Tag Archives: CRE

Ten with Ben 028: Reflecting on 2024 and Optimism for 2025

Published December 16, 2024

On this episode of Ten with Ben, Justin Kessler, Nathan Meissner, and Lauryn Sussman join Ben to reflect on a productive 2024 for the tenant rep team at Bradford Allen. The team discusses the uptick in tenant activity, surprising stability in office space needs, and the late-year momentum in deal-making. They also highlight how flexibility from ownership groups has created opportunities for tenants despite market challenges. Looking ahead to 2025, the team shares their optimism for continued market growth and new opportunities as the market adapts.

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Building the Future

Published November 25, 2024

Insights from Andy Gush and Chicago Build 2024

As top subject matter experts, Bradford Allen leaders are regularly asked to contribute to the industry conversations shaping the future of commercial real estate. Andy Gush, Vice President, Development, recently participated in the “High-Rise Development in the Midwest: Past, Present, Future” panel at Chicago Build 2024. Industry experts, including George Phillips Sorich of NORR, Jason Wilen of Klein & Hoffman, and John Peronto of Thornton Tomasetti, joined him in conversation.

Andy Gush, Bradford Allen’s Vice President, Development, discussed future developments in the Midwest at Chicago Build 2024, highlighting Arlington Med, our innovative redevelopment of the former Daily Herald building into a state-of-the-art medical office facility.
Photo by Guillermo Pizano Nuñez & Bradford Allen.

The panel provided a comprehensive overview of the evolving landscape of high-rise development in the Midwest, focusing in on economic trends, the increasing emphasis on sustainable building practices, and the necessity for adaptive reuse of the built environment. Reuse strategies are the most effective means of managing our carbon footprint, and recycling structure is a requisite step on the path to a climate-friendly future.

Among the pipeline projects discussed in the panel was Arlington Med, part of the first phase of Bradford Allen’s master-planned redevelopment of the south gateway to Arlington Heights, Illinois. The project includes a gut-rehabilitation of the 150,000-square-foot former Daily Herald building to a state-of-the-art medical office facility. As Gush noted in the panel, Arlington Med addresses the need for custom tenant solutions in the healthcare space, prioritizing the patient experience in all aspects of the buildout.

Panelists shared further insight into the challenges developers face, such as navigating complex zoning regulations and securing financing for ambitious projects. They also explored the importance of collaboration among architects, engineers, and developers to create spaces that meet the evolving needs of communities.

Our developments reflect our steadfast approach to building spaces that address market demands while being mindful of the communities they serve. For more information on Arlington Med and to read about our continuing commitment the Village of Arlington Heights, visit www.arlingtonmed.com.

Q3/24 Downtown Chicago Office Market Report

Published October 14, 2024

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

It was a familiar story in Q3 for Chicago’s downtown office market as headline statistics didn’t improve, nor degrade, materially over the prior quarter.

Absorption was negative 600,000 square feet, bringing the year-to-date absorption to negative 2.6 million square feet.
The direct vacancy rate in the CBD reached 22.5%.
The CBD’s average gross asking rate dropped slightly to $42.85 per square foot.
Well-capitalized owners continued to withstand market fluctuations, attracting and retaining a strong tenant base.

Ten with Ben 027: Market Shifts and Opportunities

Published September 12, 2024

In the latest episode of Ten with Ben, Ben Azulay reflects on the year so far, highlighting consistent deal flow and how companies are renegotiating leases to take advantage of current market conditions. He discusses the recovery of distressed properties, with lenders and landlords working out solutions, and questions the real value of amenities in office buildings. Looking ahead, Ben is monitoring how these trends will shape the market through the end of 2024 and into 2025.

Prefer the audio? Listen to the MP3 or stream from your favorite podcast provider.

Mid-Year 24 Suburban Chicago Office Market Report

Published July 11, 2024

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

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

Absorption levels declined as -800,000 square feet was absorbed through the first half of 2024.
The direct vacancy rate held steady at 24%.
Available sublease space on the market decreased to 2.7 million square feet.
The average gross asking rate is $27 per square foot.

Q2/24 Downtown Chicago Office Market Report

Published July 11, 2024

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

This quarter in the downtown office market:

Absorption improved but remained negative with -67,000 square feet absorbed through Q2/24, resulting in a total of -1.9 million square feet through the first half of 2024.
The direct vacancy rate reached 22% in Chicago’s CBD.
Demand for move-in-ready suites has increased significantly over the past several years.
The average gross asking rate for the CBD held steady at $43 per square foot.

Andretti Global Tops Out Phase I of New Headquarters Facility in Fishers, Indiana

Published June 28, 2024

FISHERS, IN – JUNE 28, 2024 – Andretti Global and Chicago-based developer Bradford Allen joined Clark Construction Group and their building crews on Thursday, June 27 to celebrate the topping out of Andretti Global’s new headquarters facility.

(From left) Andretti Global Vice President / Andretti Technologies Managing Director Marissa Andretti, Andretti Global Chairman & CEO Michael Andretti, Mayor of Fishers, Indiana Scott Fadness, and Bradford Allen Principal & Co-Founder Jeffrey Bernstein join Clark Construction in raising the final beam to top out the new Andretti Global headquarters in Fishers, IN.

The nearly 400,000-square-foot facility is part of a larger 90-acre campus, and more than quadruples the size of Andretti’s current headquarters.

“We are so proud of the progress that has been made on our future home and we are honored to be a part of today’s topping out ceremonies,” said Michael Andretti, Chairman & CEO, Andretti Global. “It is no small feat to get to this point with a project of this magnitude and we could not have done it without our partners at Bradford Allen, Clark Construction, RATIO and Ridge. It’s been such a rewarding experience watching our new facility being built from the ground up and today is a true testament to the hard work and effort that’s been put into turning our vision into a reality.”

Crews set the last piece of steel atop the new racing and technology headquarters, marking a big step forward in the development of Andretti Global’s future base of operations. In a ceremony held on site, Andretti Global, Bradford Allen, and Clark representatives recognized the contributors involved in the project’s efforts thus far. To reach this milestone, crews worked 40,000 hours to place over 3,000 tons of steel, 2,755 steel members, 4,000 cubic yards of footings and grade beam concrete, and will complete over 9,000 cubic yards of slab on grade and slab on metal deck concrete by the end of July.

“This milestone would not be possible without the strong partnership between Andretti Global, Bradford Allen, Clark and the talented design and trade partners on this project,” said Dave Trolian, Northern Group CEO with Clark Construction. “The contributions to drive this project forward on schedule, while keeping safety and quality top-of-mind, is evident in the craftsmanship and progress of a facility that will be an impetus in the global racing community.”

In addition to housing day-to-day operations for the racing team, the building will be home to the advanced research and development of Andretti Technologies. The collaborative campus will also feature modern technologies and amenities that not only create a true employee-first culture, but also prioritize partners and the surrounding community.

“The topping-off of the new Andretti Global headquarters brings us one step closer to delivering this highly anticipated project to the Fishers community and motorsports fans everywhere,” said Jeffrey Bernstein, co-founder of Bradford Allen. “At a time when others are waiting on the sidelines, this team has gotten a world-class facility off the ground—one that prioritizes health, wellness and sustainability for the benefit of both employees and visitors.”

The structure focuses on cutting-edge design and race shop programming, expanding on existing goals for technologically advanced, sustainable practices. The final facility is set to include a state-of-the-art fitness center, walking trails with access to the Nickel Plate Trail and Ritchey Woods Nature Preserve, amphitheaters, employee gathering areas and expanded dining options. The development continues through a strategic phased approach.

The design was planned by UK based motorsport design consultants Ridge and Partners, and Indianapolis based international design firm RATIO. Clark Construction is the general contractor.

Editor’s Note: VNR footage of the Andretti Global Headquarters Topping Out Ceremony courtesy of Andretti Global: Topping Out Ceremony VNR: https://www.dropbox.com/s/yexelwkwo3do6m9/Andretti%20HQ%20-%20Topping%20Out%20Ceremony%20VNR%20%28v2%29.mp4?dl=0

ABOUT BRADFORD ALLEN DEVELOPMENT COMPANY
Formed in 2022, Bradford Allen Development Company (BADC) currently has approx. $1B in active developments across the country representing all major asset classes. BADC is a wholly-owned subsidiary of Bradford Allen—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. The firm’s roots are in brokerage and property operations, a lineage that traces back to 2003 when principals—Jeffrey Bernstein and Laurence Elbaum—founded Bradford Allen Realty Services. For more information, visit bradfordallen.com.

ABOUT CLARK CONSTRUCTION GROUP
Clark Construction Group is one of the largest building and infrastructure companies in the United States. Our portfolio spans every major building market, from public to private, corporate to cultural, education to entertainment, and the infrastructure connecting it all – power, transit, water, and roadways. Since 1906, we’ve been delighting and delivering value to our clients and project partners, providing diverse opportunities for our team, and strengthening the communities where we live. With offices strategically located across the country, we pride ourselves on being a local builder with national reach. To learn more, visit Clarkconstruction.com.

ABOUT RATIO DESIGN
RATIO is a global design firm connecting people and place, shaping environments of purpose, beauty, and meaning. We design for impact with interdisciplinary teams, offering architecture, historic preservation, interior design, landscape architecture, urban design, and graphic design services.
Founded in 1982, its six collaborative studios bring together diverse perspectives to shape the future of Higher Education, K12 Education, Workplace, Civic & Cultural, Parks & Recreation, Hospitality, Sports & Venues, Residential, Mixed-Use, and Health & Lifesciences design.

RATIO has completed work in more than 41 states in the US and 15 countries around the world. Notable projects underway include the 5-star CairoHouse Hotel in Egypt, the high-rise Convention Center Hotel in Indianapolis, the Raleigh City Hall in Raleigh, the Elanco Global Headquarters in Indianapolis, and the IU Health new downtown hospital in Indianapolis. Learn more: https://ratiodesign.com/

Editors:
For more information, contact Jeremy Barewin, jbarewin@taylorjohnson.com, (312) 267-4533.

Ten with Ben 026: Meet Aghfar Arun

Published June 7, 2024

In the latest episode of Ten with Ben, Ben Azulay dives into the world of hotel real estate with Aghfar Arun, Director, Hospitality at Bradford Allen. Aghfar discusses his journey into hospitality and the intricacies of acquiring hotel properties, emphasizing the importance of brand affiliation with major players like Hilton and Marriott. He also explores the specialized challenges of converting properties in the hotel sector compared to other real estate markets. The conversation also touches on the impact of the pandemic on operations and the disruption introduced by competitive platforms like Airbnb.

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Bradford Allen secures 7,500-SF lease for new P.J. Clarke’s at Manhattan West

Published June 3, 2024

New York, NY – Bradford Allen, a national full-service real estate firm, today announced the execution of a new lease on behalf of P.J. Clarke’s at 434 W. 33rd Street for 7,500 square feet. The historic local eatery will occupy 7,500 square feet at Manhattan West, a vibrant, six-acre mixed-use development of Brookfield Properties. Glenn Isaacson, executive vice president at Bradford Allen’s New York office, represented the tenant.

“We’re proud to have played a pivotal role in facilitating P.J. Clarke’s expansion into Manhattan West. By representing the tenant in this transaction, we not only contributed to their strategic growth but also enhanced the community by bringing one of the city’s iconic local brands to the West Side,” said Isaacson.

P.J. Clarke’s original location at Third Avenue and 55th Street is a New York staple with a legacy dating back to 1884. The new location will mark the eatery’s fourth—and largest—in Manhattan, joining a growing enterprise that now Philadelphia and Washington D.C.

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

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CRE Pulse 009: Chicago’s Resilient Suburban Office Market

Published May 16, 2024

Chicago’s suburban office market is undergoing a period of intense transformation. But are the headlines about its unending struggles justified? Our latest report challenges the prevailing narrative, revealing a market filled with opportunities. Dive deeper to uncover insights that redefine the competitive landscape—insights the headlines have overlooked.

Read the full article now

Ten with Ben 025: Meet Jimmy Sarnoff

Published April 18, 2024

In the latest episode of Ten with Ben, Ben welcomes Jimmy Sarnoff, Managing Partner at Sarnoff & Baccash, to discuss the intricacies of property taxation in Chicago. They dive into how recent changes by the City’s Assessor have impacted property assessments and taxes, particularly highlighting the triennial reassessment cycle and various tax-saving strategies. Jimmy offers insights on leveraging property tax incentives for commercial and residential developments, and the potential benefits of converting commercial properties to residential to revitalize Chicago’s LaSalle Street. This episode provides crucial advice for navigating the complex landscape of property taxes and making informed real estate investment decisions in Chicago.

Prefer the audio? Listen to the MP3 or stream from your favorite podcast provider.

Q1 Chicago Office Report: CBD Rents Hold Steady as Vacancy Rate Continues to Rise

Published April 15, 2024

CHICAGO — Bradford Allen, a national full-service real estate firm, today released its Q1/24 Downtown Chicago Office Market Report showing that CBD average gross asking rents held steady at $43 per square foot. At the same time, the office vacancy rate continued to rise, surpassing 21%, and demand was soft, with negative absorption of 1.4 million square feet.

Leasing volume remained below historic levels, with only 1.3 million square feet leased in the first quarter versus 2.1 million square feet in first-quarter 2023 and 4.9 million square feet in first-quarter 2019, before the pandemic. Continuing a post-pandemic trend, many tenants are seeking prebuilt, move-in ready suites. Last quarter, 38% of leases signed in the CBD were for move-in-ready space. For all of 2023, approximately 33% of leases signed were for move-in-ready suites, compared with 15% in 2019, according to Bradford Allen research.

“The distress in Chicago’s CBD office market is likely to continue as owners, lenders and tenants navigate turbulent market conditions,” said Neil Bouhan, senior managing director, research and communications, for Bradford Allen. “Our data indicates more than half of all square footage leased prior to the pandemic has not yet expired, suggesting that many companies have yet to address their actual space needs in the CBD. This is likely to result in continued downsizing. But even in this environment, owners in the financial position to reinvest in their buildings and negotiate flexible lease terms with tenants have been able to keep their assets well occupied, outperforming the overall market.”

The benefit of financial strength in this market is exemplified by Ivanhoe Capital’s $75 million repositioning of 10 and 120 S. Riverside Plaza, a two-building, 1.4 million-square-foot office complex on the Chicago River in the West Loop. After renovations, Ivanhoe leased 156,000 square feet of office space in the property last year and an additional three leases totaling 75,000 square feet so far this year, with Attorneys’ Liability Assurance Society taking the largest lease at 37,000 square feet.

Other highlights of the Bradford Allen report include:

Bradford Allen researchers estimate there are 23 buildings in the CBD with distressed loans, almost half in the Central Loop. If interest rates remain high, the financial pressure on leveraged owners will mount as $2.8 billion of debt is set to expire by the end of 2025.
Investment sales remained at historic lows, with only $98 million trading last quarter, in line with first-quarter 2023 but still far below the average $750 million in sales in the first quarters of 2015 through 2019. Of the $98 million that has traded so far this year, $60 million was for the sale of 150 N. Michigan Ave., which was purchased by Chicago real estate firm R2.
The amount of sublease space on the market declined last quarter to 7 million square feet but remains at historically elevated levels. Most is large space; for example, a tenant seeking less than 10,000 square feet can only access about 9% of current sublease inventory. Meanwhile, 80% of leases signed in 2023 were for less than 10,000 square feet.

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

For immediate inquiries, contact Jeremy Barewin, jbarewin@taylorjohnson.com, (312) 267-4533.

Q1/24 Downtown Chicago Office Market Report

Published April 11, 2024

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

This quarter in Chicago’s downtown office market:

Absorption remained negative with -1.4 million square feet absorbed through Q1/24.
The direct vacancy rate surpassed 21% in the CBD.
Demand is increasing for move-in ready office suites which accounted for more than 38% of deals in Q1/24.
The average gross asking rate in Chicago’s CBD remained at $43 per square foot.

Bradford Allen Acquires 100-Key Hotel at Westgate Entertainment District in Glendale, Ariz.

Published March 14, 2024

With Aloft Glendale at Westgate, firm expands national hospitality platform to 800 keys across six assets

CHICAGO/GLENDALE, Ariz. — Bradford Allen, a national full-service real estate firm, today announced its investment arm has acquired Aloft Glendale at Westgate, a 100-key hotel in Glendale, Ariz. Located at 6920 N. 93rd Ave., the hotel marks the firm’s second acquisition in the Westgate Entertainment District, joining nearby TownePlace Suites Glendale, an extended-stay hotel purchased in late 2022.

“With the Phoenix metro continuing its growth trajectory and Glendale – which has hosted multiple Super Bowls and is the site of the NCAA Final Four in April – as an epicenter of commercial activity, this acquisition further bolsters the firm’s strategy to acquire high-quality hotels in experience-driven markets,” said Aghfar Arun, director, Bradford Allen. “The Aloft presents a unique opportunity to build on the success we’ve achieved at TownePlace Suites Glendale, complementing the extended-stay offering there with a distinctive select-service product and robust amenities package while leveraging Marriott’s industry-leading booking platform.”

Bill Murney of Cushman & Wakefield represented the seller, HCW Hospitality & Development, in the transaction.

Aloft Glendale’s on-site amenities include an outdoor splash pool, Re:charge^? fitness center, gift shop, convenience store, meeting spaces, social lounge and the W XYZ^® bar featuring a full menu, signature cocktails and live music. Residing in the Westgate Entertainment District, the hotel is close to numerous retail, restaurant and entertainment offerings, including State Farm Stadium, Desert Diamond Arena and Camelback Ranch.

Since launching its hospitality platform in 2022, Bradford Allen has acquired six hotels totaling 800 keys. In addition to Glendale, the firm currently owns hospitality assets in Riverside, N.Y., on Long Island and close to the Hamptons; Rosemont, Ill., in the O’Hare submarket outside Chicago; and Iowa City, Iowa, near the University of Iowa campus. The firm plans to significantly grow its portfolio this year.

For more information, contact Jeremy Barewin, jbarewin@taylorjohnson.com, (312) 267-4533.

Ten with Ben 024: Meet Aaron Letzeiser

Published March 8, 2024

This episode of Ten with Ben features Aaron Letzeiser, co-founder of Obie, who discusses the innovative ways his company is simplifying the insurance process for real estate investors and owners. Aaron shares insights on how Obie leverages technology to offer rates instantly and provide transparent insurance options, making the process more manageable and empowering for investors. Aaron’s journey from selling insurance in college to revolutionizing the insurance buying experience for real estate investors highlights the episode’s theme of innovation and adaptation in the real estate world.

Prefer the audio? Listen to the MP3 or stream from your favorite podcast provider.

Year-End 23 Suburban Chicago Office Market Report

Published January 11, 2024

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

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

Leasing activity remained above pre-pandemic levels with more than 5.2 million s.f. leased through 2023.
Absorption remained negative with -930,000 s.f. absorbed through the back half of 2023, resulting in -1.2 million s.f. of net absorption through the year.
The direct vacancy rate increased to 28.3%.
The average gross asking rate for the market is $27 per s.f.

Q4/23 Downtown Chicago Office Market Report

Published January 11, 2024

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

This quarter in the downtown office market:

Absorption remained negative with -530,000 s.f. absorbed through Q4/23, resulting in a total of -1.6 million s.f. of net absorption through 2023.
The direct vacancy rate surpassed 20% in the CBD.
Available sublease space on the market remained steady, sitting at 7.7 million s.f.
The average gross asking rate for the CBD declined to $43 per s.f.

Ten with Ben 023: Work Family

Published December 14, 2023

In this special episode of Ten with Ben Ben is joined by Justin Kessler, Nathan Meisner, and Lauryn Sussman for a compelling conversation on their unique team dynamics and experiences in real estate. The episode focuses on the team’s strong bond as they navigate various aspects of the industry together. Justin shares insights from a notable microbrewery deal, while Nathan reflects on adapting strategies during the pandemic and Lauren speaks to her development within the team’s nurturing environment. Together, they offer an optimistic but cautious outlook of the market headed into 2024. The episode wraps up with a friendly and insightful discussion, illustrating the team’s camaraderie and collective expertise.

Prefer the audio? Listen to the MP3 or stream from your favorite podcast provider.

Ten with Ben 022: Opportunities in the Market

Published November 10, 2023

Ten with Ben is back to showcase the “power of the ask.” Today’s market is all about seizing opportunities through creative negotiation. Current conditions present unique opportunities for tenants to renegotiate leases and for landlords to showcase their financial stability as a major strength. Ben offers actionable insight to both tenants and landlords on how to navigate the market effectively, from securing favorable lease terms to arranging unexpected perks.

This week, Ben gets candid about the lessons he’s learned over twenty years in real estate—and how the best advice always transcends the business. As a proud American Jew, Ben also reminds us to check in on Jewish friends and colleagues as fallout from the war in Israel continues to be felt around the world. Be present for one another—we are in this together.

Prefer the audio? Listen to the MP3 or stream from your favorite podcast provider.

Ten with Ben 021: Wrapping Up Q3 2023

Published October 27, 2023

In this week’s episode, Ben reflects on his two-decade-long journey as a tenant rep broker, shares current market conditions, and identifies recent challenges the industry is facing. From the bustling Fulton Market district to new activity throughout the Loop, get an expert view on what’s shaping Chicago’s office landscape. Post-pandemic, the deals may be smaller, but leases are being signed. Ben also touches on the perseverance of brokers, the importance of location to tenants, and just what makes Chicago such a dynamic and resilient city.

In the wake of the unprecedented terrorist attack that ignited war in Israel, we recognize this is a time of immeasurable grief and hardship for many around the world. Ben begins this week’s podcast expressing his feelings with an open discussion about his connection to Israel.

Prefer the audio? Listen to the MP3 or stream from your favorite podcast provider.

TCN Worldwide and GVA Worldwide Negotiate a Transatlantic Alliance

Published December 10, 2015

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.

Chicago Commercial Real Estate – In the News

Published November 20, 2015

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

Bradford Allen Arranges Five Medical Office Leases in Bolingbrook

Published March 3, 2014

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.”

Millner also noted that the timeshare suites have been extremely important for Adventist, allowing doctors to utilize the hospital without the commitment of a full-time office.

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.