Tag Archives: Downtown Chicago

Q3/21 Downtown Chicago Office Market Report

Bradford Allen is pleased to share with you our Q3/2021 Downtown Chicago Office Market Report.

This quarter in the downtown office market:

  • The overall sublet availability rate remained unchanged at 3.92%, quarter over quarter.
  • Quarter over quarter, overall direct availability and vacancy rates rose from 19.5% to 20.1% and from 14.0% to 15.1%, respectively.
  • Overall, gross average asking rates declined from $41.13 p.s.f. to $41.07 p.s.f., quarter over quarter.

 

 

Bradford Allen completes 35,000 SF of leasing in Downtown Chicago

Chicago, IL ­– Jeffrey A. Bernstein and Laurence B. Elbaum, Principals and Co-Founders of Bradford Allen, are pleased to announce the firm’s Downtown Agency Services practice has completed three new leases for a total of 35,000 square feet in downtown Chicago. Workbox (represented by Grant Rich and Kyle Hundelt of Colliers) signed a new 13,738-SF lease at 600 W. Jackson in the historic Burnham Otis Building, Windrose Recovery Chicago (represented by David Goldberg of Special Assets) signed a new 10,905-SF lease at 142 E. Ontario, and StrategIQ Commerce signed a 10,150-SF lease at 217 N. Jefferson (represented by Andy Davidson, Boris Yelyashov, and Nathan Miller of MBRE). The team is led by Senior Managing Director Andy DeMoss and includes Director Alex Gordon and Associate Amy Zelasco.

“Touring velocity is back, but getting to the finish line in still a challenge. The current leasing environment requires being nimble, so we are thankful our clients have been able to match our speed and creativity to see these through to fruition,” said 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.

 

Bradford Allen Completes 7,000-SF Lease Renewal in Downtown Chicago

Chicago, IL — Jeffrey A. Bernstein and Laurence B. Elbaum, Principals and Co-Founders of Bradford Allen are pleased to announce that Managing Director Justin Kessler and Associate Riley Schleifer completed a 7,000-square-foot lease renewal for Stone & Johnson at 111 W. Washington Street in Chicago, IL. The Landlord was represented by Erica Rogers of Golub & Company.

“We presented Stone & Johnson with a number of alternatives in the market, but their current space was already a great fit, and coupled with an aggressive offer from ownership, it ultimately meant that remaining was their best option. By leveraging the current market, a renewal also offered Stone & Johnson a significant savings to their previous lease,” said Kessler.

Stone & Johnson is a civil litigation law firm headquartered in Chicago, IL. The firm has a broad range of experience which includes the defense of disputes involving insurance coverage, premises liability, construction accidents and defects, workers’ compensation, products liability, professional liability, school bus operation, and automobile accidents. The firm possesses Martindale-Hubbell’s highest AV rating, which ranks the firm’s legal ability as preeminent and its ethical standard as very high. The firm is also listed in Martindale-Hubbell’s coveted Bar Register as one of a select number of litigation firms in the Chicagoland area.


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.

 

Bradford Allen secures 10,000-SF, ten-year renewal at 200 S. Michigan Ave

Chicago, IL — Jeffrey A. Bernstein and Laurence B. Elbaum, Principals and Co-Founders of Bradford Allen, are pleased to announce that Ben Azulay, Principal, completed a 10,000-square-foot, ten-year lease renewal for Rubinos and Mesia Engineers, Inc. (RME) at 200 S. Michigan Avenue. The renewal allows the engineering firm to remain on the 15th floor of the Michigan Avenue office tower, where they have been a tenant for over 30 years. Craig Coupe of JLL represented the landlord in the transaction.

“Considering the ongoing impact of the pandemic on the marketplace, we were thrilled to be well-positioned to assist RME in accomplishing their goals. By successfully leveraging the market to their benefit, we were able to secure significant concessions as a component of their renewal for the next ten years,” explained Azulay.

Established in 1982, Rubinos & Mesia Engineers, Inc. is a structural/civil engineering and construction management firm who have established a reputation among leading consultants as diligent, well-diversified program managers who provide a uniquely intimate design evaluation experience. The recipient of over 20 industry awards, RME has successfully completed over 2,000 projects to date.

“Jeff and I are really proud of Ben. We are living in extremely challenging times, and he and his team have continued to produce at a high level throughout the pandemic,” said Elbaum.


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.

 

Q4/20 Downtown Chicago Office Market Report

Bradford Allen is pleased to share with you our Q4 2020 Downtown Chicago Office Market Report.

This quarter in the downtown office market:

  • The overall sublet availability rate doubled from 1.90% to 3.83%, year over year.
  • Quarter over quarter, direct availability and vacancy rose to 17.90% from 16.51% and to 11.98% from 10.86%, respectively.
  • Overall, gross average asking rates declined to $40.71 p.s.f. from $41.51, quarter over quarter.

To read the full report, click here.