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based, national commercial real estate company provides a full array of brokerage services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. For more information please visit our website at www.bradfordallen.com.
About SVN Crossroads Management
SVN Crossroads Management is an award-winning full service real estate management firm, providing property management, asset management, construction management and consulting services on a variety of commercial real estate assets throughout the Chicagoland area and in selected markets nationwide. Currently, the portfolio of assets under management is over 2 million square feet. http://www.svncrossroads.com/
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
This week I was able to make a trip out to sunny California. Unfortunately, I was not able to bring back the nice weather. Hopefully this week’s recommended articles can warm you up a bit. Enjoy!
- Tale of Two Cities: City vs. Suburbs – Across the US, corporate users continue to migrate into downtown office properties as they hunt for those younger employees who reject suburban lifestyles. But yesterday, at Marcus & Millichap Real Estate Investment Services’ CRE Forum in Chicago, several executives grappled with this trend at a morning panel, and the general feeling was that the present imbalance between city and suburbs would not last… Globe St.
- The Optimal Office – Though the “open plan” modern office, with its sea of desks, might look like the offspring of a newsroom or a trading floor, it can also trace its heritage to 1960s Germany. There, two brothers who worked in their father’s office-furniture business kicked off the Bürolandschaft, or “office landscape,” movement, which sought to boost communication and efficiency and de-emphasize status. As the idea took hold in North America in the decades that followed, employers switched from traditional offices with one or two people per room to large, wall-less spaces. By the turn of the century, roughly two-thirds of U.S. workers spent their days in open-plan offices… The Atlantic
- The Office Recovery Still Has Legs – This part of the cycle looks quite favorable for the office property sector. All of the key areas of the market are improving; absorption is up, supply remains under control in aggregate, rent growth is accelerating, and investors continue to allocate capital to the sector.That being said, there is still plenty of room to run. The recovery appears to be only halfway through, after all… CoStar Group
- Empty space, full wallet for Loop office owners – Empty office space may no longer leave Loop landlords with an empty feeling.In a sign of improving times for the downtown Chicago office market, real estate company Lincoln Property Co. and investment manager PIMCO are preparing to put the 29-story office tower at 230 W. Monroe St. on the for-sale market, where bids could approach $200 per square foot, or nearly $125 million, despite nearly a third of the space being unoccupied, sources said… Crain’s Chicago
- River North tech leases soften the blow of Google’s goodbye – A River North landlord that will lose Google Inc. next year didn’t search far for two office tenants that could potentially fill some of the tech titan’s space. Chicago-based Sittercity Inc. and Modest Inc., a local startup led by the top techie for President Obama’s re-election campaign, collectively leased about 24,000 square feet at 20 W. Kinzie St., according to the office tower’s owner, Skokie-based Alter Group Ltd… Crain’s Chicago
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
An exciting couple days ahead of us with the NCAA tournament starting yesterday. Check out these articles before heading into the action packed weekend!
- Clashing Over Office Clutter – All nine employees of TheSquareFoot.com in New York City have neat, clean desks—except one.Co-founder Jonathan Wasserstrum’s desk and the floor around it are strewed with paper, files, tech gear and old boxes. “I like being near my stuff rather than fishing for it in a cabinet somewhere,” he says. Being near Mr. Wasserstrum’s stuff is harder for Justin Lee, the company’s other co-founder. At times, “some of his crud will spill over onto my desk,” Mr. Lee says. Other co-workers at the online commercial real-estate leasing and brokerage company sometimes print new copies of documents to avoid handling food-smeared paperwork from Mr. Wasserstrum’s desk… Wall Street Journal
- Downtown office sales hit highest level since 2007 – Investors spent more on downtown Chicago office buildings last year than they have in any year since the crash, drawn by an improving leasing market and the buzz generated by big corporate moves from the suburbs to downtown.Downtown office building sales totaled $3.25 billion last year, up 23 percent from 2012 and the highest total since 2007, according to Chicago-based Jones Lang LaSalle Inc… Crain’s Chicago
- Rents for Trophy Office Space Pass Records, Spur New Construction – The national office market has rebounded, with no segment showing the comeback more clearly than trophy properties. It’s no surprise that class-A office space attracts the most demand, but what’s notable is how fast the landlords of those buildings have gotten back in the driver’s seat.A lack of development since the start of the recession, along with exploding demand in both traditional primary markets and those led by energy and technology booms, have pushed demand for class-A space through the roof… NREI
- Oprah cuts her last commercial ties to Chicago – Oprah Winfrey, who put an obscure stretch of the Near West Side on the map when she moved her television show there in 1990, is set to sell Harpo Studios for around $32 million to a Chicago developer making its own dramatic imprint on the neighborhood.After a bidding war that enticed investors from as far away as China, Ms. Winfrey’s Harpo Inc. has agreed to sell the four-building campus to Sterling Bay Cos.For Ms. Winfrey, selling off the last of her commercial real estate represents a final step out of Chicago, which she left almost three years ago to form Oprah Winfrey Network in Los Angeles… Crain’s Chicago
- Sterling Bay Companies completes Fulton West portfolio acquisition – Sterling Bay Companies has completed the acquisition of Fulton West, a portfolio of existing and partially completed office, retail and parking facilities, from an affiliate of Marc Realty. Sterling Bay purchased the property, with existing superstructure that can accommodate additional future development, for approximately $22 million. In its current stage of development, Fulton West consists of three loft-style office buildings totaling approximately 165,000 square feet and parking facilities — structures and surface lots — for more than 314 automobiles… RE Journals
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
Happy St Patrick’s Day weekend! Does this mean that spring is finally here? Lets hope so. Check out these 5 articles before heading into the festive holiday weekend.
- Google, Motorola, Lefkofsky back FEMtech incubator at 1871 – 1871 is about to become less of a boys’ club.The high-profile launchpad for tech companies at the Merchandise Mart will soon be home to 1871FEMtech, an incubator for women-owned tech startups.It’s part of a broader $1 million effort by Google Inc., called #40Forward, to help launch 40 incubators worldwide aimed at boosting women’s participation in technology by 25 percent this year. FEMtech also is being underwritten by the Motorola Mobility Foundation and the Lefkofsky Family Foundation, set up by Groupon Inc. co-founder Eric Lefkofsky and his wife, Liz… Crain’s Chicago
- Where Google Refugees Are Going – Like animal print, the West Loop is so last season. We kid, but another bleeding-edge neighborhood is emerging for those priced out of Google’s new ‘hood..Dayton Street Partners just picked up a 37k SF loft building, 2101 W Carroll St, in the Kinzie Corridor, and founder Howard Wedren (above) tells us the area’s ripe for growth thanks to Fulton Market/West Loop mania. “Many tenants have been displaced and are looking for lower-cost options,” he says. (And if history’s taught us anything, they’ll go West, my son.)… Bisnow
- Chicago Spire dream lives on under new deal – The snakebit Chicago Spire — once forecast to be the tallest building in the Western Hemisphere and now a watery hole in the ground — took a modest step toward resurrection today.Irish developer Garrett Kelleher reached an agreement with his largest creditor over a financing plan that would allow him to keep control of the site and potentially begin searching for construction financing for the proposed 150-story, 1,194-unit project.Lawyers for Mr. Kelleher and the creditor, a venture led by New York-based Related Cos., announced the deal in principle this afternoon in U.S. Bankruptcy Court in Chicago… Crain’s Chicago
- Don Wilson venture takes control of Fulton Market building housing Publican – The Publican has a new landlord: trader Don Wilson, who repossessed the restaurant’s West Loop building more than two years after filing to foreclose on it.A venture of Mr. Wilson’s Chicago-based firm DRW Holdings LLC took over the building at 845 W. Fulton St. in January through a deed-in-lieu of foreclosure, or a kind of out-of-court settlement, with Robert Kowalski, a local developer and investor who owned the property through a trust, according to Cook County records… Crain’s Chicago
- China Cinda Buys into 65-story Chicago Office Tower – Chinese investors charged into the U.S. commercial real-estate market last year with high-profile deals in New York, Los Angeles and San Francisco. Now they’re buying in the middle of the country. Cindat Capital Management, partnering with Chicago-based Zeller Realty Group, on Tuesday paid just over $300 million to purchase a 65-story office tower in Chicago, at 311 South Wacker Dr., according to Zeller Executive Vice President Ari Glass… Wall Street Journal
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
Eventful week with two technology based tenants announcing moves within the CBD! Check out those articles and others below.
- Benchmarking Is Only a Starting Point –In a complex and risk-averse business environment, benchmarking has become an essential decision support tool used by brokers and clients to determine how much space a company needs. Historically, firms have looked within their own industry, but lately, regardless of the industry, companies are asking, “What’s Google doing?” as shorthand for wanting to know what the technology industry is up to. Looking outside one’s industry for best practices can be a source of innovation, especially if a firm is looking to move in a new direction. But companies first need to try these characteristics on for size to see if they fit… NREI
- Chicago Named “Top Metro” in North America for Corporate Relocation and Expansions – Chicago was ranked the “Top Metro” in the U.S. for corporate investment in a report released today by Site Selection magazine, considered the “industry scoreboard for corporate investment and relocation professionals.” The publication recognized that the Chicago region was home to more new or expanded corporate facilities than any other metropolitan area in the nation in 2013, with 373 new and expanding companies, generating approximately 10,000 new jobs and $2.8 billion in investment… World Business Chicago
- Fast-growing Twitter moving Chicago office to 111 N Canal – Twitter Inc. is spreading its wings in Chicago, planning to move to new digs in the West Loop to accommodate its fast-growing staff.The company is leasing space at 111 N. Canal St., which is home to several other tech companies.The San Francisco-based social media company has been expanding rapidly in Chicago since early last year, before it went public. It hired Brad Keown from Facebook to oversee its central region sales teams from Detroit to Dallas. The company has more than doubled Chicago staff to about 30 since June and continues to hire… Crain’s Chicago
- Alter Group to sell portfolio, shrink workforce in strategy shift- Nearly two decades after taking over the family real estate business from his dad, Michael Alter oversees a nearly 3 million-square-foot commercial real estate portfolio that includes two River North office towers and stretches from Florida to Arizona. Now, with no heir apparent of his own, he’s preparing to sell it all… Crain’s Chicago
- Fast-growing Uber hiring 150 people, moving Chicago office – Uber is hitching a ride to Chicago’s meatpacking district, where it plans to hire another 150 employees in its Midwest headquarters by late 2015.San Francisco-based Uber Technologies Inc., which brought its taxi-hailing and ride-sharing smartphone appto Chicago in 2011, signed a three-year lease for the 12,000-square-foot building at 370 N. Carpenter St., where it plans to move by June, said Midwest General Manager Andrew Macdonald… Crain’s Chicago
Bradford Allen Arranges Five Medical Office Leases in Bolingbrook
CHICAGO – Bradford Allen Realty Services announced today that Adventist Health Partners has leased 10,000 square feet of medical office space at the Bolingbrook Medical Center at 396 Remington in Bolingbrook.
Bradford Allen’s Medical Practice Group Senior Managing Director Joel Berger and Director John Millner represented the building ownership, Partners Health Trust, in lease negotiations.
Since January, the physician group has signed five leases at the Class A medical office building. Built in 2008, the 73,544-square-foot building sits on the Adventist Bolingbrook Hospital campus and provides doctors and patients immediate access to hospital’s full range of health care services.
Adventist Health Partners five leases are made up of:
- Midwest Bone and Joint – 3,530 square foot renewal and expansion
- Two (2) physician timeshares – 3,000 square foot new lease
- Physical Therapists Solutions – 2,141 square foot new lease and expansion
- Advanced Renal Care – 1,300 square foot new lease
“As a result of the changing landscape in healthcare, many of the physician practice groups that were once independent are now employed by Adventist Health Partners.” said Millner. “As Adventist Bolingbrook Hospital becomes more active, we are seeing their physician group bringing more specialists to the on-campus facility, driving more traffic through the hospital.”
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based, national commercial real estate company provides a full array of brokerage services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. For more information please visit our website at www.bradfordallen.com.
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
Happy Friday! Take a look at these articles heading into the weekend.
- ADM picks former United Building in Chicago for new headquarters –About two months after announcing its headquarters move to Chicago, Archer Daniels Midland Co. has a new home — one that recently lost the headquarters of another Fortune 500 company… Crain’s Chicago
- Fulton Market buildings sold to Cedar Street ventures – After feasting on failed condominium projects, Cedar Street Cos. is continuing its push into office properties, acquiring two buildings a block away from the future Fulton Market home of Google Inc… Crain’s Chicago
- Chicago picked as site for Obama’s manufacturing initiative – Chicago will be the site of a digital manufacturing institute backed by $70 million in federal money and another $250 million in private and other government funding, giving the city, once a factory town, a better chance to re-establish its credentials as a modern maker of things… Chicago Tribune
- A New Trading Platform for Owning Office Property? – Very soon, if everything goes according to plan, individual investors will be able to buy and trade ownership stock in a single commercial real estate property, just like they would shares of common stock in a single company. The first property set as a test case for such trading is a noteworthy downtown Washington, DC, office building… CoStar
- Negotiate an Exit When Entering a Lease Agreement – Upon boarding an airplane, passengers are given instructions on exiting the aircraft in the most expedient manner if the need arises. Evaluating exit strategies should also be a top priority for tenants upon entering a lease agreement… National Real Estate Investor
Kirstin Rogers Joins Bradford Allen
Tenant representation practice continues to grow
CHICAGO – Bradford Allen Realty Services is pleased to announce that the firm has hired Kirstin Rogers as a Director in its Chicago tenant representation practice.
Bringing a decade of experience in the commercial real estate industry, Rogers will work alongside Managing Director, Sameena Mustafa Basit, focusing on the River North and Loop submarkets. In addition to tenant representation, she will work with the firm’s Corporate Services team on business development strategy projects for tenants, owners and investors.
“We are delighted that Kirstin has joined our team,” said Principal and Co-Founder, Laurence Elbaum. “She has a unique understanding of client needs given her extensive background in corporate client strategic acquisition and retention.”
Rogers most recently worked as a Senior Proposal Manager and Business Development Manager for Jones Lang LaSalle. At Jones Lang LaSalle, Rogers handled strategy management and proposal execution for global clients such as ACS, AT&T, Cisco, Deutsche Bank, Iron Mountain, Lenovo, Microsoft and Philips. Her particular expertise focused on tenant representation and lease administration for regional, national and global occupiers. Prior to joining Jones Lang LaSalle, she was the National Marketing Manager and Proposal Manager for Equis Corporation (now DTZ).
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based, national commercial real estate company provides a full array of brokerage services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. For more information please visit our website at www.bradfordallen.com.
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
Hope everyone enjoys the last weekend of Olympic action. Catch up on your CRE news and take a look at these articles below.
- Chicago’s new hotspot for tech startups –When Dan Wagner went looking for bigger space for his fast-growing startup, Civis Analytics Inc., he wanted cool, affordable loft space downtown near other tech companies. Sounds like River North, right?… Crain’s Chicago
- 1871 graduates find their way in new ‘real world’ offices – Many of Chicago’s aspiring young companies find their footing within the comfortable confines of 1871, surrounded by mentors and peers. After a time, however, the need for a space of their own takes over. Reserved seating at 1871 costs $400 per desk per month… Chicago Tribune
- Amid 17-story hotel plan, debate over Fulton Market’s future may only be beginning- Trader Don Wilson faces an uphill battle winning approval for his Fulton Market hotel project, a harbinger of complicated debates about development in the sizzling neighborhood.A venture of Mr. Wilson’s Chicago-based DRW Holdings LLC wants to build a 17-story hotel with up to 200 rooms, plus a three-story, 51,274-square-foot entertainment complex… Crain’s Chicago
- Big city job numbers will shoulder apartment demand in Chicago – Chicago’s designation as one of Google’s seven national tech hubs will attract new start-ups to the city, amplifying its already strong employment prospects, which is good news for Chicago’s multifamily market, according to an apartment research market report by Marcus & Millichap Real Estate Investment Services… RE Journals
- Chicago Spire developer, creditor agree on financing plan – The developer of the aborted Chicago Spire condominium tower has resolved a dispute with its largest creditor over a short-term financing plan for the property, but the bigger battle for control of the development site still lies ahead… Crain’s Chicago
Bradford Allen Represents Perkins Eastman in Lease Renewal
CHICAGO – Bradford Allen Realty Services represented Perkins Eastman in a 9,000 square foot lease renewal at 351 West Hubbard in Chicago. The internationally recognized design and architectural firm, has been a tenant in the River North eight-story loft office building since 2005.
Perkins Eastman will continue to occupy a portion of space on the seventh floor. Bradford Allen Senior Managing Director, Craig Nadborne, represented the firm in the renewal, as well as their original transaction. The architectural firm has been a long-term client of Nadborne’s.
“The building continues to fit Perkins Eastman’s operations very well,” said Nadborne. He added that the loft office environment, proximity to the Merchandise Mart, the East Bank Club and public transportation continues to make the building’s location desirable.
The landlord, Spectrum Properties, was represented in the transaction by Senior Vice President, Bob Woods.
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based, national commercial real estate company provides a full array of brokerage services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. For more information please visit our website at www.bradfordallen.com.
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
With the Olympics rounding up its first week, here are my 5 articles to start off your weekend. Enjoy!
- The Science of Office Design – Revelations in the realm of neuroscience, social science and behavioral science are all having a profound influence on workspace design. As researchers continue to pinpoint the cognitive impact of individual architectural elements, we can alter our environment accordingly… Entrepreneur
- South Michigan Ave. Market Transforming – The recent sale of 200 S. Michigan Ave. by Equus Capital Partners, Ltd., for $69 million is yet another sign that the office market on S. Michigan Ave. has changed in the past few years. Although the sleek 22-story tower stands out a bit from its older neighbors, Joseph Neverauskas, senior vice president and head of Equus’ Chicago regional office, says the upgrade in its tenants since the private equity fund manager took over the building in 2000 reflects a neighborhood trend… Globe St.
- Sam Zell joins in battle for control of office landlord- Chicago real estate billionaire Sam Zell and a top lieutenant have jumped into the battle for control of CommonWealth REIT, a Massachusetts-based office landlord that is under attack by two dissident shareholders. The New York-based shareholders, real estate firm Related Cos. and Corvex Management L.P., a hedge fund led by Keith Meister… Crain’s Chicago
- Wrigley Building owners look to lure technology companies – Since 1924, the lights illuminating the white face of the Wrigley Building have almost continually shone. Now, the building’s owners want to shift the spotlight onto the tech companies they see as emblems of the future.”The Wrigley Building is a Chicago icon, and the technology community is quickly becoming iconic in its ability to create jobs,” entrepreneur Brad Keywell said… Chicago Tribune
- Open Offices: Bad for Health, Efficiency? – Perhaps the most prominent fad in the world of commercial office space is the attempt to attract millennial workers by reconstructing traditional workplaces into open, collaborative spaces. In Chicago, the new strategy has been especially popular among tech companies and those involved in creative work such as advertising and most visible in the West Loop and River North submarkets where many of these firms have settled… Globe St.
Bradford Allen Brokers Nonprofit in Relocation, Expansion
CHICAGO – Thresholds, a social service agency providing healthcare, housing, and hope for individuals struggling with mental illnesses, has inked a 8,800 square foot lease at 120 South LaSalle. The Chicago-based nonprofit will continue to operate at 4101 N. Ravenswood Ave and its locations across the city, and will use the new Central Loop location for their executive, finance, and development offices.
Bradford Allen Senior Managing Director Craig Nadborne and Managing Director Sameena Mustafa Basit represented Thresholds in the transaction. Kim Robare of Lincoln Property Group represented the landlord, Teachers Retirement System of Illinois.
“This transaction enabled Thresholds to move into a central location that will accommodate their near and long-term growth,” shared Basit. “120 South LaSalle was able to offer highly adaptable existing conditions and favorable lease terms.”
“We’ve noticed a trend among our nonprofit clients wanting to relocate their executive staff to downtown office buildings,” Nadborne added. “In addition to centralizing business operations, a CBD location offers greater visibility and easier access to donors and board members.”
“Thresholds is thrilled to move some of our team to a downtown location,” says Mark Ishaug, Thresholds CEO. “We look forward to being closer to many of our partners, donors, and board members, as well as providing better access for all of our program staff located throughout the City of Chicago, Blue Island, Kankakee, and McHenry County. Bradford Allen understands the needs of large nonprofit agencies, and it was a pleasure to work with them.”
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based, national commercial real estate company provides a full array of brokerage services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. For more information please visit our website at www.bradfordallen.com.
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
This frigid week did not cool off the week’s news. Enjoy!
- Downtown biohub, Matter, will be at Merchandise Mart – The new downtown hub for health-technology startups has a name and an address. Called Matter, the facility will be in the Merchandise Mart next to 1871, the digital-technology hub upon which it’s modeled.The 25,000-square-foot facility will be funded by $4 million from the state of Illinois… Crain’s Chicago
- Chicago Spire developer gets funding, wants to resume project – The Irish developer behind the Chicago Spire said it has found an investor to pay its creditors, allowing it to emerge from bankruptcy and possibly restart work on the long-stalled residential project.… Chicago Tribune
- Two more law firms coming to Chicago- Two litigation-oriented law firms are opening Chicago offices they say could eventually total as many as 50-some lawyers.Akerman LLP, based in Miami with about 600 lawyers and lobbyists, hired seven lawyers from Chicago-based Ulmer & Berne LLP, while Goldberg Segalla LLP, a 180-lawyer firm based in Buffalo, N.Y., took six lawyers from Chicago-based Wiedner & McAuliffe Ltd… Crain’s Chicago
- The $180,000 way to create a tech startup – Seventy-nine percent of Illinois university tech startups still alive since 2010 came up through Chicago-area universities, according to a report out Monday.Northwestern University and the University of Chicago accounted for two-thirds of the total 354 startup companies created statewide, with the University of Chicago counting 103 total and 84 still-operating new companies, and Northwestern creating 116 with 92 still alive… Voices
- The logic of logistics: Key considerations for companies looking to expand, renovate or relocate – Despite some recent hiccups, a slowly-but-steadily improving economy seems to have reached the point in which many businesses are no longer just trying to keep their heads above water. In many cases, they are looking to move to a bigger pool. Across the Midwest, improving economic circumstances have led to a noticeable uptick in not only commercial moves, but also expansions and renovations of existing spaces… RE Journals
Bradford Allen Increases Occupancy at 79 W. Monroe and 209 W. Jackson
CHICAGO – Bradford Allen Realty Services is pleased to announce that Managing Director Andrew DeMoss has completed 23 lease transactions on behalf of Detroit based, Farbman Group over the past twelve months at 79 West Monroe and 209 West Jackson. Bradford Allen has brought the two buildings’ occupancies to 98% and 84%, respectively.
“Ownership’s ability to do quick, hassle free deals at a competitive price point has triggered our success at both buildings,” said DeMoss. “This same model helped us raise occupancy to 98% at 216 West Jackson, a former Farbman property, before it sold earlier last year.”
Most recently, digital marketing agency, Brickfish signed a 12,770 square foot lease to occupy the entire third floor at 209 West Jackson. Danny Nikitas, Konstantine Sepsis, and Doug Noble of MB Real Estate represented Brickfish in the transaction. 209 West Jackson is a 12-story, 143,000 square foot, brick clad masonry building distinguished by its granite-faced bronze-highlighted columns and multi-colored terrazzo lobby.
79 West Monroe, a 200,000 square foot, 13 story structure located at Monroe and Clark Streets, recognized for its exterior aesthetics and landmark weather bell, added 14 tenants to their roster in 2013. Earlier this week, Total Support Solutions signed a 12,300 square foot lease to occupy the entire fifth floor. The tenant was represented by Shawn Sullivan of Macklin Advisors.
“Andy’s comprehensive leasing and marketing efforts and direct outreach to the brokerage community has helped to significantly increase these building’s occupancies,” added Jeffrey Bernstein, principal and co-founder of Bradford Allen who leads the firm’s growing agency practice.
Bradford Allen was appointed leasing agent of 209 West Jackson in 2012 and 79 West Monroe in 2011. DeMoss exclusively represents building ownership along with Bradford Allen Associate, Grace Casella.
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based, national commercial real estate company provides a full array of brokerage services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. For more information please visit our website at www.bradfordallen.com.
Chicago Commercial Real Estate – In the News
Tom’s Recommended Reading for the Week
Looking for a quick glimpse into the Chicago commercial real estate world? Our Research Associate, Tom Hanrahan will be sharing his picks for the week’s top CRE articles. He’ll continue to update this with breaking news and feature stories for and about the commercial real estate industry. Here are five to check out this weekend…
- Mart says goodbye to Google, but Moto move on track – The Merchandise Mart has basked in the Google glow ever since the technology titan’s July 2012 announcement that its Motorola Mobility business was moving there from Libertyville. Now, on the eve of its move into 604,000 square feet of the hulking Art Deco building, the Mart’s owner and the rest of the River North neighborhood are left to wonder: Can there be a Google effect without Google Inc.?… Crain’s Chicago
- The Open-Office Trap – In 1973, my high school, Acton-Boxborough Regional, in Acton, Massachusetts, moved to a sprawling brick building at the foot of a hill. Inspired by architectural trends of the preceding decade, the classrooms in one of its wings didn’t have doors. The rooms opened up directly onto the hallway, and tidbits about the French Revolution, say, or Benjamin Franklin’s breakfast, would drift from one classroom to another. Distracting at best and frustrating at worst, wide-open classrooms went, for the most part, the way of other ill-considered architectural fads of the time, like concrete domes. (Following an eighty-million-dollar renovation and expansion, in 2005, none of the new wings at A.B.R.H.S. have open classrooms.) Yet the workplace counterpart of the open classroom, the open office, flourishes: some seventy per cent of all offices now have an open floor plan… The NewYorker
- For U.S. Office Market, It Was a Very Good Year- Investors are cheering the gains in asset values seen during 2013 from a strengthening recovery in the U.S. office market, and looking forward to an even brighter 2014 as virtually all the important metrics that drive rent growth and property income are expected to continue to improve over the next 12 months.The robust office market performance was the highlight of the year-in-review analysis and forecast webinar presented by CoStar market experts Walter Page, director of office research; Hans Nordby, managing director and corporate officer, and Aaron Jodka, manager, U.S. market research… CoStar
- Lake Forest Office Building Catches Sam Zell’s eye – For the first time in seven years, real estate billionaire Sam Zell is a suburban Chicago landlord. A joint venture between Mr. Zell’s Equity Group Investments LLC and Chicago-based Fulcrum Asset Advisors LLC paid $13.1 million Jan. 16 for a 105,000-square-foot office building in north suburban Lake Forest that’s about one-quarter vacant, according to Lake County records… Crain’s Business Chicago
- Food Genius gets cooking with $1 million, move to West Loop – “I’d go for the breakfast dog,” Justin Massa says. Even though it’s noon, breakfast is still on the menu at Little Goat, Stephanie Izard’s restaurant in the far West Loop, where the specials are a dog wrapped in a pancake and topped with a fried egg, and the Bull’s eye french toast, which also is topped with an egg and fried chicken bits.“I have to admit I’ve eaten both,” he says of the breakfast dog and French Toast, and a number of other items on the menu… Crain’s Business Chicago
Bradford Allen Adds Three New Associates to Company Roster
Tenant representation practice continues to grow
CHICAGO – Bradford Allen is pleased to announce that the firm has hired three new associates to join their tenant representation practice. The new team members will concentrate on business development, strategic planning and transaction management. Max Malec, Cathriona McGuire and Reisha Vanterpool will specialize on the downtown Chicago office market.
Malec was most recently an account executive with O2Cool, a consumer and home goods firm in Chicago. He is a graduate of the University of Iowa and is a member of Young Office Brokers Association (YOBA) and Young Real Estate Professionals (YREP).
McGuire is a former lease administrator for LaSalle Solutions. She received both her Bachelor’s and Master’s degree from the University of Iowa. She is an active volunteer with the Special Olympics and serves as an auxiliary board member for SuperSibs.
Vanterpool joins Bradford Allen from Best Chicago Properties, where she served as a real estate consultant and broker. She was also previously employed as a sales associate for the Wit Hotel. She volunteers at the Lurie Children’s Hospital and for the nonprofit organization, Children with Hair Loss (CWHL). She is a graduate of the Illinois Institute of Art in Chicago.
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based, national commercial real estate company provides a full array of brokerage services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. For more information please visit our website at www.bradfordallen.com.
Fourth Quarter 2013 Chicago Downtown Office Market Report
Overall Growth Stalls; Although West Loop, River North and Class C Space Tightens Up
Economic improvement in Chicago’s CBD office market continued slowly at the close of 2013. Uncertainty regarding interest rates and the effects of the Affordable Care Act continued to hamper momentum. Subject to these conditions, the Chicago CBD also improved slowly. Overall availability reached 16.4%, almost on par with last year’s 16.5%, and overall vacancy decreased to 12.5%, down slightly from 12.7% in 2012. Quarterly net absorption totaled -245,211 SF versus last year’s 298,126 SF, while yearly net absorption reached -17,920 SF compared to 794,398 SF in 2012. Although the business environment is improving overall, the trend to downsize square footage per employee and its effect on overall office size is a factor driving in negative net absorption for the year.
Year-End 2013 Chicago Suburban Office Market Report
Chicago Suburban Year-End Market Report 2013 |
Class A Suburban Improvement Continues as Single-Tenant Listings Keep Vacancy High Suburban availability and vacancy both rose YOY to end 2013 at 23.8% (up from 23.6%), and 18.6% (up from 17.3%), respectively. Although data suggest worsening conditions, Class A buildings and certain submarkets are improving. Availability and vacancy of Class A space in the Eastern East-West corridor both decreased, reaching 24.2% versus 29.3% of a year ago, and 20.5% versus 21.3% in 2012. The North Suburbs also continued to improve as availability and vacancy rates dropped to 18.8% from 19.2% and 12.2% from 13.4%, respectively. The Central-North micro market shows the lowest vacancy and availability of all the North Suburbs at 8.3% and 15.9%
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Bradford Allen Takes on New River North Management Assignment
CHICAGO – Bradford Allen Realty Services is pleased to announce that the firm has been hired to manage 405 West Superior St. on behalf of new ownership, MicroOffice Management, LLC. MicroOffice closed on the River North property November 26, 2013.
The seven-story, 50,400 square foot office building is currently 100% leased. MicroOffice will initially convert two of the seven floors into co-working space, converting new floors as current tenant’s leases expire. The New York-based firm will launch its Coalition brand in the space to provide co-working facilities catering to startups that need larger work space and amenities without the long-term commitment of a traditional office lease.
“At Coalition, entrepreneurs will have a professional place to work and meet clients, and a community in which to collaborate with other creative people,” says David Rotbard, co-founder of MicroOffice.
The Bradford Allen Management team will be lead by Roger Clark. Clark brings more than 25 years of property and asset management experience to the table. Since Clark joined Bradford Allen earlier this year, 405 West Superior is the sixth building to be assigned to the firm.
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based, national commercial real estate company provides a full array of brokerage services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. For more information please visit our website at www.bradfordallen.com.
Bradford Allen Tapped to Lease East West Corridor Office Buildings
CHICAGO – Bradford Allen is pleased to announce the firm has been hired as the exclusive leasing agent for two new suburban properties, 360 E 22nd Street in Lombard, IL and 400 E. Diehl Rd in Naperville, IL. A team led by Directors John Millner and Allison Reynolds will handle both assignments. The duo will be responsible for providing the full range of marketing and leasing services.
Located near the intersection of Highland Avenue and East 22nd Street, 360 E 22nd Street is an 111,000 SF state-of-the-art data center and disaster recovery facility. The “low latent” property recently underwent a multi-million dollar renovation, and offers two 1200 AMP feeds from two separate electrical grids and has multiple fiber providers in the building. The building has approximately 20,000 square feet of office/data center space available, comprising the entire third floor. The property is owned by the Levy Organization.
400 E. Diehl Rd, known as Naperville Financial Center, is a 58,000 SF Class A building located just south of I-88 near I-355 & downtown Naperville. The property was purchased by Madison-based, Sara Investments Real Estate earlier this year. The ownership entity owns and operates over 40 properties throughout Wisconsin and Minnesota. 400 E. Diehl Rd. is their first investment in Illinois. Currently 100% leased, the property will have 6,000 SF available in January 2014.
“We are delighted to expand our agency leasing portfolio with the addition of 360 E 22nd Street and 400 E. Diehl Rd,” said Bradford Allen, Principal and Co-Founder, Jeffrey Bernstein. “Our suburban agency practice continues to grow and our team delivers aggressive and insightful property marketing efforts that produce significant results for our suburban owner and investor clients.”
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based, national commercial real estate company provides a full array of brokerage services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. For more information please visit our website at www.bradfordallen.com.
Laurence Elbaum Re-Elected TCN Worldwide Chairman of the Board of Directors
CHICAGO – H. Ross Ford, president and CEO of TCN Worldwide, is pleased to announce Laurence Elbaum, principal and co-founder of Bradford Allen Realty Services/TCN Worldwide of Chicago, has been re-elected chairman for the 2013-2014 TCN Worldwide Board of Directors. Originally elected to the board of directors in 2006, Mr. Elbaum has served as the board’s chairman for the past three years.
“We are very pleased to announce that Larry Elbaum will continue to serve as the chairman of TCN Worldwide’s board of directors,” said Ross Ford, president and CEO of TCN Worldwide. “Mr. Elbaum is one of our industry’s most accomplished professionals and we are fortunate to have someone of his caliber help lead TCN Worldwide in accomplishing our strategic goals. We look forward to his continued contribution.”
Elbaum, a veteran broker from both New York City and Chicago’s commercial office leasing market, co-founded Bradford Allen Realty Services with Jeffrey Bernstein in October 2003. Their Chicago-based national commercial real estate firm provides its clients with a fresh perspective, significant local industry relationships and extensive market knowledge. Through its affiliation with TCN Worldwide, Bradford Allen additionally offers expanded services on the local, national, and international levels.
The 2013-2014 TCN Worldwide Board of Directors include:
- Larry Elbaum, Co-founder and Principal of Bradford Allen Realty Services/TCN Worldwide in Chicago, IL. Mr. Elbaum will serve as the Chairman of the Board
- David S. Greene, Principal / President, Brokerage Services at New York City-based MHP/TCN Worldwide. Mr. Greene will serve as Vice Chairman
- Kenneth Ulsaker, Vice President of Long & Foster Commercial/TCN Worldwide of Washington DC. Mr. Ulsaker will serve as Treasurer
- Barry Beitler, President of Beitler Commercial Realty Services/TCN Worldwide in Los Angeles. Mr. Beitler will serve as Secretary
- William P. Nice, Jr., Principal at Hanna Chartwell/TCN Worldwide, northeastern Ohio’s largest locally owned commercial real estate firm.
- Tom Sutherland, Principal at CASE Commercial/TCN Worldwide in Dallas, TX.
- H. Ross Ford, President & CEO of TCN Worldwide in Richardson, TX. Mr. Ford is responsible for the strategic direction of the organization and the implementation of all expansion and networking initiatives.
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based, national commercial real estate company provides a full array of brokerage services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. For more information please visit our website at www.bradfordallen.com.
Bradford Allen Special Report
Trends In Healthcare Real Estate
Since 2010, the healthcare industry has been preparing for the Patient Protection and Affordable Care Act (ACA). As surgeons,
physicians and nurses prepped for the insurance exchanges to open up this October, it is still unclear what will happen in 2014.
Medical professionals are proceeding with extreme caution when making major decisions that will impact their core business
operations, specifically with regards to their real estate expenses. Hospital administrators are increasingly looking at their real estate
to control costs in response to revenue constraints and operating cost pressures. Much of this uncertainty has resulted in mergers,
acquisitions and strategic alliances. These consolidations are providing medical practitioners easier access to capital and greater
bargaining power with insurance companies.
While the future is somewhat uncertain, the healthcare sector is expected to remain relatively robust because of an aging “Baby
Boomer” population and the expansion of health insurance increasing traffic to health care facilities. The following are three distinct
trends that we continue to see within hospitals, healthcare systems, surgery centers and physician practices.
Third Quarter 2013 Chicago Downtown Office Market Report
Improving Trend Continues as Downtown Chicago Office Market Records Positive Net Absorption
The downtown Chicago office market continues to improve. This is being driven by steady demand from tenants looking for CBD locations that can help them attract talent. This theme has been in play for several years now and is illustrated by both suburban and out-of-area employers relocating to downtown Chicago. It was again evident during the third quarter with the announcement that AT&T was relocating 500 workers from the Northwest suburbs to their office at 225 West Randolph Street.
Bradford Allen Promotes Justin Kessler to Director
CHICAGO – Jeffrey Bernstein and Laurence Elbaum, principals and co-founders of Bradford Allen have announced that Justin Kessler was promoted to director of the Chicago-based commercial real estate company in October 2013. Kessler joined Bradford Allen n in 2011 as an associate and is based in Bradford Allen’s downtown office.
“Justin’s rapid growth as a real estate professional has been quite impressive. We look forward to his continued success in his career and as a valued member of our firm,” said Elbaum.
Kessler focuses on downtown based Chicago companies and represents a broad spectrum of firms. Since joining the firm, he has worked with many well-known corporations including ePrize, Bright Pink and DLS Software Solutions.
Kessler received a Bachelor of Business Administration – Finance from the University of Missouri, St. Louis. Prior to joining Bradford Allen, he worked as a Managing Director for ONCOR International.
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based, national commercial real estate company provides a full array of brokerage services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. For more information please visit our website at www.bradfordallen.com.
Bradford Allen Brings Lombard Office Property to 100% Occupancy
Jones Lang LaSalle signs new lease at 350 E 22nd Street
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based, national commercial real estate company provides a full array of brokerage services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. For more information please visit our website at www.bradfordallen.com.
Bradford Allen Represents Eagle Seven Trading in Office Expansion and Relocation
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based, national commercial real estate company provides a full array of brokerage services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. For more information please visit our website at www.bradfordallen.com.
TCN Worldwide Recognized Among Top 10 Most Powerful Brokerage Firms by Commercial Real Estate Magazine
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based, national commercial real estate company provides a full array of brokerage services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. For more information please visit our website at www.bradfordallen.com.
About TCN Worldwide
TCN Worldwide, a consortium of independent commercial real estate firms, provides complete integrated real estate solutions locally and internationally. With approximately $31.9 billion in annual transactions and over 80 million square feet of space under management, the organization ranks as one of the largest service providers in the industry. An extensive range of real estate services coupled with a personal commitment to exceed client expectations is what allows TCN Worldwide to be a leader within the commercial real estate industry. Formed in 1989, TCN Worldwide is comprised of over 800 commercial real estate professionals serving more than 200 primary and secondary markets worldwide.is a private real estate investment trust (REIT) targeting the distressed residential multi=family real estate market. For more information, visit TCN online at www.tcnworldwide.com.
Second Quarter 2013 Chicago Downtown Office Market Report
Statistics Remain Stable as Downtown Chicago Office Market Continues to Attract Strong Interest
By most statistical measures, the downtown Chicago office market has remained relatively unchanged for much of the first half of 2013. During the second quarter, the availability rate increased fractionally to 16.7%, while the overall vacancy rate remained unchanged at 12.6%. However, both these metrics illustrate improvement as compared to the previous year. In general, there continues to be a strong bid for quality space, and there have been many cases of both suburban Chicago and out-of area tenants canvassing for space and relocating to downtown Chicago.
Bradford Allen Completes Full Floor Lease at 79 West Monroe
CHICAGO – Bradford Allen Realty Services is pleased to announce the firm has recently completed a 15,510 square foot lease for Pangea Properties at 79 West Monroe in Chicago.
Andrew DeMoss, managing director at Bradford Allen, and leasing agent for the historic Bell Federal Building, represented the building’s ownership, Bell Acquisiton LLC and its property manager, Farbman Group. After analyzing multiple options in the market, Pangea Properties, a Chicago-based real estate investment trust (REIT), chose 79 W. Monroe for its well-surrounded location and the plug and play availability on the third floor.
“The firm was drawn to the Central Loop location, competitive pricing, hands-on management and recent lobby renovations,” says DeMoss, who was able to provide Pangea with a smooth and fast relocation for their expansion.
Pangea Properties CEO Al Goldstein adds that it was time to expand with a second corporate office. “We have grown from 25 employees in 2010 to over 300 employees currently,” says Goldstein. “We’re excited to bring part of our growing company to the heart of the city. Our new space not only offers fresh energy, it provides us with the opportunity for continued expansion.” Pangea also has five local satellite Chicago offices in and around its properties, eight such offices in Indianapolis and one in Baltimore.
79 West Monroe, located at Monroe and Clark Streets in the Central Loop, is often recognized for its exterior aesthetics and landmark weather bell, which changes color in accordance with temperature. Built in 1906, the 200,000 square foot, 13-story structure has considerable street presence and visibility. One fully furnished full floor space remains available.
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based, national commercial real estate company provides a full array of brokerage services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. For more information please visit our website at www.bradfordallen.com.
About Pangea Properties
Pangea Properties is a private real estate investment trust (REIT) targeting the distressed residential multi=family real estate market. Pangea was founded in 2008 where entrepreneurs saw an opportunity in the Chicago market to create a real estate firm that serves as both the property owner and the building manager, utilizing a call center to support the high bar for service and scalability. Today, Pangea has over $250 million into 8,000+ apartment units throughout Chicago, Indianapolis and Baltimore, with the goal of continued expansion. For more information, visit Pangea online at www.pangeare.com.
Bradford Allen Completes Relocation for Growing Firm at Civic Opera
CHICAGO – Bradford Allen Realty Services is pleased to announce that Managing Director Sameena Mustafa Basit has completed a new lease on behalf of Urban R2 Development Company (UR2) at 20 N. Wacker Drive in Chicago.
UR2 is a successful Chicago-based real estate development company which spearheaded a development to construct a 223-unit apartment building at Washington and Des Plaines in the City’s West Loop.
“Sameena completed a thorough analysis of our space options and guided us as our needs evolved,” said Gary Rosenberg of UR2.
Bradford Allen’s Basit negotiated a lease relocation on behalf of UR2 which almost doubled the amount of its previous office space in River North. The new 41st floor offices feature impressive views and provide UR2 with adjacent space to meet the firm’s future requirements.
“UR2 is a dynamic and growing organization. The new ownership of the Civic Opera building has invested significant capital to rejuvenate this landmark asset and create the atmosphere and amenities to accommodate the firm,” said Basit.
Matt Lerner with J.F. McKinney and Associates represented ownership in the lease transaction.
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based, national commercial real estate company provides a full array of brokerage services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. For more information please visit our website at www.bradfordallen.com.
Bradford Allen Releases 2013 Mid-Year Market Report
CHICAGO – Bradford Allen Realty Services, a Chicago-based commercial real estate firm, today announced that they have released their Mid-Year Suburban Market Research Report.
“Our Mid-Year Suburban Market Research Report portrays a more accurate reflection of current market conditions,” said Senior Managing Partner Joel Berger. “We take into account a multitude of factors that are related to market strength — not just the amount of physically vacant space.”
According to Bradford Allen, a good portion of the space that sits physically vacant today is “The Last Mile” of space—perhaps 5-10% of any given property—where landlords have a diminished desire to be aggressive to get the last deals done. As a result, this skews the overall statistics.
Unlike the market reports from many other national real estate firms, the Bradford Allen methodology eliminates geographical outlier properties that can skew the accuracy of reported numbers. In addition, the bi-annual report offers details for five “micro-markets” within the four major submarkets, and provides greater insight into the current status and emerging trends in the suburban Chicago office market.
“The purpose of any market report is to portray a ‘market snapshot’ to people not directly involved in the day-to-day commercial real estate industry. Our enhanced format does that much more accurately than other reports that are out there,” added Berger.
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based, national commercial real estate company provides a full array of brokerage services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. For more information please visit our website at www.bradfordallen.com.
Mid-Year 2013 Chicago Suburban Office Market Report
Chicago Suburban Mid-Year Market Report 2013 |
Improving Suburban Chicago Office Market Remains Tighter Than Statistics Suggest The suburban Chicago office market continued to improve during the first six monthsof the year. The overall, direct vacancy and sublease availability all slightly decreased to 18.3%, 17.4% and 2.7%, respectively. Although, the overall vacancy remains elevated at 18.3%, the real dynamics reflect those of a much tighter market, perhaps one with a vacancy rate as low as 13%. A good portion of the space that sits physically vacant today is “The Last Mile” of space—perhaps 5-10% of any given property—where landlords have a diminished desire to be aggressive to get the last deals done. As a result, this skews the overall statistics.
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Bradford Allen Adds Four New Properties to Leasing Portfolio
CHICAGO – Bradford Allen is pleased to announce the firm has been hired as the exclusive leasing agent forfour new suburban properties,adding to their growing Chicagoland agency practice.
- 220 Remington Boulevard, Bolingbrook, Illinois
- 720 Enterprise, Oak Brook, Illinois
- Woodgrove Professional Center , 7425 Janes Ave, Woodridge, Illinois
- Stratford Medical Center, 231 S Gary, Bloomingdale, Illinois
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based, national commercial real estate company provides a full array of brokerage services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. For more information please visit our website at www.bradfordallen.com.
First Quarter 2013 Chicago Downtown Office Market Report
Positive Underlying Tone Continues to Characterize Downtown Chicago Office Market
The downtown Chicago office market finished the year on a positive note, and although the pace of improvement has leveled off, the market remains stable with a strong underlying bid for quality space. Overall vacancies declined nominally early this year and ended the first quarter at 12.6%. Stepping back to look at the broader trend, virtually all key market metrics have improved over the past 12 to 18 months. This continues to evidence a slow improving trend since the global economic crisis.
First Quarter 2013 Chicago Suburban Office Market Report
Suburban Chicago Office Market Signals Steady—Albeit Slow—Improvement Transaction activity within the suburban Chicago office market was relatively steady to begin the year, and a healthier tone continues to characterize the overall suburban market. Although the vacancy rate edged up during the first quarter from 18.3% to 18.6%, there continues to be ample interest from tenants for high quality space. Many tenants have been motivated to upgrade their space rather than renew, particularly in situations where attractive rents and/or concessions can help offset relocation costs.
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Bradford Allen Expands Services to Include Management Services and Hires Industry Veteran Roger Clark to Lead Group
CHICAGO – Bradford Allen is pleased to announce the expansion of its service platform with the formation of Bradford Allen Management Services. The firm now offers a comprehensive array of management services to owners of and investors in commercial real estate throughout Chicagoland. This new practice group will be led by industry veteran, Roger Clark. Clark brings more than 25 years of property and asset management experience to the table. In his new role as President of Management Services, he’ll be responsible for identifying, developing, directing, and operating all management assignments for the firm. Bradford Allen Management Services will provide capabilities that range from facility and property management – including accounting, financial services and project/construction management. Clark has assembled a management team including administration, property accountants and field managers.
“We are proud and very excited to welcome Roger to Bradford Allen,” said Principal and Co-Founder, Jeffrey Bernstein. “Roger’s extensive property management knowledge and relationships, along with his high level of integrity and professionalism, will greatly benefit our firm as we grow this new division.”
Clark has managed over twenty million square feet of office and industrial space throughout the Chicago, Detroit, Minneapolis, Indianapolis, St. Louis and Des Moines markets. Prior to joining Bradford Allen, he worked with noted companies such as Insignia, CAPSTAR Commercial Real Estate Services, Hines and most recently Winthrop Management.
Throughout his tenure, Clark has represented institutional clients such as Area Property Partners VE Funds, Metzler Realty Advisors, Inc, UBS, Fosterlane Management Company, Walton Street Capital, LLC, Principal Financial Group, TIA – CREF, and Cohen Financial.
“Given their recent growth, and their dedication to providing outstanding client services, it’s an exciting time to be joining Bradford Allen,” said Clark. “I look forward to building this new division, and enhancing our service platform for our existing and new clients.”
Clark earned his bachelor’s degree from Michigan State University, and is a licensed real estate broker in Illinois.
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based, national commercial real estate company that provides a full array of brokerage services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. For more information please visit our website at www.bradfordallen.com
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Bradford Allen Announces New Methodology for Suburban Chicago Office Market Report
CHICAGO – Bradford Allen Realty Services, a Chicago-based commercial real estate firm, today announced expanded and improved market research capabilities for the suburban Chicago office market. Beginning with the fourth quarter 2012, the enhanced market reports will provide greater insight into the current status and emerging trends in the suburban Chicago office market. “Our primary goal was to eliminate geographical outlier properties that can skew the accuracy of reported numbers,” says Joel Berger, senior managing director with Bradford Allen. “As Chicagoland expanded outward over the last two decades, each of the suburban submarkets began to include more remote areas that are not necessarily relevant or meaningful. The market reports for many other national real estate firms include these areas as part of their search parameters, and therefore those statistics can be misleading.”
Berger went on to explain that by creating a formula to eliminate the properties that skew the accuracy and merit of the statistics, the Bradford Allen report will offer more meaningful information that clients can use to make sound real estate decisions.
In addition to refining the database and adjusting for the most relevant properties, a new segment of these new reports offer details for five new “micro-markets” within the four major submarkets. When clients now review each of the major suburban submarkets, they can see detailed information on a much more granular and actionable level.
Ultimately, the goal is to ensure that both our tenant and landlord clients were being presented with the best possible information on the suburban office markets.
About Bradford Allen Bradford Allen Realty Services, a Chicago-based, national commercial real estate company that provides a full array of brokerage services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. For more information please visit our website at www.bradfordallen.com
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Bradford Allen Brings Aurora Office Building to Full Occupancy
CHICAGO – Bradford Allen Realty Services represented UBS Realty Investors, LLC in a 22,000 SF new lease for Styrolution America, at 4245 Meridian Parkway in Aurora. The 140,300 square foot office property is now 100 percent leased.
Cody Sundberg, a director at Bradford Allen, represented the building owner, UBS Realty Investors. Styrolution America, a global styrenics company, was represented by Aubrey Van Reken and Jim Adler of NAI Hiffman. Styrolution is relocating their regional headquarters from Channahan, Illinois.
“The building presented a unique leasing opportunity as this portion of the East/West corridor is more commonly known for large, single tenant office users and industrial space,” said Sundberg. “However, given its proximity to I-55, the location was perfect for Styrolution which employs a worker base largely from south of Aurora.”
“Cody’s comprehensive leasing and marketing efforts and direct outreach to the brokerage community helped to successfully lease up the property,” added Jeffrey Bernstein, principal and co-founder of Bradford Allen who leads the firm’s growing agency practice.
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based, national commercial real estate company that provides a full array of brokerage services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. For more information please visit our website at www.bradfordallen.com
Fourth Quarter 2012 Chicago Suburban Office Market Report
Momentum Continues Building for the Improving Suburban Chicago Office Market
Transaction activity within the suburban Chicago office market accelerated during the second half of the year, and 2012 finished on a positive note. This improvement was echoed in most of the major market statistics, particularly the vacancy and absorption rates. The overall vacancy rate declined and ended the year at 17.3% as compared to 19.3% at the 2011 year end. The strong leasing activity in the fourth quarter also resulted in more than 450,000 SF of positive net absorption, bringing the full year positive net absorption to more than 1.2 million SF.
Fourth Quarter 2012 Chicago Downtown Office Market Report
Downtown Chicago Office Market Ends 2012 on the Upswing
Despite all the challenges and questions facing the economy, there’s no denying that the downtown Chicago office market has been on the mend and finished the year on a positive note. Overall vacancies declined one full percentage point from the third quarter and ended 2012 at 12.7% down from 13.3% in 2011. This is the lowest year-end vacancy rate since the global economic crisis.
ePrize, Inc to Relocate and Expand to 415 N Dearborn
CHICAGO – Bradford Allen Realty Services represented ePrize, Inc. in a 9,420 square foot new lease at 415 N Dearborn in Chicago. The tenant will occupy the entire fourth floor and a portion of the fifth floor of the brick-and-timber loft office building this December.
ePrize, a Detroit-based digital engagement agency specializing in interactive mobile, social media, and web campaigns, was represented by Bradford Allen Senior Managing Director, Ben Azulay and Associate Justin Kessler.
The firm’s recent acquisition of the mobile solutions firm, Cellit, prompted the need for the relocation and expansion, which merged the two firm’s offices together. According to Azulay, the new location provides ePrize with building signage. In addition, the open loft-office configuration will help to facilitate the integration of the two firms, and accommodate furture growth.
Joseph Storiz and Joshua Kellerman of Marc Realty represented the building ownership, Wells Street Companies.
About Bradford Allen Capital
Bradford Allen Realty Services, a Chicago-based, national commercial real estate company provides a full array of brokerage services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. For more information please visit our website at www.bradfordallen.com.
About ePrize, Inc.
ePrize, Inc. is a digital engagement agency specializing in mobile, social media, and web campaigns. Last year, more than half of Fortune 100 companies and many world-class agencies relied on ePrize’s creative, technology and legal services. Since 1999, ePrize has grown into the largest online promotions platform, providing incentive-based promotional and loyalty programs in 44 countries for clients like Coca-Cola, Microsoft, The Gap, HSN, Miller/Coors, Yahoo!, P&G and AT&T. Headquartered in Detroit, ePrize also has offices in New York, Chicago, Los Angeles and Seattle. www.eprize.com.
Bradford Allen Capital Closes $24 Million Loan for Naperville Corporate Center
CHICAGO – Bradford Allen is pleased to announce that the firm recently closed a $24 million loan for the Naperville Corporate Center in Naperville, Illinois. Bradford Allen’s Capital Group, senior vice president, Anthony Giannini, arranged the first mortgage refinancing for the four building, 420,391 square foot office complex.
Giannini placed this loan on behalf of EquiTrust Life Insurance Company. The borrower is a joint venture between Pearlmark Real Estate Partners, LLC, a principal investment firm specializing in commercial real estate, and TriGate Capital, LLC, a market leading real estate private equity firm.
“Bradford Allen Capital was instrumental maintaining communication and assistance throughout the application, due diligence, and closing process,” commented the borrower, Keith Schneider, a Vice President with TriGate Capital, LLC. “Their long-standing relationship with the lender and active involvement in the process helped make this transaction happen.”
“This is a well-located asset with a full complement of amenities and a strong tenant roster,” Giannini added. “Both Pearlmark Real Estate Partners and TriGate Capital were great to work with and contributed to the speed and success of this refinance.”
The Naperville Corporate Center was constructed from 1982 through 1992 and is situated just west of Naperville Road with immediate access to Interstate 88. Large tenants include Infogix, The Trizetto Group and The Receivables Management Services.
About Bradford Allen Capital
Bradford Allen Realty Services Bradford Allen Capital originates first mortgage, non-recourse life insurance company and CMBS loans for commercial income producing properties nationwide. The firm arranges debt for acquisition, refinancing and borrower restructures in amounts ranging from $10 million to $100 million. Bradford Allen Capital is part of Bradford Allen Realty Services, a Chicago-based, national commercial real estate company that provides a full array of brokerage services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. For more information please visit our website at www.bradfordallen.com
About Pearlmark Real Estate Partners, L.L.C
Pearlmark Real Estate Partners, L.L.C. (“Pearlmark”) is a principal investment firm specializing in commercial real estate. Since its inception as Transwestern Investment Company in 1996, Pearlmark has acquired interests in nearly 500 office, retail, industrial and multifamily properties, representing a gross investment of over $11.8 billion.
About TriGate Capital, LLC
TriGate Capital, LLC (TriGate) is a market leading real estate private equity firm focused on acquiring real estate secured debt, providing capital for asset and company recapitalizations, and acquiring real estate assets where the potential to add value exists.
Bradford Allen Hires Six New Associates as Company’s Growth Continues
CHICAGO – Jeffrey Bernstein and Laurence Elbaum, principals and co-founders of Bradford Allen are pleased to announce that the firm has hired six new associates to join the Chicago-based firm. As associates the new team members will concentrate on business development, strategic planning and transaction management.
Associates Erik Schmitt, Narmar Doyle and Pablo Bonnin will be working with the firm’s Senior Managing Director Ben Azulay specializing in tenant representation in the downtown Chicago office market. Doyle will also be working with the firm’s Managing Director Andrew DeMoss as a landlord representative for 209 W. Jackson, 216 W. Jackson and 79 W. Monroe. New associates Cory Schraier, Michael Mazza and CJ Ricciardi will be working closely with Bradford Allen’s Senior Managing Director Joel Berger who oversees the firm’s suburban Chicago office in Oak Brook.
“This young and energetic group of professionals truly complements the level of service that Bradford Allen provides its clients and lays the groundwork for the future of the firm,” said Elbaum. “They are representative of our continued growth throughout the Chicago marketplace.”
The new associates join the firm from:
- Erik Schmitt – GreenPoint Partners
- Narmar Doyle – Cassidy Turley in Cincinnati
- Pablo Bonnin – MBA/Masters of Architecture at UIC
- Cory Schraier – Internship with Newmark Knight Frank/Epic Realty
- Michael Mazza – Twin Properties Management Group
- CJ Ricciardi – Vector Marketing
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, makes a full range of services and expertise available to entrepreneurial and corporate business entities, and not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. Please visit our website at www.bradfordallen.com.
ePrize to Relocate and Expand Chicago Office to 415 N Dearborn
CHICAGO – Bradford Allen Realty Services represented ePrize, Inc. in a 9,420 square foot new lease at 415 N Dearborn in Chicago. The tenant will occupy the entire fourth floor and a portion of the fifth floor of the brick-and-timber loft office building this December.
ePrize, a Detroit-based digital engagement agency specializing in interactive mobile, social media, and web campaigns, was represented by Bradford Allen Senior Managing Director, Ben Azulay and Associate Justin Kessler.
The firm’s recent acquisition of the mobile solutions firm, Cellit, prompted the need for the relocation and expansion, which merged the two firm’s offices together. According to Azulay, the new location provides ePrize with building signage. In addition, the open loft-office configuration will help to facilitate the integration of the two firms, and accommodate future Chicago growth.
Joseph Storiz and Joshua Kellerman of Marc Realty represented the building ownership, Wells Street Companies.
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based, national commercial real estate company that provides a full array of brokerage services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. For more information please visit our website at www.bradfordallen.com
Laurence Elbaum Re-elected Chairman of TCN Worldwide Board of Directors
CHICAGO – H. Ross Ford, president and CEO of TCN Worldwide, is pleased to announce Laurence Elbaum, principal and co-founder of Bradford Allen Realty Services/TCN Worldwide of Chicago, has been re-elected chairman for the 2012-2013 TCN Worldwide Board of Directors. Originally elected to the board of directors in 2006, Mr. Elbaum has served as the board’s chairman for the last two years.
“We are very pleased to announce that Larry Elbaum will continue to serve as the chairman of TCN Worldwide’s board of directors,” said Ross Ford, president and CEO of TCN Worldwide. “Larry’s impressive background, stellar reputation within the industry and continued commitment to our organization has set him apart as one of the organization’s most impressive leaders. We look forward to his continued contribution and are fortunate to have someone of his caliber help lead TCN Worldwide in accomplishing our strategic goals.”
Elbaum, a veteran broker from both New York City and Chicago’s commercial office leasing market, co-founded Bradford Allen Realty Services with Jeffrey Bernstein in October 2003. Their Chicago-based national commercial real estate firm provides its clients with a fresh perspective, significant local industry relationships and extensive market knowledge. Through its affiliation with TCN Worldwide, Bradford Allen additionally offers expanded services on the local, national, and international levels.
The 2012-2013 TCN Worldwide Board of Directors include:
- Larry Elbaum, co-founder and principal of Bradford Allen Realty Services/TCN Worldwide in Chicago, IL. Mr. Elbaum will serve as the Chairman of the Board
- David S. Greene, president of Brokerage Services with New York City-based Murray Hill Properties/TCN Worldwide. Mr. Greene will serve as Vice Chairman Kenneth Ulsaker, vice president of Long & Foster Commercial/TCN Worldwide of Washington DC. Mr. Ulsaker will serve as Treasurer
- Barry Beitler, president of Beitler Commercial Realty Services/TCN Worldwide in Los Angeles. Mr. Beitler will serve as Secretary
- William P. Nice, Jr., principal at Chartwell Group/TCN Worldwide, northeastern Ohio’s largest locally owned commercial real estate firm.
- Tom Sutherland, principal at CASE Commercial/TCN Worldwide in Dallas, TX.
- H. Ross Ford, president & CEO of TCN Worldwide in Plano, TX. Mr. Ford is responsible for the strategic direction of the organization and the implementation of all expansion and networking initiatives
About TCN Worldwide
TCN Worldwide, a consortium of independent commercial real estate firms, provides complete integrated real estate solutions locally and internationally. With approximately $27.1 billion in annual transactions and over 80 million square feet of space under management, the organization ranks as one of the largest service providers in the industry. An extensive range of real estate services coupled with a personal commitment to exceed client expectations is what allows TCN Worldwide to be a leader within the commercial real estate industry. Formed in 1989, TCN Worldwide is comprised of over 800 commercial real estate professionals serving more than 200 primary and secondary markets worldwide.
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, makes a full range of services and expertise available to entrepreneurial and corporate business entities, and not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. Please visit our website at www.bradfordallen.com.
Bradford Allen Completes Renewal for Neighborhood Housing Services of Chicago
CHICAGO – Bradford Allen Realty Services is pleased to announce that Managing Director Sameena Mustafa Basit and Senior Managing Director Craig Nadborne have completed a 15,656 square foot lease on behalf of Neighborhood Housing Services of Chicago (NHS) at 1279 N. Milwaukee Avenue in Chicago.
Established in 1975, NHS is the area’s largest nonprofit community development organization. The firm has operated its citywide office from the Milwaukee Avenue location since 2001. Basit and Nadborne represented NHS in lease negotiations which enabled the organization to reduce its occupancy costs while reorganizing its floor space for improved efficiencies.
“The new lease terms will save NHS over 20% in occupancy costs,” said Basit. “Furthermore, relocating within the building eliminates the need for transferring elevators as was required by the old space. NHS’ new offices will improve the organization’s operational flow with a smaller footprint.”
Bob Tucker, Corporate General Counsel for NHS said, “NHS chose to remain at the Wicker Park location to provide continuity for its staff, clients and partners as well as for its access to public transportation. It’s a good building, and the new ownership has been responsive to our needs.”
Centrum Properties, Inc. represented the landlord, AGC West Town Center Owner LLC.
About Neighborhood Housing Services of Chicago
NHS is the city’s largest nonprofit community development organization committed to providing residents of Chicago and Elgin with affordable resources to buy, fix, and keep their homes. Since its creation, NHS has created more than 3,880 new homeowners. NHS also works to stimulate community reinvestment through a partnership of residents, businesses, and government, and has leveraged investment of more than $1.1 billion in Chicago’s neighborhoods. NHS is part of the NeighborWorks® America network, which includes 235 independent, community-based nonprofit organizations serving more than 4,500 communities nationwide.
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, makes a full range of services and expertise available to entrepreneurial and corporate business entities, and not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. Please visit our website at www.bradfordallen.com.
Third Quarter 2012 Chicago Suburban Office Market Report
Third Quarter Transaction Activity Heats Up In Suburban Chicago Office Market
After cooling off during the first half of 2012, activity within the suburban Chicago office market accelerated during the third quarter. The increased confidence among large tenants was evidenced in a spate of noteworthy transactions. This was driven largely by a continued trend toward quality space where tenants are locking-in Class A locations at attractive pricing. The improving suburban office market conditions were illustrated by several key market metrics.
Third Quarter 2012 Chicago Downtown Office Market Report
Downtown Chicago Office Market Holds Steady, But Demand Points to Further Improvement Ahead
The downtown Chicago office market ended the third quarter with overall availability and vacancy rates of 17.1% and 13.7%, respectively. Compared with the second quarter both are minor increases which can be attributed to the stagnant economic recovery and firms reducing their square footage to maximize space efficiency. Conversely, a side by side analysis of third quarter 2011 and third quarter 2012 shows improvements in most major metrics—asking rate, net absorption and overall vacancy—demonstrating increased stability in the office market.
Second Quarter 2012 Chicago Suburban Office Market Report
Suburban Chicago Office Market Cools Off During First Half of 2012
The suburban Chicago office market hit a plateau during the first half of 2012. The overall availability rate has remained unchanged from the first to the second quarter of 2012, resulting in a mid-year figure of 27.3%. This remains slightly higher than the 26.8% statistic at year-end 2011. The overall vacancy rate also remained stable during the second quarter at 23.2%.
During 2011 there were many large tenant relocations that reflected both pent up demand coming out of the financial crisis, as well as the plentiful availability of attractive second-generation space. In many cases, this space was not only well located in Class A buildings, but it also included furniture and upgraded wiring. This added significant appeal and helped motivate tenants to make longer-term commitments.
Second Quarter 2012 Chicago Downtown Office Market Report
Slight Improvement for Downtown Chicago Office Market
The status quo remains, with the second quarter statistics for the downtown Chicago office market. This is especially true in the context of our current macroeconomic environment that seems perpetually on the edge of crisis.
Throughout the first six months of the year, the overall availability rate in the Chicago CBD office market has remained relatively unchanged, ending the second quarter at approximately 16.9%. Not surprisingly, the downtown vacancy rate also held steady at 13.2%. Although leasing activity has leveled off to a solid (if unspectacular) pace during the first two quarters of 2012, the year-over-year trend in the downtown office market continues to be positive.
Azulay and Berger Promoted to Strategic Management Roles at Bradford Allen
CHICAGO – Jeffrey Bernstein and Laurence Elbaum, principals and co-founders of Bradford Allen are pleased to announce the recent promotions of Ben Azulay and Joel Berger from directors to senior managing directors.
“Ben and Joel have been with the firm since its infancy and their leadership has been instrumental to our team’s reputation and success,” said Bernstein. “With the significant expansion of our office within the past several years, it was a logical choice to select Ben and Joel to share in the management responsibilities. We have no doubt that their leadership and strategic thinking will enhance the success of our brokerage team,” Elbaum added.
Azulay will now lead the downtown office’s brokerage team while Berger will manage the suburban brokers from the firm’s office in Oak Brook. Both Azulay and Berger will be responsible for day-to-day management of their teams, mentoring, recruiting and training.
Azulay has 10 years of experience in commercial real estate and strategic planning. He joined Bradford Allen in 2004 and specializes in tenant and landlord representation for privately held organizations in Chicago’s Loop and North Suburban markets including Medspeed, BPG Properties, Foundation Content, Networked Insights and Public Allies. A graduate of the University of Wisconsin – Madison where he received his Bachelor of Arts Degree, Azulay is licensed real estate salesperson in Illinois, a member of the Chicago Office Leasing Brokers Association as well as a volunteer for the Jewish Community Center.
Joel Berger has more than 10 years of experience in commercial real estate and business-community relations. He joined Bradford Allen in 2004 and specializes in providing brokerage services for office tenants and landlords throughout the Chicago metropolitan area including MYR Group, Automated Engineering Services, Cinch Connectors and Heartland Healthcare/HCR Manorcare. Berger is a licensed real estate salesperson in the State of Illinois and an active supporter of the Make-A-Wish Foundation and the American Cancer Society. He holds a Bachelor of Business Administration degree from the University of Wisconsin – Madison.
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, makes a full range of services and expertise available to entrepreneurial and corporate business entities, and not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. Please visit our website at www.bradfordallen.com.
Bradford Allen Represents Ajinomoto Heartland Inc in Lease Renewal
CHICAGO – Bradford Allen Realty Services represented Ajinomoto Heartland Inc. in a 7,560 square foot lease renewal at 8430 W. Bryn Mawr in Chicago, IL. Ajinomoto Heartland, Inc. is one of five companies affiliated with the Ajinomoto Animal Nutrition group, a global leader in feed-grade amino acid manufacturing. The animal nutritional firm was represented by Bradford Allen Senior Managing Director Craig Nadborne.
According to Nadborne, who has represented Ajinomoto Heartland for more than 20 years, the firm chose to stay in their long-term location because of the flexibility of the ownership and the building’s close proximity to O’Hare International Airport.
Greg O’Neal of Parkway Realty Services represented the ownership, FCA Fung Chicago II, LLC.
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, makes a full range of services and expertise available to entrepreneurial and corporate business entities, and not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. Please visit our website at www.bradfordallen.com.
First Quarter 2012 Chicago Downtown Office Market Report
Steady first quarter for downtown Chicago office market
As 2011 drew to a close, the recovery in the downtown Chicago office market gained momentum, and the year ended on a positive note. Although activity was not quite as robust during the first quarter as compared to the flurry of activity in late 2011, the overall CBD market still appears to be headed in the right direction. Tenants canvassing for space seem more confident and more willing to make commitments, perhaps echoing the string of upbeat economic indicators and the sharp rally in the domestic equity market during the first three months of the year. Particularly encouraging were the labor market statistics which showed several months of job creation and a declining unemployment rate. For now, continued employment gains will be the key metric that will likely determine the strength of the office market recovery.
First Quarter 2012 Chicago Suburban Office Market Report
Suburban Chicago office market takes a breather during first quarter 2012
The suburban Chicago office market ended 2011 on a high note, perhaps compensating for several years of pent up demand. As we previously reported, the overall tone of the market was much healthier despite a lingering supply and demand imbalance. Corporate tenants showed decidedly more confidence in making real estate commitments, and that was reflected in the more robust 2011 transaction activity.
Bradford Allen Promotes Ryan Moen to Director
Chicago, IL — Jeffrey Bernstein and Laurence Elbaum, principals and co-founders of Bradford Allen have announced that Ryan Moen was promoted to director of the Chicago-based commercial real estate company in January 2012. Moen joined Bradford Allen in 2009 as an associate and is based in Bradford Allen’s West Suburban office.
“Aside from his tireless work ethic, one of Ryan’s greatest strengths is his ability to uncover critical and timely information and then analyze and use that information to structure creative transactions for his clients’ benefit,” said Elbaum. “His rapid growth as a real estate professional has been quite impressive and we look forward to his continued success in his career and as a valued member of our firm.”
Moen focuses on suburban based Chicagoland companies and represents a broad spectrum of firms. He has worked with many well-known corporations including Lexis Nexis and Walgreens as well as several smaller organizations such as Sunny Ridge Family Center and Cinch Connectors. In his new role, Moen will be responsible for new business development, strategic planning and financial analyses for many of the firms’ clients.
Moen received a Bachelor of Science degree from the University of Illinois. Prior to joining Bradford Allen, he worked for Tri-land Properties, a nationwide real estate developer dedicated to redeveloping underutilized properties through public/private partnerships.
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, makes a full range of services and expertise available to entrepreneurial and corporate business entities, and not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. Please visit our website at www.bradfordallen.com.
Bradford Allen Completes Multiple Leases at Oak Creek Center
CHICAGO – Bradford Allen Realty Services has completed two new leases over the last two months for a combined 35,067 square feet of office space at the Oak Creek Center, 1700 Finley Rd, in Lombard, Illinois. The leases signed on behalf of the owner, KBS Realty, are Cinch Connectors for 22,915 square feet and Roto Rooter for 12,152 square feet.
Bradford Allen senior managing director Cody Sundberg and director, Rawly Lantz, represented ownership in both transactions. Cinch Connectors, a multi-national manufacturer of interconnect products has been a long-term tenant of the building. Bradford Allen senior managing director, Joel Berger and director, Ryan Moen represented the Cinch Connectors in the lease renewal. Roto Rooter, a drain cleaning & plumbing service, expanded and relocated within park from 999 Oak Creek Drive. They were represented by CB Richard Ellis Senior Vice President, John Springer.
Oak Creek Center is a master-planned office park that is comprised of 11 office and flex buildings on 70 acres of land. Located less than 1 mile away from I-355 and I-88, it is within close proximity to multiple retailers, restaurants, hotels and the Yorktown Shopping Center.
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, makes a full range of services and expertise available to entrepreneurial and corporate business entities, and not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. Please visit our website at www.bradfordallen.com.
Laurence Elbaum Inducted to 2011 Midwest Real Estate Commercial Real Estate Hall of Fame
Chicago, IL — Bradford Allen/TCN Worldwide is pleased to announce Laurence Elbaum, principal and co-founder of Bradford Allen Realty Services/TCN Worldwide of Chicago and chairman of the TCN Worldwide Board of Directors, has been inducted into Midwest Real Estate News’ Commercial Real Estate Hall of Fame.
Having received more than 300 nominations the highly regarded publication recently announced their newest inductees into the Midwest Commercial Real Estate Hall of Fame. As stated by Midwest Real Estate News, “These are men and women who have not only succeeded in one of the most challenging markets in the history of commercial real estate but have actually thrived during it.”
“We are honored to announce that Larry Elbaum has been inducted into Midwest Real Estate News’ Commercial Real Estate Hall of Fame,” said Ross Ford, president and CEO of TCN Worldwide. “Larry’s impressive background and stellar reputation within the industry as well as his continued commitment to our organization has set him apart as one of the industry’s most impressive leaders. We are proud to have someone of his caliber help lead TCN Worldwide as our current Chairman; his deep understanding of the commercial real estate market has and will continue to be an asset to all who have the privilege to work with him. Congratulations Larry!”
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, makes a full range of services and expertise available to entrepreneurial and corporate business entities, and not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. Please visit our website at www.bradfordallen.com.
About TCN Worldwide
TCN Worldwide, a consortium of independent commercial real estate firms, provides complete integrated real estate solutions locally and internationally. With approximately $20.7 billion in annual transactions and over 80 million square feet of space under management, the organization ranks as one of the largest service providers in the industry. An extensive range of real estate services coupled with a personal commitment to exceed client expectations is what allows TCN Worldwide to be a leader within the commercial real estate industry. Formed in 1989, TCN Worldwide is comprised of over 1,200 commercial real estate professionals serving more than 200 primary and secondary markets worldwide. For more information on TCN Worldwide, contact Claudia E. Crow at 972-769-8701 or visitwww.tcnworldwide.com.
Fourth Quarter 2011 Chicago Downtown Office Market Report
2011 finishes on a positive note as the Downtown Chicago office market extends gains Without question, 2011 was a year of improvement for the downtown Chicago office market. Certainly challenges remain, but the overall tone has improved with the re-emergence of stronger demand. In fact, the improvement appears to have accelerated during the fourth quarter as several key metrics posted strong gains. |
Fourth Quarter 2011 Chicago Suburban Office Market Report
Improved demand fuels optimism for Suburban Chicago office market
In contrast to the two years immediately following the global financial crisis, the suburban Chicago office market ended 2011 on the upswing. Stronger demand and a healthier overall tone have the real estate community feeling decidedly more optimistic about a genuine recovery.
Third Quarter 2011 Chicago Downtown Office Market Report
Downtown Chicago office market recovery continues, but it’s a slow and uneven climb Despite the spate of disappointing leading economic indicators and persistently high unemployment, the Chicago office market appears to be moving in the right direction, albeit slowly. The overall availability rate in Chicago’s central business district (CBD) remains elevated at 18.4%, but there are some other important statistical measures that offer reasons for cautious optimism. |
Third Quarter 2011 Chicago Suburban Office Market Report
Status quo for the Suburban Chicago office market The third quarter served up more of the same for the suburban Chicago office market. That’s not necessarily all bad news, but the move back to equilibrium looks to be progressing at a glacial pace. The overall availability rate has shown little fluctuation throughout 2011 and ended the third quarter at 27.3%. The direct vacancy rate actually inched back up slightly to 24.6% from 24.2% at mid-year. |
Second Quarter 2011 Chicago Downtown Office Market Report
Downtown Chicago office market continues to exhibit slow, steady improvement during the second quarter Reflecting a continued slow recovery in the broader economy, the downtown Chicago office market offered up some good news during the second quarter. The availability of direct and sublease space declined during the quarter, and a slight firming of demand helped push down both direct and sublease vacancies. Certainly the level of demand is not robust enough to drive up rental rates materially, but at the same time it is encouraging to see the slow improvement materialize as we recently forecasted. Still, the market remains out of balance favoring tenants as ample supply exists in virtually all downtown locations and across most tiers of space.
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Second Quarter 2011 Chicago Suburban Office Market Report
Overall tone of suburban Chicago office market slowly improves, but market dynamics still favor tenants
From the perspective of transaction activity and general interest in suburban Chicago office space, it is clear that the market has stabilized and improved since the depths of the financial crisis. However, the recovery continues to be slow and uneven. Overall demand and availability rates have not returned to pre-crisis levels. There continue to be some positive signs in the market, but the second quarter showed little material change as compared to the first quarter. The overall vacancy rate improved slightly and ended the second quarter at 23.0%.
TCN Worldwide Recognized as one of the Top Commercial Real Estate Industry’s Top Brands
Chicago, IL — Bradford Allen/TCN Worldwide has announced that TCN Worldwide was named one of the most recognizable brands within commercial real estate by The Lipsey Company, a third party consulting firm specializing in the commercial real estate industry. Lipsey’s prestigious annual Top 25 Commercial Real Estate Brands Survey ranks companies and organizations across all sectors of the commercial real estate industry, including Brokerage, REITs, Service Companies, Institutions, etc.
TCN Worldwide has consistently ranked as one of the top brands in the CRE industry on Lipsey’s annual Top 25 Commercial Real Estate Brands Survey since 2003. The organization has experienced considerable momentum in recent years, climbing ten places in just three years. This year TCN Worldwide maintains that momentum, moving to number eleven.
“It is an honor to be recognized as one of the industry’s top brands in this year’s Top Commercial Real Estate Brands Survey,” stated Laurence Elbaum, principal and co-founder of Bradford Allen and chairman of the TCN Worldwide Board of Directors. “TCN Worldwide is not only building marketshare, but also a reputation as one of the leading brand names in commercial real estate. We are proud to be affiliated with TCN, through which we are able to better meet our clients’ needs locally, regionally, nationally and internationally.”
H. Ross Ford, president and CEO of TCN Worldwide, added, “As an industry leader, Lipsey’s ranking reaffirms TCN Worldwide’s position as one of the most recognizable and a top brand within the industry. We congratulate each of our members, especially Bradford Allen on its continued achievement. Representing over 200 markets worldwide, our member firms have collectively made TCN Worldwide a global leader in the marketplace.”
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, makes a full range of services and expertise available to entrepreneurial and corporate business entities, and not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. Please visit our website at www.bradfordallen.com.
About TCN Worldwide
TCN Worldwide, a consortium of independent commercial real estate firms, provides complete integrated real estate solutions locally and internationally. With approximately $20.7 billion in annual transactions and over 80 million square feet of space under management, the organization ranks as one of the largest service providers in the industry. An extensive range of real estate services coupled with a personal commitment to exceed client expectations is what allows TCN Worldwide to be a leader within the commercial real estate industry. Formed in 1989, TCN Worldwide is comprised of over 1,200 commercial real estate professionals serving more than 200 primary and secondary markets worldwide. For more information on TCN Worldwide, contact Claudia E. Crow at 972-769-8701 or visitwww.tcnworldwide.com.
Bradford Allen Expands its Suburban Agency Services Team
CHICAGO – Jeffrey Bernstein and Laurence Elbaum, principals and co-founders of Bradford Allen are pleased to announce that Cody Sundberg and Rawly Lantz have joined the firm’s Downers Grove office as Managing Director and Director respectively.
Sundberg and Lantz come to Bradford Allen from Cawley Chicago Commercial Realty and will focus on agency representation in the suburban Chicago market. The duo also brings two significant agency projects to the firm, the Oak Creek Center of Lombard, Illinois and 950 Warrenville Road in Lisle, Illinois. The Oak Creek Center is a master-planned office park comprised of eleven office and flex buildings situated on 70 acres of land. The majority of the property is currently occupied, but various units are available. 950 Warrenville Road in Lisle is a 99,000 square foot, three-story, Class A office facility with immediate access to Interstate 88. The property is 93% leased.
“The addition of Cody and Rawly, two esteemed industry professionals, is a testament to the success of our unique leasing strategies and marketing programs,” said Bernstein, who leads the firm’s growing agency practice. “It’s also a valuable opportunity for Bradford Allen to expand our agency capabilities and presence in the suburban market.”
Joel Berger, Managing Director of Bradford Allen who oversees the suburban office added, “Cody and Rawly bring several years of experience and vast industry knowledge to our team. They will offer significant advantages to our current clients and will enable us to develop new relationships throughout the marketplace.”
Prior to joining Bradford Allen, Sundberg was a senior vice president with Cawley Chicago. He has closed nearly 700,000 square feet in transactions in both Illinois and Arizona where he is a licensed sales person. Sundberg is actively pursuing the Society of Industrial and Office Realtors (SIOR) and Commercial Investment Real Estate Institute (CCIM) designations. He is a graduate of Miami University in Oxford, Ohio and currently resides in Chicago.
Lantz, also previously employed at Cawley Chicago where he served as vice president, joins the firm having negotiated more than $15,000,000 in rental income for his clients. He has represented multiple institutional owners including KBS, Lexington Realty Trust and Stone Creek Properties. He is a member of the Chicago Chapter of NAIOP and licensed sales person in Illinois. Lantz is a graduate of Western Illinois University, an avid golfer and a volunteer for the Make-A-Wish Foundation. He currently resides in Western Springs, Ill.
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, makes a full range of services and expertise available to entrepreneurial and corporate business entities, and not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. Please visit our website at www.bradfordallen.com.
First Quarter 2011 Chicago Downtown Office Market Report
Bouncing along the bottom: Downtown office market remains stable as it grinds through sublease space The encouraging streak of recent quarters of positive net absorption did not continue during the first quarter, but we do not think this portends any real deterioration in the market. In fact, we continue to believe that the overall Chicago office market bottomed in early 2010, and any prolonged economic improvement will ultimately be reflected in the statistics over the medium term.
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First Quarter 2011 Chicago Suburban Office Market Report
Signs of slow improvement continue to emerge in suburban Chicago, particularly in Class A Space Although the Chicago suburban office market appears to have stabilized, there is no escaping that significant excess supply, both direct and sublease space, continues to overhang the market. The good news is that leasing activity, which re-emerged and accelerated last year, helped stem the deterioration in market fundamentals. It was encouraging to see that trend continue early this year. A healthier level of demand was evident throughout the first quarter, which helped push the overall availability rate down to 27.3%, which is an improvement from the year-end availability rate of 28.1%. The direct vacancy rate ended the quarter at 23.3%. |
Bradford Allen Secured as New Leasing Agent for 79 West Monroe
CHICAGO – Bradford Allen’s agency services group has been assigned as the listing agent for the former Bell Federal Savings & Loan building located at 79 W. Monroe in Chicago by the Farbman Group who purchased the building last week.
Located at Monroe and Clark, the Farbman Group of Detroit purchased the 199,824 square foot office property from Bank of America. The firm currently owns 700,000 square feet of property in Chicago; however, this is its first lease-up risk for the ownership. The 15-story, neoclassical office building constructed in 1903 is 72% vacant with approximately 95,000 square feet of contiguous space available. The Farbman Group, who enlisted Bradford Allen’s agency services group to list 216 W. Jackson, again selected the Chicago-based commercial real estate firm to secure new tenants for the Bell building.
“We are excited to market this historic space within the Bell building which has never before been available to the marketplace,” said Jeffrey Bernstein, a principal and co-founder of Bradford Allen who leads the firm’s growing agency practice. “Having worked with the Farbman Group for several years, we can attest to the ownership’s attentiveness and professionalism and look forward to assisting them with this new Loop endeavor.”
Bradford Allen’s Director Andrew DeMoss will represent the firm in the marketing efforts. “This is a great opportunity for users looking for space within Chicago’s Loop,” commented DeMoss. “The property is situated within three blocks of all of the CTA lines, within close proximity to the Federal buildings, offers six full floors of contiguous space and is move-in ready.”
The former Federal Bell building was designed by Jarvis Hunt and features a “Weather Bell” sign that changes color with impending temperature changes. The property was renovated in 1989 and includes fiber optic wiring and raised flooring.
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, makes a full range of services and expertise available to entrepreneurial and corporate business entities, and not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. Please visit our website at www.bradfordallen.com.
Fourth Quarter 2010 Chicago Downtown Office Market Report
Year-end conditions show mixed results, but signs are pointing to a slow recovery The commercial office market in Chicago’s central business district (CBD) appears to have bottomed out in 2010. The overall annual net absorption rate (the net change in occupied space) and increased sales activity seem to indicate a slowly reviving market. Annual net absorption turned slightly positive in 2010 in contrast to the over 2.3 million SF of negative net absorption recorded at the end of 2009. |
Fourth Quarter 2010 Chicago Suburban Office Market Report
Despite sluggish leasing market, market fundamentals show signs of stabilization The Chicago suburban office market appears to have reached its bottom in 2010. The overall annual net absorption (the net change in occupied space) and the year-to-date leasing activity seem to indicate that the market has begun to slowly recover. Annual net absorption was essentially flat in 2010, but still a clear reversal of the downward trend experienced in 2009, when the year ended with over 2.3 million square feet of negative net absorption. |
Bradford Allen Adds Three New Associates to Team
CHICAGO – Jeffrey Bernstein and Laurence Elbaum, principals and co-founders of Bradford Allen are pleased to announce that Justin Kessler, Geoff Winston, and Brandon Haddock have joined the Chicago–based commercial real estate firm as associates.
The three new associates are among several new hires recently announced by Bradford Allen. Justin Kessler has more than five years experience in commercial real estate, most recently serving as a Managing Director at ONCOR International for the Europe, Middle East & Africa office based in London. Kessler is a graduate of the University of Missouri in St. Louis and is a member of the Young Professionals of Chicago.
Geoff Winston is a former associate for Howard Ecker & Company as well as a property acquisition specialist for The Department of Veteran Affairs. Winston is a graduate of American University in Washington D.C., and a member of the Young Office Brokers Association (YOBA) and also serves on the Strategy Committee for the Union League Boys and Girls Club of Chicago.
Brandon Haddock joins Bradford Allen from Gordon Realty, a Michigan real estate firm, where he served as a property manager and leasing assistant. He was also previously employed as a sales associate for an international plastics manufacturer in the Czech Republic. Haddock is a graduate of Michigan State University and a member of YOBA.
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, makes a full range of services and expertise available to entrepreneurial and corporate business entities, and not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. Please visit our website at www.bradfordallen.com.
Bradford Allen Arranges Strategic Relocation for the LaSalle Network
CHICAGO – Bradford Allen Realty Services is pleased to announce that The LaSalle Network, a leading provider of professional staffing and recruiting services throughout the Midwest, is relocating their northwest Chicago office location to 2355 S. Arlington Heights Road in Arlington Heights from neighboring Schaumburg, Illinois. Laurence Elbaum, principal and co-founder and Joel Berger, managing director at Bradford Allen represented The LaSalle Network while Kevin Gillihan, associate, also of Bradford Allen, represented the building’s owner, Iron Horse Partners.
The LaSalle Network’s lease expired in December of 2009, but given the market conditions leading up to that time, the firm chose to postpone lease negotiations. When The LaSalle Network was ready to consider a lease renewal, their landlord was facing foreclosure. The building was subsequently placed into receivership and The LaSalle Network began to incur significant penalties related to its holdover.
“The LaSalle Network went through an extensive search throughout the Schaumburg market,” Elbaum said. “They chose the Arlington Heights property for its exceptional visibility from I-90, easy access, and because the ownership was willing to assume their hold-over costs, reduce their out-of pocket expenses and provide them with the long-term solution necessary to accommodate their operations.”
The LaSalle Network, which maintains additional offices in both Downtown Chicago and Oak Brook, leased approximately 4,000 square feet of space within the five-story, 50,700 square foot Arlington Heights property. The building is situated at the Southeast corner of South Arlington Heights Road and Algonquin Road and adjacent to I-90’s four-way interchange providing easy access to O’Hare International Airport and the area’s extensive business amenities.
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, makes a full range of services and expertise available to entrepreneurial and corporate business entities, and not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. Please visit our website at www.bradfordallen.com.
Bradford Allen Completes Multiple Leases at Kinzie Design Center
CHICAGO – Bradford Allen Realty Services has completed four new leases over the last three months for a combined 12,200 square feet of office space at the Kinzie Design Center, 220-230 W Kinzie in Chicago, IL. The leases signed on behalf of Chicago based owner, Kinzie Street Partners, LLC are: Vine Street Trading for 4,290 square feet, The Chartis Group leasing 3,593 square feet, The Well Advertising for 2,174 square feet, and Visual Wright leasing 2,174 square feet.
Bradford Allen senior managing director Craig A. Nadborne and director, Steve Fitzgerald, represented ownership in all four transactions. Both The Chartis Group and The Well Advertising are relocating from nearby buildings. This will be the first office for Visual Wright, a start-up graphic design and marketing firm, and Vine Street Trading is an early restructure, extension and expansion. The four-story 77,000 square foot office/showroom building in River North is now 82% leased.
“These recent leases reflect the Kinzie Design Center’s appeal as a prime office location for mid-size businesses and design firms,” said Jeffrey Bernstein, a principal and co-founder of Bradford Allen and the leader of the firm’s growing agency practice. “The property offers access to the eclectic, creative River North community, with a significant cost advantage over the area’s other available offerings.”
Located at Kinzie and Franklin, the Kinzie Design Center is situated directly across the street from the Merchandise Mart. The property was constructed in 1904 and features newly renovated facades, a brand new lobby with keycard entry, dramatic high ceilings and exposed brick. The Kinzie Design Center is located on West Kinzie Street, one block from the Franklin Street El stop within the Merchandise Mart. The property’s River North location is within walking distance to the Central Business District and East Bank Club.
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, makes a full range of services and expertise available to entrepreneurial and corporate business entities, and not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. Please visit our website at www.bradfordallen.com.
Sameena Mustafa Basit Joins Bradford Allen as Managing Director
CHICAGO – Jeffrey Bernstein and Laurence Elbaum, principals of Bradford Allen have announced that Sameena Mustafa Basit has joined the Chicago-based firm as managing director.
“Sameena has over six years of experience as a successful tenant representative,” said Elbaum. “Her background, expertise and talent will provide a solid foundation for her success at our firm. We are pleased to have her on board as we continue to grow our Chicago office.”
As a managing director, Basit specializes in tenant advisory services throughout Chicago and has advised clients in the non-profit, education, engineering, information technology, finance and insurance sectors. Most notably, Basit represented the Noble Network of Charter Schools in lease negotiations, making it the first charter high school within the Loop at 1 North State Street. Other recent transactions include relocations for Alliance of Chicago Community Health Services, HCL America and the KIPP Foundation. After beginning her commercial real estate career with CB Richard Ellis, Basit most recently held the position of managing director with ProTen Realty Group where she became the firm’s youngest senior member of the brokerage team.
Prior to her career in real estate, Basit spent 10 years developing business and management expertise at companies such as Rand McNally and Planned Parenthood. Basit is also a dedicated member of her community with a long-standing history of service. She currently serves on boards at the YWCA Evanston/North Shore, United Way of Metropolitan Chicago and the Chicago Community Trust. Basit is a licensed real estate professional in the state of Illinois and holds a Bachelor of Arts degree from Northwestern University. She currently resides in Chicago.
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, makes a full range of services and expertise available to entrepreneurial and corporate business entities, and not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. Please visit our website at www.bradfordallen.com.
Bradford Allen Completes Lease at the Kinzie Design Center
CHICAGO – Bradford Allen Realty Services is pleased to announce that Craig A. Nadborne, senior managing director and Steve Fitzgerald, director of the Chicago-based commercial real estate firm, have recently completed a 7,186 square foot showroom lease to Chicago Brass-Chicago Bath on behalf of the Kinzie Design Center.
Since 1986, Chicago Brass-Chicago Bath has been a leading distributor of high-quality door & cabinet hardware and luxury plumbing fixtures in the Chicago area. The firm currently operates from two locations, one on the North Shore and one in the Lincoln Park neighborhood, and is expanding to the River North property. Chicago Brass-Chicago Bath selected the Kinzie Design Center as it provides dramatic loft office/showroom space at very attractive rates directly across the street from the Merchandise Mart. Nadborne and Fitzgerald represented building ownership, Kinzie Street Partners, LLC, in the lease negotiations.
“The landlord has invested significant capital into the building’s infrastructure and has performed a very tasteful renovation that accentuates the property’s vintage loft elements. The recent economic downturn has actually benefitted the Kinzie Design Center as it provides a significant cost advantage over the Mart and other more expensive showroom buildings in River North,” said Jeffrey Bernstein, a principal and co-founder of Bradford Allen who leads the firm’s growing agency practice.
“We are pleased to have arranged a deal that provides the landlord with a long-term, stable tenant,” added Craig Nadborne one of the building’s agents. “This tenant is a great addition to the significant amount of leasing which Steve and I have done over the last year at the property.”
Located at 220-230 W. Kinzie, the Kinzie Design Center is situated directly across the street from the Merchandise Mart. The 77,000 square foot office/showroom property was constructed in 1904 and features newly renovated facades, a brand new lobby with keycard entry, dramatic high ceilings and exposed brick. The Kinzie Design Center is located on West Kinzie Street, one block from the Franklin Street El stop within the Merchandise Mart. The property’s River North location is within walking distance to the Central Business District and East Bank Club.
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, makes a full range of services and expertise available to entrepreneurial and corporate business entities, and not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. Please visit our website at www.bradfordallen.com.
T&H Brokers and T&H Benefits to Keep Headquarters at 320 West 57th Street
NEW YORK – T&H Brokers and T&H Benefits, part of T&H Group’s family of companies offering commercial insurance, benefits, construction insurance and surety, has renewed at 320 West 57thStreet, its headquarters location for more than two decades.
“This building has served our organization well over the past twenty plus years,” said Walter Harris, chairman and CEO of T&H Group, Inc., “and we are pleased to continue our operations from the same location for many more years to come.”
T&H Brokers and T&H Benefits have signed a 45,578-square foot lease and in order to facilitate a renovation and updating of its existing space, will be restacking within the building, which comprises approximately 98,000 square feet of commercial space at the base of a large residential tower known as the Sheffield.
“The willingness of the building owner to accommodate our requests and renovations is a testament of their commitment to invest in and continually improve this property,” added Richard Fleder, president of T&H Brokers, “making us confident in their efforts as the new ownership entity.”
Laurence Elbaum, principal and co-founder of Bradford Allen Real Estate Services a Chicago-based national commercial real estate brokerage, and Jarod Stern, associate director of international commercial real estate services firm Studley represented the Tenant in the transaction. The Landlord was represented by Peter Berti and Lou D’Avanzo of Cushman Wakefield.
“As a direct result of an extensive market search and serious consideration of numerous viable alternatives, we were able to successfully structure a deal that best suited the firm’s operational and financial needs, while at the same time, allowing T&H to remain at the familiar location that has always worked so well for their business,” said Elbaum of Bradford Allen.
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, makes a full range of services and expertise available to entrepreneurial and corporate business entities, and not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. Please visit our website at www.bradfordallen.com.
Second Quarter 2010 Chicago Downtown Office Market Report
Office Market Continues to Show Signs of Stabilization Vacancy Starts to Stabilize |
Second Quarter 2010 Chicago Suburban Office Market Report
Office Market is Navigating Bottom of Downturn Available Space Starting to Steady |
Laurence Elbaum Elected Chairman of TCN Worldwide Board of Directors
Chicago, IL —TCN Worldwide is proud to announce Laurence Elbaum, principal and co-founder of Bradford Allen Realty Services/TCN Worldwide of Chicago, has been elected chairman for the 2010-2011 TCN Worldwide Board of Directors. Originally elected to the board of directors in 2006, Mr. Elbaum previously served as the board’s vice chairman.
“We are very pleased to announce that Larry Elbaum will be serving as the newly elected chairman of TCN Worldwide’s board of directors,” said Ross Ford, president and CEO of TCN Worldwide. “Larry’s impressive background, stellar reputation within the industry and continued commitment to our organization has set him apart as one of the organization’s most impressive leaders. We look forward to his continued contribution and are fortunate to have someone of his caliber help lead TCN Worldwide in accomplishing our strategic goals.”
Elbaum, a veteran broker from both New York City and Chicago’s commercial office leasing market, co-founded Bradford Allen Realty Services with Jeffrey Bernstein in October 2003. Their Chicago-based national commercial real estate firm provides its clients with a fresh perspective, significant local industry relationships and extensive market knowledge. Through its affiliation with TCN Worldwide, Bradford Allen additionally offers expanded services on the local, national, and international levels.
Other members serving on the 2010-2011 Board of Directors include:
- Vice Chairman & Treasurer: Ford Price, Jr., of Price Edwards & Company/TCN Worldwide in Oklahoma City
- Secretary: William Nice, of Chartwell Group/TCN Worldwide in Cleveland
- Board Members: Neil H. Siderow of Murray Hill Properties, LLC in New York City; Richard Bowers, SIOR, of Richard Bowers & Co./TCN Worldwide in Atlanta; Kenneth Ulsaker of Long & Foster Commercial/TCN Worldwide in Washington D.C. and H. Ross Ford III of TCN Worldwide in Plano, Texas.
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, makes a full range of services and expertise available to entrepreneurial and corporate business entities, and not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. Please visit our website at www.bradfordallen.com.
About TCN Worldwide
TCN Worldwide, a consortium of independent commercial real estate firms, provides complete integrated real estate solutions locally and internationally. With approximately $20.7 billion in annual transactions and over 80 million square feet of space under management, the organization ranks as one of the largest service providers in the industry. An extensive range of real estate services coupled with a personal commitment to exceed client expectations is what allows TCN Worldwide to be a leader within the commercial real estate industry. Formed in 1989, TCN Worldwide is comprised of over 1,200 commercial real estate professionals serving more than 200 primary and secondary markets worldwide. For more information on TCN Worldwide, contact Claudia E. Crow at 972-769-8701 or visitwww.tcnworldwide.com.
Sun Life Taps Bradford Allen to Lease CBD Office
Chicago, IL – Sun Life Assurance Company of Canada has retained Bradford Allen Realty Services as the exclusive leasing agent for their new office acquisition at 29 North Wacker Drive. Sun Life closed on the purchase last week, buying the 129,262 square foot office building from Boston-based Intercontinental Real Estate Corporation. Under Sun Life’s ownership, the building will undergo an extensive rehabilitation of the mechanical systems and upgrades to the common areas.
“Sun Life is making a significant capital commitment to this wonderful asset and bringing to this project financial stability and a solid reputation as a quality owner of commercial real estate. We are very pleased to have been chosen for this assignment” said Jeffrey Bernstein a principal and co-founder of Bradford Allen. Bernstein leads the firm’s growing agency practice.
The 39-year-old building was designed by architects A. Epstein and Sons with unobstructed sight lines up and down Wacker Drive and 13,000 square foot floor plates tailored to small to midsize office tenants. Unique features include an executive parking garage with capacity for 44 cars with direct access from the building’s dramatic lobby, which features a 30 foot ceiling and terrazzo floors and direct entrances to some of the building’s retail tenants.
“The building has historically been very well occupied due to its highly desirable location in the heart of the West Loop, its architecturally distinctive exterior and ability to offer midsized tenants full floor identity” said Ben Azulay a managing director with Bradford Allen. “The planned building-wide renovation program along with our ability to offer competitive tenant improvement packages will help us appeal to a wide variety of potential tenants.”
Azulay, along with Bradford Allen’s Kevin Gillihan, will handle leasing on behalf of ownership.
Bradford Allen
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, makes a full range of services and expertise available to entrepreneurial and corporate business entities, and not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. Please visit our website at www.bradfordallen.com.
Sun Life Assurance Company of Canada (www.sunlife.com) is an international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of December 31, 2008, the Sun Life Financial group of companies had total assets under management of CDN$381 billion. Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE), and Philippine (PSE) stock exchanges under ticker symbol SLF.
Bradford Allen Picks Up Leasing for Trio of Medical Office Buildings in Bolingbrook and Hinsdale
CHICAGO, IL (May 10, 2010) – Dallas-based Trammell Crow Company has awarded Bradford Allen’s Medical Office Practice Group the leasing assignment for a trio of medical office buildings: Bolingbrook Medical Center located at 396 Remington Blvd. in Bolingbrook and 908 and 911 N. Elm Street in Hinsdale, IL.
“These buildings are an outstanding addition to our leasing portfolio,” said Bradford Allen’s Principal and Co-President Jeffrey Bernstein. “We look forward to working with such a well respected owner on this assignment.”
Built in 2008, Bolingbrook Medical Center is a three story, 73,544-square-foot Class A medical office building. It sits on the Adventist Bolingbrook Hospital campus and provides doctors and patients alike immediate access to hospital’s full range of health care services. It is currently 54% leased.
908 Elm Street was built in 1984 and is the larger of the two medical office buildings located in Hinsdale. At four stories and 119,022 square feet, the Class A building is home to medical related tenants which are affiliated with Adventist Hinsdale Hospital. It is 86% leased. 911 Elm Street is a three-story, Class B building built in 1979. Totaling 49,696 square feet its tenant mix is comprised of medical and professional tenants. It is 60% leased.
Both buildings are owned affiliated with nearby Adventist Hinsdale Hospital.
Bradford Allen’s Joel Berger, managing director, along with John Millner, associate, will handle leasing on behalf of ownership.
“We are confident that our firm’s unique approach to handling medical office buildings, coupled with the strength of ownership, will produce results in the near future,” said Berger.
Bradford Allen’s Medical Practice Group specializes in tenant and landlord representation for health care facilities, medical buildings and medical office space. Since 2009, it has completed more than 120,000 square feet of transactions on behalf of healthcare related clients.
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, makes a full range of services and expertise available to entrepreneurial and corporate business entities, and not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. Please visit our website at www.bradfordallen.com.
Jewish Federation of Metropolitan Chicago Renews at 216 West Jackson
CHICAGO, IL (April 20, 2010) – The Chicago office of commercial real estate services firm Bradford Allen represented NAI Farbman, owners of 216 West Jackson Boulevard, in a 40,396-square-foot lease renewal and extension to the Jewish Federation of Metropolitan Chicago (JFMC).
JFMC, one of the city’s most stable and dynamic non-profit organizations, occupies 23% of the 176,600-square-foot office building located in the West Loop submarket. As a result, the lease represents a stabilization in the long-term occupancy and financial health of the building.
Bradford Allen’s Principal and Co-President Jeffrey Bernstein represented ownership in the transaction. John Goodman, Rick Schuham and Eric Feinberg with Studley represented JMFC.
In November 2008, Detroit-based NAI Farbman awarded Bradford Allen the leasing and management assignment for 216 West Jackson Boulevard.
Bradford Allen currently manages 13 office buildings throughout the Chicagoland area
About JFMC
The Jewish Federation of Metropolitan Chicago serves as the central communal organization of the Chicago-area Jewish community. JFMC raises the funds to provide food, refuge, health care, education and emergency assistance to 300,000 people of all faiths in Chicago and 2 million Jews around the world. It is committed to providing the means, resources, and planning to address needs while fulfilling the highest principles and ideals of Jewish tradition.
About NAI Farbman
Founded in 1976, Farbman Group / NAI Farbman is a leading full-service real estate organization handling all facets of real estate transactions, from property management and leasing to acquisition and disposition.
Today, Farbman is one of the largest and most respected full service organizations in the Midwest. The firm manages more than 20 million square feet of office, retail, multi-family and industrial space throughout Southeast Michigan and is recognized as a leading commercial management and brokerage firm by clientele. For more information, please visitwww.Farbman.com and www.NAIFarbman.com.
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, makes a full range of services and expertise available to entrepreneurial and corporate business entities, and not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate. Please visit our website at www.bradfordallen.com.
First Quarter 2010 Chicago Downtown Office Market Report
Has The Market Stabilized?
Market indicators still lagging economic optimism
Vacancy Continues to Rise
The overall vacancy rate in the Chicago Central Business District (CBD) rose to 16.0% for the first quarter of 2010, a 4.4 percentage point jump over the first quarter of 2009, and a 1.0 percentage point jump over the year-end 2009 rate of 15.0%. This is the highest overall vacancy rate in the CBD since the third quarter of 2005 when it reached 15.9%.
First Quarter 2010 Chicago Suburban Office Market Report
Indicators Show Bottom Is Near Vacancy Continues to Rise |
Joel M. Berger Promoted to Managing Director
CHICAGO, IL (December 17, 2009) – Jeffrey Bernstein, Principal and Co-President of Bradford Allen, announced the recent promotion of Joel M. Berger from director to managing director with the firm’s Office Brokerage Group in Chicago.
“We are extremely proud of our dedicated professionals,” said Bernstein. “Joel has proven that even in a challenging market climate, deals can and do get done. It’s really a testament to his hard work.”
An office tenant and landlord representation specialist, Mr. Berger joined Bradford Allen in 2004. He currently oversees the firm’s Lombard office, managing the Suburban Office Group’s day to day operations as well as overseeing broker training and recruiting. Mr. Berger continues to work on transactions while developing a business plan and vision for the future in conjunction with Mr. Bernstein.
Notable recent transactions include a 15,000-square-foot expansion and renewal on behalf of Automated Engineering at 40 Shuman Blvd in Naperville; a 15,000-square-foot expansion and relocation on behalf of the Illinois Center for Broadcasting at 455 Eisenhower Ln in Lombard; an 11,000-square foot expansion and relocation on behalf of Rx Solutions (a Walgreen’s company) at 2050 Finley Rd in Lombard; and an 8,000-square-foot renewal on behalf of Play Mechanix at 800 Roosevelt Rd in Glen Ellen.
Berger is a graduate of the University of Wisconsin, Madison. He is a licensed real estate sales person in the state of Illinois.
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, makes a full range of services and expertise available to entrepreneurial and corporate business entities, and not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, owners and investors of real estate. Please visit our website at www.bradfordallen.com.
Fourth Quarter 2009 Chicago Downtown Office Market Report
CBD Downturn: Have We Hit Bottom? New Construction Adds to Increase of Available Space
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Fourth Quarter 2009 Chicago Suburban Office Market Report
Market Downturn Creates Opportunities for Tenants Year-End Vacancy Highest of Decade |
Second Quarter 2009 Chicago Downtown Office Market Report
CBD Downturn Slows Its Pace
As the market downturn decelerates, more tenants are entering the market early to examine their options. Are we approaching the bottom?
Downturn continues – but is not accelerating
CBD rental rates moved lower and the trend points to a continuing drop through the year, but at a slower rate. The current average gross asking rate, $28.97 per square foot is a $0.62 drop from first quarter when the average gross asking rate was $29.59 per square foot. The previous quarter saw a drop of $0.52 per square foot.
The second quarter 2009 year-to-date net absorption is negative 2,157,607 square feet. In contrast, the second quarter of 2008 year-to-date net absorption was positive 1,290,948 square feet.
Second Quarter 2009 Chicago Suburban Office Market Report
A Slow Road to Recovery in the Suburbs
With available space at an all time record, office space bargains are everywhere. Vacancy is likely to rise slightly over the next few quarters during the recovery.
Rental Rates Hold Steady
Asking rental rates in the suburban market have held nearly even with last quarters’ rates. The second quarter gross average asking rental rate of $20.57 represents a rise of four cents per square foot over the first quarter. With record availability rates and continued layoffs throughout the suburbs, rates are likely to continue to drop.
First Quarter 2009 Chicago Downtown Office Market Report
CBD Downturn Continues Rental Rates Moving Lower |
First Quarter 2009 Chicago Suburban Office Market Report
Market Continues to Decline
Rental rates continue to drop, and vacancies are increasing at a faster rate. With no signs of recovery before 2010, landlords offer larger concessions.
Rental Rates Are Dropping
Asking rental rates in all suburban submarkets continue to drop as Landlord’s adjust to the new economic climate and compete against the growing flood of sublease space . The first quarter gross average asking rental rate of $20.53 represents a drop of nearly $0.50 per square foot over the last three quarters. As layoffs increase and sublease space continues to rise over the next few months, asking rates are likely to drop further.
Fourth Quarter 2008 Chicago Downtown Office Market Report
CBD Downturn Has Begun Rental Rates Are Dropping |
Robbins Schwartz Nicholas Lifton & Taylor Will Relocate to 55 West Monroe
CHICAGO, IL (October 2, 2008) — Robbins Schwartz Nicholas Lifton & Taylor, a primary provider of legal services to educational institutions, colleges, municipalities and local governments in the Chicago area and throughout Illinois, has executed a lease for 18,638 square feet of office space at 55 West Monroe Street, in Chicago Illinois. The firm will move from their current location at 20 North Clark Street in February of 2009.
Robbins Schwartz Nicholas Lifton & Taylor was represented by Laurence Elbaum, Principal, and Ben Azulay, Managing Director with Bradford Allen.
About Robbins, Schwartz, Nicholas, Lifton & Taylor, Ltd.:
Since its founding in 1970, Robbins, Schwartz, Nicholas, Lifton & Taylor Ltd. has provided a full range of legal services to educational institutions, public entities and private sector clients. With offices in Chicago, Joliet, Decatur and Collinsville, Robbins, Schwartz is uniquely positioned to serve schools, colleges and municipal bodies, as well as clients in the corporate sector throughout Illinois. For a complete description of the legal services provided by Robbins, Schwartz visit the Firm’s website at www.rsnlt.com.
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, makes a full range of services and expertise available to entrepreneurial and corporate business entities, and not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, owners and investors of real estate. Please visit our website at www.bradfordallen.com.
Third Quarter 2008 Chicago Downtown Office Market Report
CBD Market will Decline through 2009
While the Chicago’s CBD office market remains strong, activity has slowed, rates are dropping, and market is poised for a downturn
Flattening Rental Rates
The current average asking rate, $30.13 gross cost per square foot, is slightly down from last quarter’s all-time high of $30.16, and ends 6 consecutive quarters of increasing rates. Asking rental rates are likely to hold steady for the next few months, as landlords wait to see what impact the ongoing financial crisis will have on the Chicago market.
Cancer Treatment Centers of America to Expand Corporate Headquarters
SCHAUMBURG, IL (July 30, 2008) — CTCA has closed on the purchase of 500 E. Remington Boulevard, a 38,500-square-foot office building, adjacent to its current headquarters at 1336 Basswood. The property was purchased for $4,050,000 from AST Remington, LLC.
AST Remington LLC was represented by Odie Fakhouri and Steve Fitzgerald of Bradford Allen, and CTCA was represented by Andrea Van Gelder and Sean Reynolds of the Staubach Company.
“We determined the building was best suited to a single-tenant user, and a company already operating in close proximity would gain the highest benefit,” said Jeffrey A. Bernstein, principal of Bradford Allen. “These factors, combined with CTCA’s current need, made them a primary choice to acquire the property.”
CTCA will continue to occupy its 30,000-square-foot building at 1336 Basswood, and will split its headquarters operations between the two buildings, moving its executive offices to 500 Remington.
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, makes a full range of services and expertise available to entrepreneurial and corporate business entities, and not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, owners and investors of real estate. Please visit our website at www.bradfordallen.com.
Second Quarter 2008 Chicago Downtown Office Market Report
Rents Hit Another Record High Record Rental Rates |
First Quarter 2008 Chicago Downtown Office Market Report
Market will Remain Tight Through 2008 In contrast to clear indications of recession in other parts of the country, the Chicago downtown offi ce market continues to look healthy. Leasing activity over this quarter was slower than in the 4th quarter of 2007, but tenants are not putting space back on the market. Available sublease space, an early indicator of a change in the leasing market, took another drop to 1,333,173 square feet, its lowest point since 2nd quarter of 1999. Rental rates are at an all-time high, and continue to rise. |
Iron Horse Partners Implements a Full Building Upgrade For 2355 South Arlington Heights Road
ARLINGTON HEIGHTS, IL (February 11, 2008) — Iron Horse Partners, an owner/operator of Chicago-area office buildings, announced that a full building renovation is underway at 2355 South Arlington Heights Road, a 5-story, 50,702-square-foot steel and glass office building in Arlington Heights, Illinois.
The project includes significant upgrades to both the exterior and interior of the building: repaving and re-striping of the parking lots, new landscaping with full irrigation, improvements to the building’s exterior, a completely redesigned lobby with comfortable seating areas, and redecorated common corridors. Project completion is anticipated for 3rd quarter of this year. The building will also feature a gym with locker rooms and showers and a new lunch room/vending area.
“This is a great asset in an extremely prominent and convenient location yet, in the past, it has not lived up to its potential,” said Keith Sherry, a partner with Iron Horse. “As a result of the upgrades and enhancements and an aggressive leasing program, we expect the asset to attract tenants requiring better-quality space and a high degree of visibility.”
Iron Horse Partners has retained Bradford Allen Realty Services as exclusive agents for the building. Brandon Berger, Director with Bradford Allen, is leading the leasing program for the building.
Iron Horse Partners
Iron Horse Partners is an owner/operator of commercial office buildings, focusing primarily on acquisitions in the Chicago area. Iron Horse specializes in value-add projects requiring significant leasing efforts and/or market repositioning.
About Bradford Allen
Bradford Allen Realty Services, a Chicago-based commercial real estate firm, makes a full range of services and expertise available to entrepreneurial and corporate business entities, and not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, owners and investors of real estate. Please visit our website at www.bradfordallen.com.