Author Archives: David Matthews

Bradford Allen Acquires One Clearlake Office Tower in West Palm Beach, Fla.

Published May 12, 2025

Class A high-rise marks firm’s second office acquisition in South Florida

One Clearlake office building in West Palm Beach Florida.

Bradford Allen has acquired One Clearlake, an 18-story Class A office tower in downtown West Palm Beach, Fla. The firm plans to invest an additional $10 million to enhance the 221,661-square-foot property. (Credit: Bradford Allen and Turnkey Media)

WEST PALM BEACH, Fla. — Bradford Allen Investment Advisors today announced it has acquired One Clearlake, an 18-story Class A office tower at 250 S. Australian Ave. in downtown West Palm Beach, Fla. The transaction marks Bradford Allen’s second office acquisition in South Florida following its purchase of 350 and 450 E. Las Olas Blvd. in Fort Lauderdale in February 2025.

Bradford Allen will provide asset and property management services for One Clearlake, with plans to invest an additional $10 million to complete a full renovation of the property. As with 350 and 450 E. Las Olas, Jon Blunk and Laurel Oswald of TCRE will handle the leasing for the property.

Larry Elbaum, co-founder of Bradford Allen, said: “This acquisition not only expands Bradford Allen’s footprint in South Florida but also reflects my partner Jeff Bernstein’s and my confidence in the market. We look forward to improving One Clearlake and delivering an exceptional tenant experience.”

The 221,661-square-foot tower is nearly 63% occupied, with national credit tenants including Truist Bank, Ideal Nutrition and Robert Half. One Clearlake was built in 1986 with updates as recent as last year. Bradford Allen’s planned improvements include a new roof, renovated elevator system, state-of-the-art conference center, upgraded fitness center consistent with other Class A buildings and a reimagined tenant lounge and food service. Bradford Allen also plans to build four move-in-ready spec suites on one floor that will be ready for delivery by fourth-quarter 2025.

“There is tremendous upside in repositioning One Clearlake for today’s market,” said Blunk, president of TCRE. “As in other CBDs, we continue to see a flight to quality in downtown West Palm Beach, where limited trophy space is available even as the area experiences an influx of prominent employers — a trend that has made it one of the top-performing office submarkets in the country.”

One Clearlake is LEED Gold- and Energy Star-certified and offers 360-degree water views as well as a five-story parking garage. In addition, the property benefits from its proximity to Interstate 95 and West Palm Beach stations for South Florida’s Tri-Rail commuter rail service and Brightline rail service. The tower is also within walking distance to CityPlace, an upscale lifestyle center, and adjacent to the future sites of Cleveland Clinic’s Tomsich Health and Medical Center and Vanderbilt University’s graduate school campus.

“West Palm Beach is one of South Florida’s most exciting submarkets, with an extensive pipeline of residential and mixed-use projects both under construction and planned,” said CBRE Vice Chairman Christian Lee. “Office fundamentals in West Palm Beach also remain strong, with the submarket benefiting from a wave of migrations from affluent individuals and their companies.”

The Florida arm of CBRE’s National Office Partners, led by Lee and Vice President Sean Kelly, represented the confidential seller. The CBRE team also included Senior Vice President Amy Julian, First Vice President Andrew Chilgren, Senior Associate Tom Rappa and Financial Analyst Matthew Lee.

In addition to its South Florida assets, Bradford Allen owns properties in suburban Chicago; Greenwich, Conn.; Denver; Jacksonville, Fla.; and other markets. The firm has made a number of other value-add investments in large office properties as well.

About Bradford Allen:

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

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Editors:

For more information, please contact David Matthews at dmatthews@taylorjohnson.com or (312) 267-4523.

Bradford Allen, New Castle Hotels & Resorts Celebrate Grand Reopening of Hilton Garden Inn Riverhead

Published May 8, 2025

114-key North Fork hotel returns to the market following transformative multimillion-dollar renovation

Bradford Allen and New Castle Hotels & Resorts today announced the grand reopening of the Hilton Garden Inn Riverhead following an extensive, multimillion-dollar renovation.

RIVERHEAD, N.Y. — Bradford Allen, a national full-service real estate firm, along with management partner New Castle Hotels & Resorts, today announced the grand reopening of the Hilton Garden Inn Riverhead following an extensive, multimillion-dollar renovation. The 114-key hotel at 2038 Old Country Road sits at the gateway to the North and South Forks of Long Island, including the Hamptons.

Renovations included refreshed guestrooms with new beds, bedding, carpet, bathrooms and furniture, as well as the addition of Peloton bikes to select rooms. Public spaces including the lobby, lounge area and front desk all received new flooring, furniture, accents and lighting, and two check-in pods were added. The hotel’s meeting and event spaces were refreshed with new carpet, paint, lighting and state-of-the-art audio/visual equipment built into each meeting room. Renovations also included brand-new public restrooms off the lobby and meeting area, new exterior paint and improvements to the lobby bar and restaurant as well as the outdoor patio.

The hotel was built in 2008. Bradford Allen acquired the property in December 2023 and began renovations in 2024.

“We’ve reimagined the Hilton Garden Inn Riverhead to offer guests a fresh, modern experience while maintaining the comfort and convenience they expect,” said Aghfar Arun, executive director of hospitality at Bradford Allen. “We’re committed to elevating hospitality at the entryway to Long Island’s premier destinations.”

Located in the middle of Long Island wine country and surrounded by the highest concentration of retail on the East End of Long Island, the Hilton Garden Inn Riverhead is a destination for business and leisure travelers, with proximity to beaches, vineyards, golf courses and other attractions. Amenities include an indoor pool, whirlpool and fire pit.

Bradford Allen in December 2023 also acquired the 131-suite Residence Inn by Marriott located at 2012 Old Country Road, next to the Hilton Garden Inn Riverhead. Together, the hotels are the closest eastbound Hilton- and Marriott-branded properties to the Hamptons, located approximately 20 miles away. New Castle Hotels & Resorts manages both properties.

“This renovation enhances the guest experience with modern design and refreshed amenities, perfectly positioning the Hilton Garden Inn Riverhead as a premier stay for travelers exploring Long Island,” said Scott McIntosh, director of sales at New Castle Hotels & Resorts. “We look forward to welcoming guests to this reimagined gateway to the Hamptons.”

Since launching its hospitality platform in 2022, Bradford Allen has acquired seven hotels totaling about 900 keys. In addition to the Riverhead hotels, the firm currently owns hotel assets in the Glendale Sports and Entertainment District in Glendale, Ariz., a suburb of Phoenix; Fishers, Ind., outside Indianapolis; and Iowa City, Iowa, near the University of Iowa campus. Bradford Allen also plans to open the new Hyatt Centric Rosemont near Chicago’s O’Hare International Airport later this year.

About Bradford Allen:

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

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Editors:

For more information or to schedule an interview, contact David Matthews, dmatthews@taylorjohnson.com, (312) 267-4523.

BA Celebrates Topping-Out of 301-Unit Apartment Complex in Arlington Heights, Ill.

Published April 23, 2025

(From left) Mike Moceri, Jeff Bernstein, Thomas Roszak, and Brian Carley pose for photo.

Bradford Allen today announced the topping off of the first phase of its Arlington Gateway master-planned community along the Jane Addams Tollway in Arlington Heights, Ill.

ARLINGTON HEIGHTS, Ill. — Bradford Allen, a national full-service real estate firm, along with development partner Moceri+Roszak, today announced the topping-out of the initial phase of Arlington Gateway, a new master-planned community at the southeast corner of Arlington Heights and Algonquin roads in Arlington Heights, Ill., a northwest suburb of Chicago.

Arlington Gateway’s first phase consists of an eight-story, 301-unit multifamily building with 26,000 square feet of ground-floor retail space. Designed by Thomas Roszak Architecture, the building will offer a mix of studio, one-, two- and three-bedroom floor plans, as well as 17,500 square feet of indoor and outdoor amenities. They include an outdoor pool and spa with sun deck, fitness center with yoga studio, social and media rooms, coworking space, dog walk and spa, golf simulator, grill stations and more.

The exterior of the building will feature green vertical accents that pay homage to the nearby Ned Brown Preserve — also known as Busse Woods — and Illinois prairie aesthetic.

“Arlington Gateway isn’t just a new development. It will be a destination that sets a new standard for Arlington Heights,” said Jeff Bernstein, co-founder at Bradford Allen. “We’re proud to reach this milestone and look forward to delivering a vibrant space where residents and visitors can live, work and connect.”

The broader development at the 16-acre site also includes a 150,000-square-foot medical office complex at 155 E. Algonquin Road that is a conversion of the former Daily Herald offices, and up to two more projects. Arlington Gateway sits in a prominent location alongside the Jane Addams Tollway, with visibility to over 150,000 vehicles per day.

Clark Construction is serving as general contractor on the development, with completion expected in Q1/2026.

About Bradford Allen:

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Editors:

For more information or to schedule an interview,?contact David Matthews, dmatthews@taylorjohnson.com, (312) 267-4523.

Bradford Allen Acquires 130-Room SpringHill Suites Indianapolis Fishers Hotel

Published March 24, 2025

FISHERS, Ind. — Bradford Allen, a national full-service real estate firm, today announced its investment arm has acquired the SpringHill Suites Indianapolis Fishers, a 130-room select-service hotel at 9698 Hague Road adjacent to the new Cadillac Formula 1 headquarters and Nickle Plate Trail railtrail corridor and near other major employers and entertainment centers.

Bradford Allen acquired the SpringHill Suites Indianapolis Fishers, a 130-room hotel near the future Andretti Global headquarters under construction in the North Loop of Indianapolis.

Located near Interstate 69 in the Indianapolis North Loop submarket, the hotel is less than 3 miles from the new Fishers Event Center, which hosts concerts, basketball games and other events and serves as a community-focused venue for sports, graduation ceremonies and more. It also is across the street from the new Cadillac F1 headquarters being developed by Bradford Allen, and less than 20 miles from the Indianapolis Motor Speedway. In addition, the hotel is than 5 miles from major employers including Genentech, Navient and the Federal Bureau of Investigation.

“This acquisition expands our portfolio of core brands in well-populated areas near experience-driven venues,” said Aghfar Arun, executive director, hospitality at Bradford Allen. “It also has a value-add component, another key part of our acquisition strategy. The hotel will benefit from the increased demand we anticipate from the F1 headquarters, as well as the growth of the Indianapolis suburbs and the many new nearby event and entertainment options.”

Opened in 2007 and renovated in 2016, the hotel features an indoor pool, meeting room, convenience store, fitness center, laundry room, complimentary breakfast buffet and complimentary on-site parking. There are currently no hotels under construction within 10 miles, allowing the property to benefit from limited supply.

Since launching its hospitality platform in 2022, Bradford Allen has acquired seven hotels totaling about 900 keys. In addition to the SpringHill Suites Indianapolis Fishers, the firm currently owns hotel assets in the Glendale Sports and Entertainment District in Glendale, Ariz., a suburb of Phoenix; Long Island, N.Y., near the Hamptons; and Iowa City, Iowa, near the University of Iowa campus. Bradford Allen also plans to open the new Hyatt Centric Rosemont near Chicago’s O’Hare International Airport later this year.

Bradford Allen broke ground last year on the Cadillac F1 headquarters, a cutting edge 400,000-square-foot motorsports facility. Earlier this year, the firm arranged a lease for Andretti Global, on behalf of the parent company TWG Motorsports, to occupy the former IndyStar Pulliam Production Center on Georgetown Road in Indianapolis to house Andretti Global’s INDYCAR, INDY NXT and Formula E teams. Both the Fishers and Georgetown Road facilities are expected to open in 2026.

About Bradford Allen:

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Editors:

For more information or to schedule an interview,?contact David Matthews, dmatthews@taylorjohnson.com, (312) 267-4523.

Bradford Allen Teams Up With Andretti Global on New Motorsports Facility

Published March 1, 2025

INDIANAPOLIS (Mar. 1, 2025) — Bradford Allen, a national full-service real estate firm, today announced it arranged a lease for TWG Motorsports, parent company of Andretti Global, at the former IndyStar Pulliam Production Center at 8278 Georgetown Road in Indianapolis and is redeveloping the 245,783-square-foot space to serve as the headquarters of Andretti Global’s INDYCAR and INDY NXT teams. The renovated facility will have both office and industrial space and will accommodate approximately 300 employees. Construction has begun and will be coordinated concurrently with the removal of several three-story printing presses from the building. The entire project is scheduled to be completed by this summer.

Bradford Allen Development Company is redeveloping the former IndyStar Pulliam Production Center in Indianapolis to the new headquarters for Andretti Global’s INDYCAR and INDY NXT teams.

This is Bradford Allen’s second project for TWG Motorsports, the first being the nearly 400,000-square-foot motorsports facility currently under construction in Fishers, Ind. That building will now be the home of the new Cadillac Formula One team debuting in 2026.

“As TWG Motorsports’ and Andretti Global’s requirements grow, we’ve consistently crafted innovative solutions – whether through new construction or by creatively repurposing existing spaces – to meet their evolving needs,” said Brian Carley, executive managing director of development for Bradford Allen. “The redevelopment of the Georgetown Road facility represents a significant milestone in supporting Andretti’s vision. This collaboration underscores our shared commitment to creating spaces that drive innovation and excellence, while adding to Indianapolis’ motorsports legacy.”

Built in 1995, 8278 Georgetown Road served as a production facility for the Indy Star until 2024. Bradford Allen will modernize the building’s technology, introduce tailored workspaces and fabrication zones and incorporate top-tier employee facilities such as a fitness center, dining space and a pit-stop performance area. Its scope of work will include:

New office finishes and partitions and additional restrooms
New window openings
New passenger car elevator replacing the existing lift/freight area.
Expanded loading dock doors and truck entrances to accommodate Andretti’s fleet of haulers
New skylights, repaved exterior areas and new high-performance floor coatings
New mechanical, electrical, plumbing and fire prevention systems to accommodate the new layouts and operational requirements of the facility

“This new headquarters on Georgetown Road will not only bring our INDYCAR and INDY NXT teams together under one roof, but also solidify our commitment to the future of motorsports,” said Dan Towriss, team partner at Andretti Global. “We’re proud to work with Bradford Allen once again to create a world-class facility that reflects our passion for racing and our dedication to excellence.”

Other partners in the project include general contractor Louisville, Ky.-based ABEL Construction Co. and Charlotte, N.C.-based Merriman Schmitt Architects. Both firms have experience with motorsports facilities.

Bradford Allen currently has approximately $1 billion in active developments across the country representing all major asset classes. Bradford Allen is a vertically integrated real estate firm providing end-to-end real estate investment, transaction and management solutions for hospitality, multifamily, commercial office and mixed-use assets across the U.S.

Other development projects in the pipeline for Bradford Allen include a mixed-use redevelopment in Nashville, Tenn., and a mixed-used community in Arlington Heights, Ill., that involves the redevelopment of the former Daily Herald office center.

About Bradford Allen:

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Editors:

For more information, please contact David Matthews at dmatthews@taylorjohnson.com or (312) 267-4523.

Bradford Allen Acquires 350 and 450 E. Las Olas in Fort Lauderdale, Fla.

Published February 12, 2025

Firm will invest over $25 million to upgrade the 470,810-square-foot office complex, its first acquisition in South Florida

FORT LAUDERDALE, Fla. (Feb. 12, 2025) — Bradford Allen Investment Advisors today announced it has purchased 350 and 450 E. Las Olas Blvd. and will invest over $25 million to upgrade the 470,810-square-foot office complex, the firm’s first acquisition in South Florida. Bradford Allen also will be providing asset and property management services for the property.

Bradford Allen has purchased 350 and 450 E. Las Olas Blvd., a 470,810-square-foot office complex in downtown Fort Lauderdale, Fla., with plans to invest an additional $25 million in the property.

Bradford Allen plans to renovate the lobbies and put in the most technologically advanced conference rooms, a state-of-the-art fitness center and outdoor space to create the best-in-class offering in the market.

“350 and 450 E. Las Olas occupy what’s generally regarded as the most desirable office location in downtown Fort Lauderdale,” said Larry Elbaum, principal and co-founder of Bradford Allen. “By buying and recapitalizing the complex, we’re going to make it a clear choice for Fort Lauderdale office tenants seeking the best downtown location and amenities. We’re committed to investing significantly in this property so the quality of the buildings is commensurate with the quality of their location.”

Built in 1997, the property offers ocean, river and city views, as well as first-floor retail and restaurant tenants including Starbucks. In addition to the 470,810 square feet of office and retail space, the complex also includes 1,344 parking spaces in a multi-story covered deck.

Jon Blunk and Laurel Oswald of TCRE will handle leasing for the property, which was 69% occupied at the time of sale.

“With limited product available in the market, especially Class A+ space, a revitalized 350 and 450 E. Las Olas will be welcomed by tenants seeking the best product in the best location,” said Blunk, president of TCRE.

350 and 450 E. Las Olas offers easy access to transportation, including Interstate 95, the Brightline train and several bus routes. In addition to parking, the office complex also has bike storage.

Bradford Allen owns properties in suburban Chicago; Greenwich, Conn.; Denver; Jacksonville, Fla.; and other markets. The firm has made a number of other value-add investments in large office properties as well.

About Bradford Allen:

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Editors:

For more information, please contact David Matthews at dmatthews@taylorjohnson.com or (312) 267-4523.