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.
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Client Success Story: Quill
750 Lexington Avenue Welcomes 50,000 SF of New Leases
NEW YORK (Feb. 24, 2025) – Bradford Allen today announced the successful completion of 50,000 square feet of new leases at 750 Lexington Avenue in Manhattan’s prestigious Plaza District. Glenn Isaacson, the firm’s New York market leader, and Tony Builder, senior associate, represented building owner Cohen Brothers Realty in the transactions.
The new tenants include Makai Labs, Old Court Equities, Communify, Clearline Capital, VT Luxe, Naomi Road Capital Advisors, Cristaudo Holdings, Dana Rebecca Designs, Moroccanoil, Colonial Navigation, Temin and Company, Sephora and RKO Stage.
“These leases reinforce the ongoing appeal of 750 Lexington Avenue as a premier office destination,” said Isaacson. “The building’s prime location, strong ownership and high-quality space continue to attract a diverse range of tenants looking for a best-in-class workplace.”
Located in the heart of the Plaza District — one of Manhattan’s most sought-after business hubs — 750 Lexington Avenue offers tenants unparalleled access to major subway lines, abundant retail and restaurant offerings, and landmarks including Central Park. Given its central location in the heart of Manhattan, Plaza District is home to some of the city’s most prestigious office buildings, making it a prime destination for companies seeking a prominent address and exceptional workplace environment.
Bradford Allen collaborated closely with Marc Horowitz, director of leasing for Cohen Brothers Realty, to secure the deals. With Cohen Brothers Realty headquartered in the building since its construction, ownership remains deeply invested in maintaining 750 Lexington Avenue’s standing as a top-tier office address.
Following this leasing momentum, two full floors and several partial floors remain available, presenting an opportunity for companies looking to establish or expand their presence in a premier Midtown location. For more leasing information, go to bradfordallen.com.
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.
Mitzi Flexer Joins Bradford Allen as Managing Director, Expanding Firm’s New York Presence
NEW YORK CITY (Feb. 20, 2025) — Bradford Allen, a national full-service commercial real estate firm, today announced Mitzi Flexer has joined the company’s New York office as managing director. Flexer will be instrumental in expanding the firm’s presence in New York City’s outer boroughs, leveraging over a decade of experience in commercial real estate and a proven track record of executing strategic transactions across various asset types including office and retail. Prior to joining Bradford Allen, Flexer was a senior director at Cushman & Wakefield, where she specialized in strategic leasing and tenant representation.
“Mitzi is a seasoned professional with extensive market knowledge and deep community ties in New York City,” said Ben Azulay, president of Bradford Allen’s national brokerage business. “Her proven ability to structure and close complex deals for both landlords and tenants will be an invaluable asset as we expand our footprint in the region.”
Fluent in both Spanish and English, Flexer also brings extensive international experience to her role at Bradford Allen, having served clients throughout Europe, Central and South America.
“Mitzi is a trusted adviser with a strong reputation for guiding clients across industries including retail, healthcare and professional services,” said Glenn Isaacson, the firm’s New York market leader. “Her expertise in the outer boroughs, global perspective, deep market insights and strategic approach enable her to develop tailored solutions that meet the diverse needs of her clients.”
Flexer is involved in several industry and community organizations, including the Real Estate Board of New York’s (REBNY) Brooklyn Retail Committee, where she is a founding member; the Brooklyn Chamber of Commerce; and the International Council of Shopping Centers (ICSC). She has been recognized multiple times as a CoStar Power Broker and was honored as one of Real Estate Weekly’s Leading Ladies in 2018. She earned a bachelor’s degree in history and comparative literature from Hofstra University.
Opened in 2021 and located in Manhattan, Bradford Allen’s New York office serves a wide range of clients across the metro area, providing local expertise and exceptional service in one of the world’s most competitive real estate markets.
With headquarters in Chicago, Bradford Allen’s comprehensive brokerage services include tenant representation, landlord representation, consulting and advisory services, property and asset management, and construction and project management.
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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Editors:
For more information, contact David Matthews, dmatthews@taylorjohnson.com, (312) 267-4523.
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.
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.
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.
Groundbreaking on 301-Unit Mixed-Use Community in Arlington Heights, IL
Initial phase is part of master-planned community at gateway to suburb
ARLINGTON HEIGHTS, IL — Bradford Allen Development Company, part of Bradford Allen, a national full-service real estate firm, along with development partner Moceri+Roszak, today held a ceremonial groundbreaking for the first phase of their mixed-use community at the southeast corner of Arlington Heights and Algonquin roads in Arlington Heights, Ill., a northwest suburb of Chicago.
Bradford Allen Development Company and Moceri+Roszak have begun construction on a 301-unit mixed-use community that represents the first phase of a broader 16-acre master plan along the Jane Addams Tollway in Arlington Heights, Ill.
Photo by Matt Mansueto Photography, Inc.
The initial phase, which will consist of 301 apartments and approximately 26,000 square feet of ground-floor retail, is part of a master-planned community at the southern end of Arlington Heights. The broader development also includes ArlingtonMed, a 150,000-square-foot medical office complex at 155 E. Algonquin Road, a building that previously housed the Daily Herald newspaper and up to two more buildings.
“This groundbreaking marks a significant step in transforming this highly visible site into a vibrant, mixed-use destination that serves as a gateway to Arlington Heights,” said Jeff Bernstein, co-founder of Bradford Allen. “With exceptional residential and retail options and a cutting-edge medical facility, our development aims to enrich the community and catalyze future investment in Arlington Heights.”
“At a time when few developments are able to obtain financing and begin construction, Bradford Allen and village leaders have worked together to bring a major new project to the community, one that will meet growing demand for modern rental housing,” said Larry Elbaum, co-founder of Bradford Allen.
“Working alongside the Village of Arlington Heights, we’ve been able to turn a shared vision into a tangible reality,” said Brian Carley, executive managing director of development at Bradford Allen. “This collaboration is a testament to how great things can happen when public and private sectors work together with a clear goal in mind.”
Designed by Thomas Roszak Architecture, the eight-story residential 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.
Clark Construction is serving as general contractor on the development, with completion expected in 2026. The multifamily building and ArlingtonMed represent the first two of up to four buildings in the master plan, whose prominent location alongside the Jane Addams Tollway offers visibility to over 150,000 vehicles per day.
Please visit www.arlingtonheights.apartments for more information and future updates on the project.
About Bradford Allen Development Company:
Formed in 2022, Bradford Allen Development Company (BADC) currently has approximately $1 billion 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 Jeffrey Bernstein and Laurence Elbaum founded Bradford Allen Realty Services. For more information, visit bradfordallen.com.
For more information or to schedule an interview,?contact David Matthews, dmattews@taylorjohnson.com, (312) 267-4523.
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.
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.
Powering Growth: Natural Gas & Illinois Manufacturing with Meena Beyers
Ronan Remandabran discusses the critical role of natural gas with Meena Beyers, VP of Business and Community Development at NICOR Gas. Meena highlights its reliability and cost benefits, especially for powering Illinois’s growing industrial sector, including new energy-intensive industries. She also shares insights from her career progression from urban planning to energy, underscoring the impact of diversity and mentorship. The conversation affirms natural gas’s essential role in economic development and energy sustainability in Illinois.
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.
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 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.
Bradford Allen Submits Plan for 300-Unit Mixed-Use Development in Arlington Heights, Ill.
Along with new medical office building, project to help revitalize neighborhood with apartments and retail
CHICAGO, IL — The development arm of Bradford Allen, a Chicago-based national real estate investment advisory, has formally submitted plans for a mixed-use development in Arlington Heights, Ill., to village officials. Located just north of Interstate 90, at the southeast corner of Arlington Heights and Algonquin roads, the project comprises 300 apartments and approximately 25,000 square feet of ground-floor retail.
A joint venture between Bradford Allen and Chicago-based Moceri+Roszak, which is also serving as architect, presented the plans to neighbors during a recent community meeting. As proposed, the eight-story development would include a mix of 68 studios, 143 one-bedrooms, 79 two-bedrooms and 10 three-bedrooms, with 55% of units having balconies. Approximately 30 of the units will be designated as affordable housing.
“There is a great opportunity to revitalize this end of Arlington Heights, where there’s high population density and a strong demand for modern rental housing with easy access to nearby retail and entertainment offerings, as well as I-90 and O’Hare International Airport,” said Brian Carley, senior managing director at Bradford Allen. “We have had productive conversations and received positive feedback from village officials to this point and look forward to hearing back on final approval.”
The building is expected to include 17,500 square feet of indoor and outdoor amenities including an outdoor pool and spa with sun deck, fitness area for yoga and other classes, social and media rooms, business center, library, work-from-home conference rooms, golf simulator, dog walk and spa, grill stations and pickleball court. The development will include indoor parking for 484 vehicles as well as 86 outdoor spaces for the retail component. In addition, the project is seeking ENERGY STAR certification for its environmental sustainability.
The proposed mixed-use development is adjacent to the former Daily Herald building, which Bradford Allen is converting into a 150,000-square-foot medical office complex known as ArlingtonMed. Together, the buildings are part of a potential 16-acre master-planned community that includes additional apartment buildings and retail.
Bradford Allen officially kicked off pre-leasing efforts for ArlingtonMed in September. The existing structure is available for tours by appointment and will be fully renovated to Class A medical office standards upon securing an anchor tenant.
“ArlingtonMed represents a unique opportunity for healthcare tenants seeking high accessibility and visibility along the expressway,” said Joel Berger, senior managing director at Bradford Allen and lead leasing agent for the property. “ArlingtonMed also offers large floor plates that give tenants complete control over how their space is designed, maximizing efficiency while improving the patient experience.”
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.
Editors:
For more information, contact Jeremy Barewin, jbarewin@taylorjohnson.com, (312) 267-4533.
CRE Office Pulse 008: Tracking Chicagoland’s Return to the Office
While hybrid and remote work are here to stay, the benefits of in-person collaboration are compelling. Both employers and employees increasingly see the value of returning to the office, and tracking these trends reveals important insights, like the relative success of the suburban office markets. Still, for Chicago’s CBD, the long-term fundamentals remain strong and are moving in the right direction.
Ten with Ben 019: Meet Rob Healy
In our latest Ten with Ben, we sit down with longtime property manager Rob Healy, Vice President and General Manager at CIM Group, L.P. to discuss the vital role of property management and why they’re too often an unsung hero in getting deals done. As a former property manager at the BMO Harris Bank building, Rob also shares his thoughts on the planned revitalization of LaSalle Street and the challenges of redeveloping its infrastructure for multifamily. Catch the full show to learn more about Rob and hear his take on current trends and market conditions:
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Ten With Ben 017: Meet Eric Janssen
This week on Ten with Ben, we meet with Eric Janssen, president and founder of Chicago Real Estate Resources (CRER), a full-service commercial real estate firm with a focus on investment, retail, and office leasing and a fellow Chicago affiliate of TCN. Eric is an award-winning and well-traveled real estate professional with a multitude of diverse experiences under his belt and has been working in the Chicago market for over three decades. Expertly weathering the challenges in today’s market, Eric’s optimism encourages his brokers to adapt to the changes and persevere, noting “it always comes back.”
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CRE Office Pulse 007: Chicago Remains a Top Prospect
For corporate headquarters decisions, Chicago ranks well among its competitors, and the reasons companies chose the city prior to the pandemic have remained relatively unchanged. The diverse talent pool, favorable location, extensive transit options and relatively less expensive cost-of-living creates an ideal situation for employers and employees. Even though the pandemic created a structural shift in the office market, companies continue to reaffirm their commitment to city, helping the long-term stability of Chicago’s CBD.
Client Success Story: Lindsay, Pickett & Postel, LLC
Lindsay, Pickett & Postel, LLC (LPP) was occupying two separate offices in the same building and wanted to consolidate to a single, high-class, high-rise space with east-facing views and abundant natural light. Bradford Allen identified suitable options, negotiated hard for client-friendly terms, and provided a solution for the client to sublease its existing spaces.
Watch the video to hear Managing Partner Christopher J. Pickett discuss working with the Azulay Team at Bradford Allen’s Tenant Representation Practice.
Industrial Real Estate & The Economy
Is the United States economy in a recession? What do the macroeconomic and industrial real estate market trends signal to us about evolving business conditions?
To understand the current state of the business cycle and the implications for industrial real estate, Bradford Allen’s Ronan Remandabran, Executive Managing Director and Industrial Market Leader, sat down with Neil Bouhan, BA’s Senior Managing Director of Research & Communications. Together they survey the sentiment and real estate supply dynamics in the logistics, warehousing, and manufacturing sectors. From capacity utilization and rental rates to tightening lending conditions and path for retail sales, Ronan and Neil ask—and answer—one of the most debated questions facing industrial real estate professionals today: Are we in a recession?
Ten with Ben 016: “Meet Ross Ford”
On Ten With Ben, we regularly speak with experts in their respective fields, but rarely has a guest come with such an immense amount of market knowledge. Ross Ford is a fourth-generation commercial real estate professional. And with nearly a quarter-century at the helm of TCN Worldwide, a consortium of independent commercial real estate firms, Ross has seen the ups and downs of several market cycles across every real estate segment. One lesson that holds true across time is that real estate is a “business of the moment.”
And in this particular moment–full of uncertainty and disruption and opportunity—the value of a professional broker/agent has never higher. We were excited to sit down with Ross and get his perspectives on the state of current market. We always learn something new and valuable speaking with Ross, and we know you will too.
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CRE Office Pulse 006: Chicago Office Supply Growth Screeches to a Halt
In Chicago’s CBD, new office construction has come to a screeching halt, only a couple years after hitting record highs. And even as the effects of the pandemic dissipate, new development continues slowing. What’s behind this deceleration in supply growth? We identify four primary factors weighing on the office construction market and discuss long-run implications for the CBD.
On Material Handling Systems
Industrial real estate is a hot topic right now, but something people often overlook is the material handling systems to outfit their warehouse space. Over the last two years, supply and demand has effected most industries around us, and material handling systems are no exception. Matt Kapfhammer, Business Development Leader at Koppco Material Handling, is here to give his take on how to plan your warehouse space, when to start, and what type of gaps users may not be aware of when entering a new warehouse space as they grow and expand their business.
As Matt explains, the transition between material handling systems planning and the search for industrial real estate is not seamless. Often times, tenants will think of their material handling systems as a line item in their search for space when it should instead be a top priority. The industrial market is tight right now; five years ago, it was much easier to find space, but with fewer options today, you need to act quickly. Planning ahead for your racking needs will put you ahead of the game when four or five tenants fight for each space as it becomes available.
Timing is everything whether you are ordering new racking, buying used, or taking existing systems with you. Ordering new shelving can be costly and time consuming. With the price of steel soaring (up to $135/pallet now versus pre-pandemic costs around $60/pallet) and turnaround times taking anywhere from 12 to 30 weeks, tenants should contact professionals as soon as possible to begin the process. As Matt notes, some tenants will even order racking before their lease is signed or warehouse is built so they can hit the ground running. While there is risk in this, it usually makes the most sense.
The price per SF and building location are obviously key factors in any real estate search, but the end-product should be the goal. When developing a building, how you design the storage space, ceiling height, and column spacing in terms of machine navigation, employee requirements, and safety qualifications will make or break your relocation. Shelving is as important as the infrastructure of the building itself in the industrial real estate world.
Will there be a time when the material handling systems industry normalizes? Matt doesn’t think it will return to pre-pandemic lows anytime soon. Consumer needs drive the industrial market, and the online demand for goods will continue pushing the need for warehouse space and supplies.
Ten with Ben 015: “Meet Michelle Jones”
Today we are joined by Michelle Jones, Director of Interiors at Shive-Hattery. With over 20 years’ design experience, Michelle has always been driven by creating something new and bringing it to life — the office is an art form. With so many facets, there is always something to be learned throughout each project while staying on top of trends.
But in today’s ever-changing world, the biggest question seems to be, “how do we do the next project better?” Bringing an architect in from the beginning of your project is the best place to start. In order to create a true collaboration among office tenant and architect, timing is key. Even while touring space, Michelle suggests bringing your architect along to provide critical feedback and visionary tools to provide crucial elements in a thoughtful vision for your workplace.
It’s clear that the office is here to stay, so how do you build a space when you don’t know what the next five years will look like? Are there best practices for tenants to follow?
Michelle’s advice: start with asking how you’re going to use your space.
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Bradford Allen represents Avenir in 10,000-square-foot headquarters relocation
NEW YORK, NY — Glenn Isaacson, President at Bradford Allen’s New York office, is pleased to announce the firm has assisted Avenir Growth Capital in a headquarters relocation to 817 Broadway in Greenwich Village. Isaacson was assisted in representing the tenant by associate Anthony Builder, while landlords Tactonic Partners, Nuveen Real Estate, and Squire Investments were represented by David Faulk, Jason Greenstein, Daniel Levine, and Jordyn Comras of Newmark.
Avenir will relocate from their seventh-floor space at 135 Fifth Avenue to the twelfth floor of 817 Broadway in a new five-year lease. The New York-based equity firm was founded in 2017 to focus on building a portfolio of high-growth, category-defining companies. The firm currently has over $2 billion in assets under management.
Ten with Ben 014: “Industrial Real Estate w/Ronan Remandaban”
There are no two ways about it—the industrial real estate market is on fire. It’s been the leading sector for a couple of years, owing to the pandemic and supply chain disruptions. Logistics have shifted from just-in-time to just-in-case, driving demand for localized warehousing and manufacturing space. Vacancy rates are at all-time lows, cap rates have plunged to low single digits, rents and construction costs are growing at a record-setting pace.
To understand these rapid changes and see where the industrial market can go from here, TWB sat down with Ronan Remandaban, Executive Managing Director and Industrial Market Leader at Bradford Allen. Ronan is a tech-savvy professional whose career has been dedicated to the industrial segment. He’s seen every type of deal and development over the course his 20 years in the business.
The current environment is all about being adaptive, whether that’s repurposing property or moving fast on transactions. Join us as Ronan and Ben discuss how we got here and what’s next for the industrial sector of commercial real estate.
The State of the Construction Industry
Supply chain disruptions and soaring commodities prices amid unprecedented demand for industrial real estate have massive implications for the construction industry. Asset values and rents are soaring, but so are costs. How should owners, tenants, and developers adjust to this new normal?
To understand the current state of the construction industry, Bradford Allen’s Ronan Remandabran, Executive Managing Director and Industrial Market Leader, sat down with Patrick Clay, a “recovering architect” and Director of Business Development at ARCO/Murray, a leading design-build firm. From secular shifts in product delivery models to adaptive re-use trends and the outlook for rising interest rates, the conversation is as informative as it is wide-ranging.
Ten with Ben 013: “Meet Aaron Zaretsky”
Real estate is a relationship business, but it’s not often you get to work with a lifelong friend. In this Ten With Ben episode we’re joined by Aaron Zaretsky, Leasing Director at Urban Innovations, an integrated real estate development company. Aaron’s path crossed with Ben’s more than 40 years ago, decades before either had closed a lease deal.
As these long-time friends catch up on the state of the market, Ben and Aaron discuss the importance of nurturing long-term relationships with clients. People have good memories, so how you treat them matters, especially when it comes to big moments like leasing office space. It may be an everyday experience for a broker, but not for most business owners.
And the relationship-building doesn’t end when the lease is signed. Being present for all stages of your client’s growth and being a trusted, ever-present partner are the foundations for success in commercial real estate, and in business in general.
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CRE Office Pulse 005: Leaders & Laggards in the Pandemic
In our previous Office Pulse, we challenged the conventional view that the suburban Chicago office market was suffering from record-high vacancy rates brought on by the pandemic. In this follow-up, we set out to examine Chicago’s central business district (CBD) office market using a similar methodology to understand how the pandemic affected longer-term occupancy trends downtown. Chicago tenants are at a crossroads, and the data clearly reveal how Covid-19 caused a new disruption in the CBD.
Reducing Industrial Real Estate Taxes
Chicagoland’s prominence as a logistics and industrial hub benefits residents, employees, landlords, and tax authorities alike. It brings jobs, goods, new commerce, and tax revenues to the metropolitan area. However, the real estate and infrastructure supporting these industries are spread over multiple counties and across tax jurisdictions. To level the property tax playing field, Cook County offers a tax incentive program. Class 6B allows eligible Cook County industrial properties to apply for a reduced assessment level—from 25% fair market value down to 10% fair market value—which is meant “to attract new industry, stimulate expansion and retention of existing industry, and increase employment opportunities.”
To make sense of this incentive program and learn how to apply it in today’s real estate environment, Bradford Allen’s Ronan Remandaban, Executive Managing Director and Industrial Market Leader, sat down with tax and zoning expert Fred Agustin, attorney at Maurides, Foley, Tabangay, Turner, & Agustin. Fred explains what 6B status is, how to qualify, and discusses with Ronan the merits and best practices of the program. Join us for a timely and practical discussion about minimizing your tax liability in Cook County.
Bradford Allen’s Ben Azulay Re-Elected to TCN Board of Directors
Chicago, IL — Jeffrey A. Bernstein and Laurence B. Elbaum, Principals and Co-Founders of Bradford Allen, are pleased to announce the re-election of Ben Azulay, Principal at Bradford Allen, to the TCN Worldwide Board of Directors. Bradford Allen has been the Chicago office affiliate of TCN Worldwide since 2004, enabling comprehensive service to its clients locally, nationally, and internationally. In 2021, Bradford Allen became the New York affiliate with the opening of their downtown office at 745 5th Avenue, New York, NY. Ben’s involvement continues BA’s strong tradition of leadership within TCN as Laurence Elbaum served nine years on the Board of Directors, including four years as Chairman.
“We are thrilled that Ben was re-elected to the TCN Worldwide Board of Directors,” said Elbaum. “Ben has been an integral part of Bradford Allen for more than 17 years. In addition to his successful tenure as Regional Vice President for TCN’s Central Region, he has demonstrated his innate ability to lead with multiple TCN Team Player awards. I am proud to see him continue our firm’s tradition of leadership within TCN.”
Joining Bradford Allen in 2004, Ben has built a national client base by focusing on representing tenants whose operations are based in Chicagoland. Throughout his tenure with the firm, he has represented large users of office space in a wide variety of transactions that include GrubHub, Northwestern Mutual, and MedSpeed.
Ten with Ben 012: “Meet Tim Brigham”
In our latest episode, Ben sits down with Tim Brigham, all-star mortgage broker and BA client. With a competitive spirit and laser-sharp focus on his customer’s needs, Tim’s found a winning combination for success in real estate, and in life. In addition to managing Union Home Mortgage’s Chicago office, Tim runs the Superhero Collective, a non-profit that brings comic-book heroes to life for children’s hospitals all around Chicago.
Whether he’s swapping a business suit for a batsuit or locking-in fixed-rate financing for a new family’s first home, Tim’s authentic passion for people resonates with his customers and with us.
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Bradford Allen Expands Brokerage Services to New York City, Appoints Glenn Isaacson as Regional President
New York, NY — Bradford Allen, a full-service, national commercial real estate services firm headquartered in Chicago, announced its expansion with the opening of a New York office and the strategic hiring of industry veteran Glenn Isaacson as President of the New York office. The announcement was made by the firm’s principals and founders, Jeffrey A. Bernstein and Laurence B. Elbaum.
Bradford Allen was co-founded in 2003 to fill the void between large commercial real estate providers and small boutique firms. Headquartered in the heart of downtown Chicago, the entrepreneurial firm has grown into a best-in-class brokerage offering a full array of services, including tenant representation, landlord representation, consulting and advisory services, property and asset management and construction and project management. With three offices in Chicago, the company is now comprised of over 100 professionals providing strategy, marketing, and transaction execution for occupiers and owners of commercial real estate.
Bradford Allen New York represents a return to Manhattan for the firm’s founders who began their real estate careers as a team at Walter & Samuels in 1992 and then at the Edward S. Gordon Company and Insignia/ESG. Bernstein and Elbaum completed more than seven million square feet of transactions while teamed in New York, and together helped shape the office landscape of Midtown South.
“Our return to the New York City market gives us the opportunity to introduce the differentiated Bradford Allen platform to the world’s most dynamic, vital business hub,” said Mr. Bernstein. “In this era of consolidation and mega-firms, we fill a void for principal-driven service and attention, and a commitment to excellence in all we do.”
Mr. Elbaum said the opportunity dovetails with Bradford Allen’s ability to secure Glenn Isaacson as principal and president of the New York operation. “We have confidence in Glenn to build and lead this office, to create a professional and collegial environment where experienced, talented and inspired real estate service experts can work together to craft and execute transactions that serve their clients’ business goals.”
One of the most accomplished professionals in New York commercial real estate, Mr. Isaacson brings 40 years of leadership and experience to his new role. Mr. Isaacson has held some of the most senior and prestigious posts at New York’s top real estate services firms, culminating as Vice Chairman at Cushman & Wakefield prior to his appointment as President of Bradford Allen New York. Recognized as both a strong manager and seasoned brokerage professional, Mr. Isaacson has completed more than 20 million square feet of leasing transactions. His customers include a large number of prominent owners and agencies, as well as esteemed tenants such as
Boston Consulting Group, Northwell Health, Avenues Schools, China Merchants Bank and Seyfarth Shaw. In addition, he is recognized for his work on behalf of respected nonprofit organizations such as Carnegie Hall Corporation, UJA Federation of Jewish Philanthropies, American Kennel Club and the American Foundation for AIDS Research (on whose board he now sits).
As President of Bradford Allen New York, he will be responsible for managing all brokerage services and company operations in addition to leading transactions with landlords and tenants, directing new business development, and assembling a group of top professionals to strengthen the firm’s position in the regional marketplace.
The process of forming the Bradford Allen New York team is under way with the hiring of Tony Builder as an Associate Broker and Kim Woodruff-Walker as office manager. Mr. Isaacson said he and his partners are meeting with several seasoned professionals to build out a strong core team.
“I’m excited by the opportunity to build Bradford Allen New York and lead the office forward through exceptional client servicing and top-talent recruiting,” adds Mr. Isaacson. “Over the course of my career, I’ve learned first-hand what works and what doesn’t work in the brokerage industry. Bradford Allen’s platform and efficient process is compatible with my own approach to transacting business, with a value proposition that combines the expertise of a large brokerage alongside the nimble mobility of a privately held firm. It’s the ideal time for Bradford Allen to plant its flag in the dynamic New York City market and the commercial real estate environment in this region is ripe for our future growth.”
About Bradford Allen
Bradford Allen is a national commercial real estate firm based in the heart of downtown Chicago. The company offers a full array of brokerage services and expertise to entrepreneurial, corporate, and not-for-profit clients. Services include strategy, marketing, and transaction execution for occupiers, investors, and owners of commercial real estate. Bradford Allen is the brand name of Bradford Allen Realty Services.
Ten with Ben 011: “Welcoming Laurence Elbaum, Co-Founder of Bradford Allen”
With 30 years of experience in commercial real estate, today’s guest knows what the fundamentals of the business are all about. Meet Laurence Elbaum, Principal and Co-Founder of Bradford Allen.
When he began Bradford Allen with business partner Jeffrey Bernstein in 2003, he was certain of just one thing: BA would succeed, because failure was not an option. That mindset has translated into a philosophy that continues to drive the firm today. Listen in as Larry explains why technology will not replace the ground work involved in CRE, the importance of knowing the value of a dollar for your client, and how our investment strategy changed during the course of the pandemic.
As BA’s suburban portfolio grows, the comparisons to downtown become more prevalent. While Chicago’s Loop has not seen the same return to work as many suburban buildings, Larry speculates that new changes will come as Gen Z’s presence emerges within the work force.
Ten with Ben 007: “Forecasting 2021”
Ben is back, and like most of us, he’s ready to leave 2020 in the rearview mirror! Kick off the new year with Episode 007 of Ten with Ben.
We all hope 2021 will bring lots of excitement, but like Ben says, even after 20 years in the industry, “You just never know!” Listen as he discusses the differences between speculation and reality, why there is no doubt companies will come back to the office (eventually), and what “pent-up demand” means. Even after the COVID-19 vaccine is widely available, it won’t just be like flipping a switch getting back to our normal routines. Office schedules will still vary through at least the next 18 months.
The year will bring uncertainty, but more importantly, it will bring evaluation and opportunities to both landlords and tenants.
Bradford Allen hires Alex Gordon to expand Downtown Agency Leasing team
Chicago, IL – Andy DeMoss, Senior Managing Director, Downtown Agency Leasing at Bradford Allen, is thrilled to announce that Alex Gordon has joined the firm.
Gordon is the most recent addition to Bradford Allen’s Agency Leasing practice. Prior to joining Bradford Allen, Alex was an “in-house” leasing agent at Golub & Company, where he was responsible for the leasing of 300 S. Wacker, 444 N. Michigan, 111 W. Washington, 625 N. Michigan, and 680 N. Lakeshore. Previously, he was an assistant property manager with Tishman Speyer, where he worked on 525 W. Monroe and 190 S. LaSalle.
“I am very excited to join Bradford Allen, as they have a stellar reputation and significant presence in the Downtown Chicago market, and I’m equally as excited to work alongside Andy,” said Gordon.
“The addition of Alex rounds out the experience level on our team nicely. He will be working with me on our newest assignments, One North LaSalle and 180 North Wacker Drive,” added DeMoss.
About Bradford Allen
Bradford Allen is a national commercial real estate firm based in the heart of downtown Chicago. The company offers a full array of brokerage services and expertise to entrepreneurial, corporate, and not-for-profit clients. Services include strategy, marketing, and transaction execution for occupiers, investors, and owners of commercial real estate. Bradford Allen is the brand name of Bradford Allen Realty Services.
VIDEO — BA InFocus 001: “On Cold Storage”
In our debut episode of In Focus, Rhea Stephen and Ronan Remandaban are joined by Amit Hasak, CEO of Transship, to talk cold storage. From refrigerators to shipping cargo containers, cold storage is an integral part of the food supply chain, especially with the global consumption of frozen foods. However, as our speakers discuss, there is a deficit in available cold storage space, both locally and nationally, and not all industrial or warehouse space can be converted to cold storage space. Listen as they talk pros and cons.
BA’s John Millner Named President, CCIM, IL Chapter for 2020
CHICAGO, IL – Jeffrey A. Bernstein and Laurence B. Elbaum, Principals and Co-Founders of Bradford Allen, are excited to announce that John Millner, Managing Director with Bradford Allen’s Agency Leasing practice, has been named President of CCIM’s Illinois Chapter for the 2020 term. Millner has served on CCIM’s Board of Directors as an Executive Member since 2018.
“I’m excited to take on the challenges and responsibilities of this new role and honored to continue serving such an integral organization within the commercial real estate industry. CCIM’s mentorship, education services, and networking opportunities are invaluable resources to our community, and I look forward to growing our services and outreach in the coming year,” said Millner of his appointment.
Millner joined Bradford Allen in 2009 and has become a key member of the Oak Brook-based brokerage team in the years since. John specializes in medical office and traditional office agency leasing, representing approximately 2,000,000 square feet of product in suburban Chicago. Recently, John increased the occupancy of 4355 Weaver Parkway in Warrenville from 59.5% to 100%, completing 24,320 square feet of new leases in just nine months. In Hinsdale, John improved the occupancy of 908 & 911 North Elm Street by 21% through signing 53,000 square feet of new and renewal leases.
About Bradford Allen
Bradford Allen is a national commercial real estate firm based in the heart of downtown Chicago. The company offers a full array of brokerage services and expertise to entrepreneurial, corporate, and not-for-profit clients. Services include strategy, marketing, and transaction execution for occupiers, investors, and owners of commercial real estate. Bradford Allen is the brand name of Bradford Allen Realty Services. For more information, visit bradfordallen.com.
About CCIM
CCIM stands for Certified Commercial Investment Member. CCIM designees are recognized as leading experts in commercial investment real estate. Above all, the CCIM designation represents proven expertise in financial, market, and investment analysis, in addition to negotiation. CCIM designees are able to help their clients minimize risk, enhance credibility, make informed decisions, and close more deals. For more information, visit ccimilchapter.org.
Bradford Allen Promotes Dan Fernitz to Suburban Market Leader
CHICAGO, IL – Jeffrey A. Bernstein and Laurence B. Elbaum, Principals and Co-Founders of Bradford Allen, are pleased to announce that Executive Managing Director Dan Fernitz has been promoted to Suburban Market Leader. Fernitz, formerly with JLL, joined Bradford Allen in 2017 to lead the Agency Services practice, bringing over 30 years of experience in the commercial real estate industry to the firm. In his new role, Fernitz will manage Bradford Allen’s suburban brokerage offices, overseeing the realty services division for the firm’s growing Oak Brook-based brokerage team.
“Jeff and I could not be happier with Dan’s performance. Dan has proven to be a true leader, and we have the utmost confidence in him to build our overall suburban brokerage presence, as he has demonstrated in his ability to grow our Suburban Agency practice,” said Elbaum.
Prior to joining Bradford Allen, Fernitz managed the Suburban Chicago JLL leasing team for 13 years — and was directly responsible for growing their office leasing portfolio from 1.5 million to over 10 million square feet.
“I look forward to the continued growth of our Agency and Tenant Representation teams in the Chicago Suburbs. We are a collaborative group of professionals providing best-in-class services for our clients,” added Fernitz.
About Bradford Allen
Bradford Allen is a national commercial real estate firm based in the heart of downtown Chicago. The company offers a full array of brokerage services and expertise to entrepreneurial, corporate, and not-for-profit clients. Services include strategy, marketing, and transaction execution for occupiers, investors, and owners of commercial real estate. Bradford Allen is the brand name of Bradford Allen Realty Services. For more information, visit bradfordallen.com.