Tag Archives: Downtown Chicago

Ten with Ben 019: Meet Rob Healy

Published April 21, 2023

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:

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

Q1/23 Downtown Chicago Market Report

Published April 5, 2023

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

This quarter in the downtown office market:

Absorption levels turned negative to start the year, posting -1.8 million s.f. in Q1/23
Direct vacancy increased to 19.8%
The gross asking rate for the market is $42.89 p.s.f.
Sublet availability remained steady at 4.5% in Q1/23

Ten with Ben 018: State of the Market

Published January 26, 2023

In our latest Ten with Ben, we sit down with BA’s own Dan Fernitz and Justin Kessler to discuss the state of the market. What were the big trends in 2022? Will they carry over to 2023? What’s next for the flight-to-quality, the return-to-office, supercharged amenities, suburbs vs downtown, foreclosures, and distress. With over a century’s worth of cumulative market knowledge at the table, the conversation was wide-ranging, well-informed, and chock full of insights.

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

Q4/22 Downtown Chicago Market Report

Published January 12, 2023

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

This quarter in the downtown office market:

Absorption levels turned negative to end the year, posting -600,000 s.f. in Q4/22
Direct vacancy increased to 18.9%
The gross asking rate for the market is $42.64 p.s.f.
Sublet availability remained relatively unchanged at 4.2%

Bradford Allen expands Downtown Agency Leasing practice

Published October 19, 2022

CHICAGO, IL — Senior Managing Director Andy DeMoss is pleased to announce Craig Nadborne has been named the loft division leader on the downtown agency team.

“Loft has always been a focus at Bradford Allen, but as our downtown agency practice has grown, launching a dedicated team of loft specialists was the best way to continue delivering first-class service to our agency clients,” said Andy DeMoss, the downtown agency team lead. “Craig was the obvious choice to run it,” Andy continued, “with over three decades in the business, including the past 15 years with Bradford Allen, Craig has an outstanding track record representing loft buildings.”

“I couldn’t be more excited to step into this role and continue to build BA’s loft agency business, “Nadborne said. “I’ll bring the same customer-first approach and value-add market insights that have helped me close over 1,000 transactions in my career.”

“Our goal is to continue to grow our entire CBD agency business,” continued DeMoss. “We believe our street-level reconnaissance culture and focus on direct canvassing for tenants is advantageous to all building owners, especially in this leasing environment.”

Craig’s current assignments include 162 W Hubbard, 314 W Institute, 415 N Dearborn and 808 N Cleveland. With this new role, he will add these properties to his portfolio: 626 W Jackson, 900 N Franklin, 224 N Des Plaines 404 S Wells and 412 S Wells. Recent associate-level hires Lanie Trotter and Grace Garza will assist Craig, providing full-service coverage to BA’s agency relationships.

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 Represents the Law Office of Robert D. Ahlgren and Associates in 15,000 SF Renewal

Published October 19, 2022

CHICAGO, IL — Jeffrey A. Bernstein and Laurence B. Elbaum, Principals and Co-Founders of Bradford Allen, are pleased to announce that Ben Azulay, Principal, along with Riley Schleifer, Associate, completed a 15,000-square-foot-lease renewal for Ahlgren Law at 33 N LaSalle, a renovated and amenitized vintage art deco tower in the Central Loop.

“In a volatile leasing market like this, tenants have multiple opportunities to negotiate and improve their space. But there are also more risks, like historically high rents in some submarkets and potentially distressed buildings in others. We were able to work closely with Ahlgren, understand their needs, navigate the risks, and maximize their leverage in negotiating a renewal,” said Azulay.

Ahlgren Law is a Chicago-based immigration law firm. Since 1973, they have worked tirelessly to meet clients’ needs on the path to legal status. A full-service firm, Ahlgren’s passionate attorneys and dedicated staff represent individuals and families in a variety of immigration matters, including family cases, removal (deportation) defense, U.S. citizenship and naturalization, and appeals.

Q3/22 Downtown Chicago Market Report

Published October 7, 2022

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

This quarter in the downtown office market:

Absorption levels turned positive for the first time this year at 221,780 s.f. for Q3
Direct vacancy remained relatively unchanged at 18.3%
The gross asking rate for the market is $43.94 p.s.f.
Sublet availability remained steady at 4.3%

CRE Office Pulse 006: Chicago Office Supply Growth Screeches to a Halt

Published July 28, 2022

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.

Read on to find out more

Q2/22 Downtown Chicago Office Market Report

Published July 14, 2022

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

This quarter in the downtown office market:

Absorption levels improved but remained negative at -300,000 s.f. for Q2
Direct vacancy increased to 18.4%
The gross asking rate for the market is $42.87 p.s.f.
Sublet availability slightly increased from 3.9% in Q1 to 4.1% in Q2

Q1/22 Downtown Chicago Office Market Report

Published April 19, 2022

Bradford Allen is pleased to share with you our latest office market reports.
Chicago’s downtown office market remained dynamic amid distress in Q1/22 as the flight-to-quality trend continued. With a direct vacancy rate above 18%, rising sublet availability, high-profile properties in distress and ample new deliveries, tenants are finding enticing concessions. Digging beneath the headline statistics, we note:

The direct vacant and available rate was slightly lower (14.9%) than last quarter (15.2%).
Net absorption turned negative after a positive Q4/21, but demand is robust for Class A space in red-hot submarkets
Sublet availability is skewed toward Class B buildings.
Class B buildings comprise the majority of properties with troubled loans.

Year-End 2021 Downtown Chicago Office Market Report

Published January 21, 2022

Bradford Allen is pleased to share with you our Year-End 2021 Downtown Chicago Office Market Report.

This quarter in the downtown office market:

The overall sublet availability rate remained relatively stable at 3.9%, quarter over quarter.
Quarter over quarter, overall direct availability and vacancy remained flat at 19.8% and 15.2%, respectively.
Overall, the market posted a $40.38 p.s.f. gross asking rate.
The quarter posted 370,000 s.f. of positive absorption.

Q3/21 Downtown Chicago Office Market Report

Published October 12, 2021

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

Published July 20, 2021

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.

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

Published June 8, 2021

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.

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

Published April 6, 2021

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 15^th 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.

Q4/20 Downtown Chicago Office Market Report

Published January 22, 2021

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.

Bradford Allen secures 180 N. Wacker leasing assignment in Chicago CBD

Published January 12, 2021

Chicago, IL – Jeffrey A. Bernstein and Laurence B. Elbaum, Principals and Co-Founders, are pleased to announce that Bradford Allen has been appointed the exclusive leasing agent for 180 N. Wacker Drive in the Chicago CBD.

The team of Andy DeMoss (Senior Managing Director, Downtown Agency Leasing) and Alex Gordon (Director) will lease the six-story, 75,826-square-foot brick-and-timber loft. The property resides in the heart of Chicago’s West Loop and offers 21,915 square feet of availabilities. Built in 1923 and recently renovated in 2020, 180 N. Wacker features new spec suites and a private riverside patio. It has been owned by Greenstone Partners since 2019.

“There have not been many big wins for firms since the start of COVID, but our team has continued to secure new assignments and close deals, and this is another win for BA. The building will perform well as the majority of the vacancies have spectacular river views,” said DeMoss.

BA Secures New Leasing Assignment with Historic One North LaSalle

Published December 8, 2020

One North LaSalle, a 47-story, 500,000-square-foot office tower, is a Chicago landmark and one of the city’s best surviving examples of the Art Deco movement that defined architecture of the 1920s. Its central location and storied history make it a prominent piece of Chicago’s Loop. In 2016, the building was renovated to include the addition of an outdoor terrace, fitness center, advanced conferencing facilities, and an upgraded tenant lounge. It is also one of the only dog-friendly buildings in the CBD. The property has been owned by Bridge Investment Group since 2018. Andy DeMoss, Senior Managing Director, Downtown Agency Leasing, will lead the leasing team.

“We’ve had our eye on One North LaSalle since it was acquired by Bridge a couple years ago. The floorplate size and tenant mix of high-quality professional and technology firms are a great complement to our experience, and we’re proud that ownership has entrusted us to lease their historic property. With its strong amenity package and eleven newly constructed spec suites ready to go, the building is situated to perform very well,” said DeMoss.

About Bridge Investment Group, LLC
Headquartered in Salt Lake City, Bridge is a privately held real estate investment management firm with $20.2 billion in assets under management across the U.S. The firm’s 4,000 team members focus on select real estate verticals which offer above-market opportunities and returns: Office, Multifamily, Senior Housing and Medical Properties, Affordable Housing, Opportunity Zones and Real Estate Debt Strategies. For more information, visit bridgeig.com.