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.