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Bradford Allen Completes New Lease for MedSpeed in Elmhusrt

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 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 Quarter 2018 Suburban 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.

 

Fourth Quarter 2018 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.

 

Third Quarter 2018 Chicago Downtown 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 Chicago Suburban 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.