Tag Archives: CRE

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

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.

 

Ten with Ben 030: Leasing Shifts and Market Insights with Kathleen Bertrand

Ben is joined by Kathleen Bertrand of Transwestern for a wide-ranging conversation on the current state of the Chicago office market. They reflect on their parallel 20-year careers in commercial real estate and how market cycles — and downtown activity — are shifting again. They discuss how deal momentum is returning, particularly among smaller tenants, and how Gen Z is helping fuel the shift back to in-office work. Bertrand also shares why landlord flexibility and creative deal-making are more important than ever in a high-cost, fast-moving environment.

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

TRANSCRIPT:

[00:00:00] Ben: Welcome to today’s Ten With Ben Podcast about real estate in the new world and about what’s really happening out there. Here we are in Chicago. It’s the end of April. And I think everybody can agree that we’re ready for spring to come. Goodbye cold. Hello Spring. Our market’s been fairly active, which makes the wintertime go by a little bit quicker, but cold is still cold.

[00:00:44] I’m really excited about today’s show. I’ve got, Kathleen Bertrand with me, an amazing broker from Transwestern and a friend of mine that i’m so excited for you to be here. Thank you. Welcome to the show.

[00:00:58] Kathleen: Kathleen. Thanks so [00:01:00] much. I’m glad to be here. Glad to be at the table.

[00:01:02] Ben: Yep. Kathleen, before we jump in, why don’t you tell our listeners just a little bit about yourself, how you got into real estate and just.

[00:01:12] Kathleen: Thank you. That drives you . thank you. Thanks so much. again, so glad to be here. I just celebrated my 20th anniversary in the industry in February, so 20, I would say. But for. 2020, 2021 and 2022. It’s gone really fast.

[00:01:32] Ben: Yeah.

[00:01:32] Kathleen: So those were the slow years. I’m originally from Chicago. I was raised here in the suburbs.

[00:01:37] I live in Lincoln Park. So my life, my personal life is in Chicago. My business life is exclusively in office, downtown office buildings. My. Our portfolio at Transwestern, all of my business. So you could say that my entire financial future is tied to the success of this city.

[00:01:57] Ben: Awesome. And you have a dog in Chicago too, right?

[00:01:59] Kathleen: I have two.

[00:01:59] Ben: [00:02:00] Two!

[00:02:00] Kathleen: Yep. I’ve got two rescues, so it matters to me. Keeps me busy. Yep.

[00:02:05] Ben: For me, actually, what you say, like 20 years, it’s crazy, right? So I’ve been here also a little bit over 20 years. We came in really at the same time. It must have been like within, I don’t know. I started. 2004 . march of 2004. So maybe a year before you.

[00:02:22] Kathleen: That’s funny. I would’ve thought at the time that you had been in several years ahead of me, because I really did, when I started I felt so green and we did a deal together in 2005. . And I, admittedly was tiptoeing through it, trying not to make any mistakes, do everything right but I often think of that.

[00:02:44] Ben: Yeah. that’s what’s great about it, right?

[00:02:47] Kathleen: Yes.

[00:02:47] Ben: We did grow up together.

[00:02:48] Kathleen: Yes,

[00:02:49] Ben: We did deals together. And that’s what bla I have, friends of mine on the show. It just, it’s fun.

[00:02:55] Kathleen: Yeah.

[00:02:55] Ben: Because we could reminisce.

[00:02:56] Kathleen: Probably a good energy.

[00:02:57] Ben: Yeah.

[00:02:57] We could reminisce about those days and I actually [00:03:00] remember, I remember Michigan Plaza, of course. And, we did a few deals and we’ve done a few more.

[00:03:07] Kathleen: Hopefully more to come!

[00:03:08] Ben: And more to come. Anyhow, as we jump in. How are you feeling about the market right now?

[00:03:13] Kathleen: So like any broker, I probably have a little bit of up and down. I try to keep it steady, of course, but really nice 2024. Market itself was going in the right direction. My business went in the right direction. So 2025 was still some of that wrapping up. Yep. Closing, also kicking off the construction projects and moving and all that.

[00:03:36] Excitement. Coming from ’24, bleeding into ’25. I, think that the third and fourth quarters will actually prove more productive than one and two. But in just looking at our numbers from first quarter, we’re, going in the right direction. So we still have some negative absorption, but from fourth quarter.

[00:03:59] [00:04:00] In 2024, it’s significantly less. So we’re definitely, there’s some good momentum.

[00:04:05] Ben: Yeah. that’s good. We in the brokerage business love momentum.

[00:04:09] Kathleen: Yes.

[00:04:10] Yes.

[00:04:10] Ben: Deals get deals.

[00:04:12] But, I was thinking, just randomly bumping into the street yesterday morning and I looked around and I was like, there’s people coming off the train, people coming, actually someone stopped me, that I work with and was like, Ben, stop for a second. look, around, and there were, There were seemingly a lot of people Yes. At nine o’clock in the morning, which, going back even a year ago, I don’t think we could say that.

[00:04:37] Kathleen: So meaningful.

[00:04:39] The city is, its people, right? We’re a gorgeous city. With gorgeous architecture, but every city is, its people and having people walk around on the sidewalks and out for lunch and supporting our retail in the loop, and even those mass amounts of people that come off the trains and you see them coming down and hitting Wacker Drive.

[00:04:56] It’s exciting.

[00:04:56] Ben: Yep. And I think that leads into business too, right? [00:05:00] Where companies are really thinking about the real estate strategies, how much space they’re taking, where they’re taking space, and how important it is. for a while we were hearing this. I don’t talk about Covid.

[00:05:10] Okay. Coming out of that, that time. Yes. for a while we were just hearing oh, you know what, we don’t need an office. And, we’ve got hybrid work and it’s so great. And I think that everyone’s taking a step back now and saying is it really that great?

[00:05:26] I’m sure you, I’m sure you read as did I yesterday about, Intel saying your people have to be back for four days a week.

[00:05:34] Kathleen: Yes.

[00:05:34] Ben: And some of these other companies where, It’s happening. And I even, I read an article yesterday that this, surprised me a little bit and I’ve been preaching this for a long time. So it validated what I was saying is that Gen Z is driving some of this great, a lot of these younger, new people that are coming into the workforce, they do not wanna work at home.

[00:05:56] Kathleen: And it makes sense.

[00:05:57] Ben: And from a company standpoint, they have to adapt [00:06:00] to that.

[00:06:00] Because they’re our future.

[00:06:02] Kathleen: Yeah. They’re our future. And when you think about it, all of us, when we come through that time, we’re coming up in the business. When you go into the office, that’s where you make so many friends, you have so many experiences in the city. Some people meet their partners and date within their industry. And that’s so important in creating that culture in addition to just supporting how important it is to build your business and learn how to be a professional and learn from people that are adjacent to you, but also above you. Yep,

[00:06:34] Ben: And it’s, crucial. that’s all right.

[00:06:37] So it brings me back to this idea of I’m excited there’s some good momentum. I haven’t looked at the numbers, and, I’m sure you can probably validate this, ’cause you’ve got, I don’t know how many square feet that you oversee personally and as part of your team.

[00:06:53] But there’s no doubt that transaction volume is up. Again, correct me if I’m [00:07:00] wrong. But you look at probably, number of tours and folks calling and asking about space.

[00:07:07] Kathleen: Yes.

[00:07:09] Ben: It’s up.

[00:07:09] There’s no doubt about it and so that, I think that in itself like really helps business.

[00:07:14] Kathleen: Yes. Also, to everything that you said I agree with but I will piggyback on that and point out, in ’24 in the years leading up to that, we still were seeing pretty significant contraction.

[00:07:26] Ben: Yep.

[00:07:27] Kathleen: And so I wouldn’t say there’s a sweeping change, but we are seeing a trend of the contractions. Dissipating. And now we’re starting to really see not just renewals or relocations, but expansions so on large deals. Which are so important, but also the smaller deals. Leasing velocity is so great.

[00:07:48] So for every deal that you do over a hundred thousand feet, you’re doing a hundred deals that are under 20,000 feet or more. Actually, it’s probably more than that. [00:08:00] but seeing that expansion, seeing those expansions and experiencing that is really good for our city. It’s good for our market.

[00:08:07] Ben: Yeah. We’ve seen that even a number of groups that had taken space, in the last four or five years, or even a year ago, that they’re now needing some more space, which, again, even a few years ago, it was like. Space. Are you kidding me? And so that’s all real. And that where like from a broker standpoint, from a tenant side, we start thinking about like, all right, like we have to make sure that we’re getting those options built in to leases so that, if there’s an adjacency, at least we want some sort of right to it. I gotta geek out about some of it because it’s exciting. It feels good when I go outside, like I’m not the only one on the street. And so all that is good. So I know you have a lot of, you represent a number of buildings in the Central Loop.

[00:08:49] Kathleen: I do.

[00:08:49] Ben: I get probably asked about Central Loop pretty often. Especially oh, when’s Google opening? What’s going on with that building? What is going on in the Central Loop right now for you?

[00:08:59] Kathleen: [00:09:00] We always talk about the trends and it’s legit the trend of Wacker Drive, north and south and the leasing velocity that’s happening in that area is very true and it’s the driver of our market.

[00:09:12] We are seeing leasing velocity in the Central Loop. so I represent buildings in the North Central Loop closer to the river, as well as deeper into the South Central loop. I know it makes it sound really tough. Last year I closed probably 325,000 and 330,000 square feet in the Central Loop and that’s just me. So it’s happening. There’s a value play there, especially with landlords that are able to transact and who are financially stable. It is the center of the city. So if you have a demographic of employees coming from city areas. It’s easy to get to.

[00:09:51] That is meaningful. If you’re gonna bring them back, let’s make it easy for them to get to. But with that said, the Google project and [00:10:00] also I’ll pair that with, JP Morgan Chase. So these are really exciting. Thompson Center is amazing. If anybody wants to walk past it, check it out. It’s super cool what’s going on over there.

[00:10:11] There will also be improvements to the public transportation and it needs to happen. That definitely needs to happen. It definitely needs to happen.

[00:10:19] Ben: So someone was asking me about that the other day. They’re like, you know how, is the transit system? And they were they were the, question was also geared, there’s someone from New York.

[00:10:29] It was geared to, our cities are so much different. Everyone’s back in New York and it feels really good and, he was saying that, Chicago, there’s a number of things that are happening here. And he was just saying that New York was better.

[00:10:44] And I was like, I don’t know. I said, I take the train. Actually, I started taking the train a little bit more recently.

[00:10:49] Kathleen: Yeah. Good for you.

[00:10:50] Ben: ‘Cause of what’s going on the Kennedy. And I said, you know what? It sometimes smells right? It could be cleaner but then I said at the same [00:11:00] time but I walked down streets of New York and it pretty much smells like pot everywhere.

[00:11:04] So what’s the difference? I was like, it is what it is. But yeah, I think that to your point, that, it does need an upgrade though. Like when people come, it needs some attention. People come to our city like you wanna put your best foot forward and if you’re taking public transit, it’s tough.

[00:11:20] Kathleen: So the inside of the Google, inside of Thompson Center, Google, I think that’s part of their project, will do that inside. And there it was an article that came out, it was like a $10, $12 million investment that’ll go into the train station there and cleaning that up. So I think that’s great. And then Chase Tower doubling down, recommitting to the building, renovating that the work is there. The scaffold, it’s not scaffolding, but like the barriers are up. Closing down that McDonald’s, I think all of that’s gonna be renovated.

[00:11:50] That’s hundreds, thousands of employees that are coming back. And so I think that is so important to have those two kind of nice anchors. And there’s more. But those are the [00:12:00] big significant ones. And, it will really help revitalize that area too.

[00:12:05] Ben: Yeah. That’s exciting.

[00:12:06] I think it’s all part of the, just the, I guess if there’s a master plan, right? But when you get Google to commit to something like that, everyone talks about it. So I remember even, it’s already been, I guess at least a couple years, where we’re like, yeah.

[00:12:21] That’s not till ’26, right? It’s hard to believe. And you said it like 20 years just flies by. ’26 is gonna be here. I’m like. Whoa. It’s like you gotta take a step back sometimes and just appreciate that. Even it’s a roller coaster, I think, for those that don’t know what we do.

[00:12:41] It’s a roller coaster, It’s up, it’s down. You gotta ride up, you gotta ride the wave. But at the same time, like just finding some consistency and knowing that, I think for you, right? You, represent a bunch of space and understanding that you doing your fundamentals and you’re like exactly doing what [00:13:00] you need to be doing that.

[00:13:02] People are gonna come to the building. Companies are gonna come to the building. And, you’re gonna get some deals done.

[00:13:08] Kathleen: Yeah. Position your product well, and like you said, fundamentals,

[00:13:12] Ben: Some of that represents a lot of landlords. Have you seen any changes in the deal terms?

[00:13:19] Even in the last six, 12 months from, you know what I’m gonna call the post COVID, crazy concession packages or would you say that maybe it’s even, things are getting a little bit more, even higher concession packages and caveat that with. construction prices are high.

[00:13:40] Like how do most landlords wrap their heads around that? Because in my view, sorry, I know I’m just rambling here, but in my view, like construction prices aren’t gonna go down.

[00:13:51] Kathleen: How do you deal with that? How do you make deals make sense? Every ownership is a little bit different.

[00:13:55] Whether it’s their stability, their funding, what they owe their mortgages. [00:14:00] Understanding all of that. So I’m gonna make some kind of sweeping generalizations. I would say that building owners, like any business owner has experienced at one time or another, or continuously fatigue.

[00:14:11] Because it’s difficult to justify to perhaps their investors on why these concessions feel like they have ticked up, and we can point to construction pricing, which is very valid and meaningful and true. That our pricing to build spec suites to turnkey, to improve corridors and washrooms.

[00:14:36] There’s all that behind the scenes that also has to happen. Demolition. All of these costs have gone up and at some point a deal isn’t going to make sense, just financially it’s not. Now, there’s a lot of reasons why you might do a deal that is maybe somewhat closer to a zero return or perhaps even negative, but that can’t be the norm in a building ’cause it’s [00:15:00] just not a creative to the building, of the value of the building.

[00:15:03] Ben: Every owner owns it to make some money.

[00:15:05] Kathleen: At some point there’s an exit plan and so those deals need to make sense. So what I always recommend to my clients is to just stay nimble, keep an open mind. There’s going to be some creativity coming across your desk and how to get some of these deals done.

[00:15:27] This is how brokers on both sides of the table work together to keep deals moving forward and ownerships that do that. The nimble creativity, responsiveness, you and I have talked about that, how important that is. those are the winners.

[00:15:43] Ben: I love that, I love how you said that.

[00:15:44] Keep an open mind, Because not everything fits into, to this same box anymore. I would say even nothing fits in the same box. And so if that’s all you can see, it’s harder to get deals done in this environment because I know , I’m probably calling you every so often saying, “Hey, I [00:16:00] got something.”

[00:16:01] Like it’s, a little bit different. But, is this a deal that you know you can do?

[00:16:07] Kathleen: Yes.

[00:16:08] Ben: That’s the thing, the ones that, the owners that are really able to like, call it, it’s not even so much as think out of a box, but just understand that they’re not all the same.

[00:16:18] Kathleen: Yes.

[00:16:18] Ben: And are the ones that are really doing well in this market.

[00:16:21] Kathleen: Yes. And these owners are sophisticated. They know what they’re doing. so these are pension funds, these are insurance. These, this is family money they can own in Chicago and nationally. so they know what they need to do in order to add value to their buildings.

[00:16:37] . But still staying open-minded on what the goals are, the goals to drive leasing velocity, then yes, sometimes maybe you would take a few hits. Yep. And that’s just the nature of the aggressive environment that we have here in Chicago.

[00:16:53] Ben: Yep. This has been a great market discussion actually.

[00:16:57] It’s been really fun.

[00:16:59] Kathleen: Yeah. Thank you.

[00:16:59] Ben: The nice [00:17:00] thing is that there’s a lot to talk about, right? I think that we could probably be sitting here for three hours, but everyone gets sick of listening to us. But, no, this has been great. You really, thanks so much for, thank you for being on the show and, joining and, expressing your, your, knowledge and your just, your.

[00:17:21] Your acumen and brokerage. So thank you.

[00:17:23] Kathleen: Appreciate it. First podcast. So thank you. It’s been a lot of fun.

[00:17:29] Ben: That’s gonna do it for us today. Thanks so much for joining this episode of Ten with Ben. If you have any questions, you wanna reach out to me, I can be reached at (773) 562-5263 or at bazulay@bradfordallen.com, B-A-Z-U-L-A-Y at B-R-A-D-F-O-R-D-A-L-L-E-N .com. Thanks again, and until next time, be safe.

 

Bradford Allen, Moceri+Roszak Celebrate Topping-Out for 301-Unit Mixed-Use Community in Arlington Heights, Ill.

(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:

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.

 

Q1/25 Downtown Chicago Office Market Report

Bradford Allen is pleased to share with you our latest office market report. Activity in Chicago’s downtown office market was steady, as firms expanded and well-capitalized owners continued robust leasing programs.

This quarter in the downtown office market:

  • Q1/25 direct net absorption was negative 173,000 square feet, significantly improved relative to negative 1.8 million square feet in Q1/24 and negative 1 million square feet in Q4/24.
  • Direct vacancy rose, reaching a record high of 23.4%.
  • Spec suites and full buildouts accounted for 38.9% of leasing activity, emphasizing the importance of user-friendly, move-in-ready space and financially committed ownership.
  • The West Loop secured over half of the quarter’s leasing activity, followed by River North (16.2%) and the Central Loop (11.8%).

 

Bradford Allen Acquires 130-Room SpringHill Suites Indianapolis Fishers Hotel

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.

SpringHill Suites Indianapolis Fishers

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:

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.

 

Ten with Ben 029: Deals, Demand, & the Office Market Rebound

Ben is back with another episode of Ten with Ben, exploring the recent momentum in the commercial real estate market. Leasing velocity is up, transaction volume is rising, and distressed assets that once seemed stagnant are now trading hands. Post-election stability and renewed business confidence have fueled this shift, as companies gain clarity on their long-term office strategies. The return-to-office movement is no longer just a talking point with many firms solidifying in-person work policies, with some even requiring five-day attendance. Landlords are responding by enhancing assets with premium amenities to attract and retain tenants. As deal flow accelerates, the market is demonstrating greater resilience than many anticipated—particularly in Chicago, where leasing and investment activities showcase a revived sense of optimism.


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

 

Client Success Story: Quill

When Quill, a leading office supply company, sought to create a collaborative workspace that fostered employee engagement, they chose Tri State Lincolnshire for their new office. With an accelerated timeline requiring completion in just five months, Bradford Allen, as the owner, worked closely with Quill and their partners to deliver a thoughtfully designed 58,000-square-foot workspace that supports Quill’s evolving culture and return-to-office (RTO) strategy.

Watch the video to hear Mark E. Roszkowski, President at Quill, discuss his successful partnership with Bradford Allen.

 

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

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.

Las Olas Office building at dusk.

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:

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.

 

Client Success Story: Northwestern Mutual

Facing an expiring lease and a need for a refreshed office space, Northwestern Mutual partnered with Bradford Allen to explore relocation options. After an extensive market search, it became clear that the best solution was to expand within their existing building. Led by Ben Azulay, the Bradford Allen team negotiated favorable lease terms to expand and relocate to another floor, helping Northwestern Mutual achieve a modern, collaborative office that supports future growth and impresses clients.

Watch the video to hear Jeff Sons, wealth management advisor at Northwestern Mutual, discuss his successful partnership with the Bradford Allen’s Tenant Representation practice.

 

Year-End 24 Suburban Office Market Report

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

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

  • Vacancy was effectively unchanged in the second half of the year at 24.6%.
  • Year-end direct net absorption was negative 1.4 million square feet, significantly worse than 2023’s negative 173,000 square feet.
  • Much of the market’s distress lies in older, poorly located properties, which only account for 2.7% of the market’s overall inventory.
  • Investment sales activity was up this year as $368 million traded hands, with properties selling for an average discount of 17% from their previous purchase price.

 

Q4/24 Downtown Chicago Office Market Report

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

This quarter in the downtown office market:

  • 2024 net absorption was negative 3.6 million square feet, nearly double the negative 1.9 million square feet recorded in 2023.
  • Direct vacancy continued to climb, reaching a record high of 23.2%.
  • The average gross asking rates were $42.85 per square foot.
  • Spec suites and full build-outs continued to outperform the market, accounting for an increasing share of leasing activity—28.6% in 2024 up from 9% in 2019.

 

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

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.



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

 

Building the Future

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

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

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

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

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

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

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.



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

 

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

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

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

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

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

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.

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.

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

 

Ten with Ben 024: Meet Aaron Letzeiser

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

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

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

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

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

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

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.”

  1. 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

Jill’s Top 5 Articles From This Week

  1. 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
  2. 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
  3. 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
  4. Chicago’s in the top five cities in the country when it comes to emerging technology hubs, according to a new report – Biz Journals
  5. 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

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.