Bradford Allen is pleased to share with you our latest office market report.
This half in the suburban office market:
Bradford Allen is pleased to share with you our latest office market report.
This half in the suburban office market:
CHICAGO, IL — Joel Berger and Craig Nadborne, Senior Managing Directors at Bradford Allen, represented Restoration Builders in the relocation and expansion of the repair and restoration company’s Midwest corporate office. Previously located in Elmhurst, Restoration Builders will now office out of a 10,000-square-foot space at 263 Shuman Boulevard in Naperville, Illinois.
Known as The Shuman, the recently redeveloped 350,000-square-foot office building delivers an urban vibe to the suburban office landscape, promising tenants the most comprehensive workplace experience outside of the Chicago CBD. Kellen Monti of JLL represented the building in the sublease of the space.
“We were thrilled to help place Restoration Builders in such a terrific, modern space. The relocation is a great example of what we’re seeing more and more—companies searching out amenity-laden spaces in Class A buildings to entice workers back to the office full time. The Shuman offers an environment that gets tenants excited about coming to work,” said Berger.
CHICAGO, IL — Jeffrey A. Bernstein and Laurence B. Elbaum are pleased to announce that Managing Director Jonathan Seeley successfully assisted American Blues Theater with the purchase of their new location at 5627 N. Lincoln Avenue after vacating their former home at 4809 N. Ravenswood Avenue. Previous ownership was represented in the transaction by Mark Kishtow and Mark Jones of Jameson Commercial Real Estate.
Built in 1985, the 10,844-square-foot property sits on an 18,000-square-foot lot in a densely populated section of Chicago’s Near Northwest neighborhood. The all-masonry construction features a single-story open floorplan with 12-foot clear height, essential for accommodating the theater’s performances. Additionally, the property offers an attractive 168 feet of frontage along Lincoln Avenue, a main traffic artery serving the Lincoln Square and Andersonville neighborhoods.
“After performing a full search of the market to determine alternate options, it was clear that 5627 N. Lincoln was the best fit for the unique use case of American Blues Theater. We pursued the purchase of the building with earnest and closed within 90 days of going under contract,” said Seeley.
Winner of American Theatre Wing’s prestigious National Theatre Company Award, American Blues Theater is a premier arts organization exploring the American identity through the plays it produces and communities it serves. American Blues Theater follows three guiding values both on and off its stages–to be accessible, responsible, and true. Chicago’s second-oldest AEA Ensemble theater, the American Blues Theater and its artists have received 221 Joseph Jefferson Awards and nominations that celebrate excellence in Chicago theater and 40 Black Theater Alliance Awards.
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.
CHICAGO, IL — Jeffrey A. Bernstein and Laurence B. Elbaum, Principals and Co-Founders of Bradford Allen, are pleased to announce that Senior Managing Director Joel Berger and Associate Jake Blesi have leased over 38,000 SF at Edens Corporate Center, 630 & 650 Dundee Road in Northbrook, IL, just six months after being named the exclusive leasing agent.
In addition to the prime location and best-in-class amenities, Berger attributes the robust leasing momentum to a dedicated focus on tenant needs, creative thinking, and deep knowledge of the North Suburban market.
“We have only represented Edens Corporate Center since the fall of 2021, and our goal was to be known as the nicest, most responsive, and most creative building in the market. Most of the I-94 North Suburban market is institutional landlords who are slow to respond to changing tenant needs and tend to think linearly. We listen, are highly responsive to tenants, and like to think creatively to find solutions. Our immediate success shows our approach works. There is certainly a tenant need in the area for responsive and dynamic landlords and landlords’ agents.”
Bradford Allen’s successful leasing program has meant growing economic opportunities and job creation for the North Suburban market. In addition to an 18,000-SF renewal for marketing firm Blue Chip Marketing Worldwide, and a 3,700-SF renewal for law firm Mason, Wenk & Berman, L.L.C., there were three new leases at the property: RHM Staffing Solutions, 7,800 SF; Velos Wealth Management, 2,600 SF; and Phase3 Capital Management, 3,500 SF. Additionally, existing tenant TriGran Investments, Inc., 2,800 SF, extended and expanded its lease.
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 is pleased to share with you our Year-End 2021 Suburban Chicago Office Market Report.
This quarter in the suburban office market:
Suburban Chicago’s office vacancy rates may seem historically high, but the headline numbers overlook key details about the marketplace. Large, low-quality properties are having an outsized effect on the averages. Removing these “zombies” from the data shows the market is more competitive than you think.
CHICAGO, IL — John Butler, Executive Managing Director of BAIA, is pleased to announce the acquisition of Edens Corporate Center at 630 & 650 Dundee Road in Northbrook, IL. Bradford Allen Realty Services will be the leasing agent, and Bradford Allen Management Services will be the property manager.
Built in 1988, the recently renovated property is a Class A, 187,509-square-foot suburban office building located immediately right off of the Edens Expressway/Interstate 94, the main highway north from the city of Chicago. Joel Berger, Senior Managing Director, and Jake Blesi, Associate, will lease the four-floor property, which currently offers 56,000 square feet of vacancies and an underway spec suite, as well as move-in ready options for tenants. The complex features a 122-car, below-ground, heated, executive parking garage; a one-of-a-kind outdoor meeting facility; recently modernized lobbies, lavatories, and common areas, along with a fitness center and yoga studio.
“The property is unique within the Skokie Boulevard submarket. It is easily the best option for the smaller and mid-sized tenants, with each floor having two wings that offer flexible space designs with a great window line. The proximity to walkable amenities coupled with the underground garage, the renovated common areas, indoor and outdoor conference facilities, fitness center, and Once Upon a Bagel as the on-site food service, make Edens Corporate Center the best value in the submarket,” said Berger.
“We just signed our first new lease with Phase 3 Capital Management for 3,500 RSF last week and have another lease out for signature. The North suburbs have continued to perform well this year, and we were so excited to have had the opportunity to acquire one of the best buildings in the North Market. Our planned upgrades to the tenant amenities—along with the engaged, flexible, and local ownership—will help the property attract dynamic new tenants in the area,” added Butler.
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.
CHICAGO, IL — Jeffrey A. Bernstein and Laurence B. Elbaum, Principals and Co-Founders of Bradford Allen, are pleased to announce that Senior Managing Director Joel Berger has completed five transactions totaling 35,539 SF at 570 Lake Cook Road in Deerfield, IL.
Banner Real Estate Group (represented by Randy Bowles and Steve Levitas of Newmark) signed a new lease for 2,750 SF. Align Business Finance (represented by Sam Grossman of The Fairchild Group) signed a lease expansion and renewal for 4,986 SF. Completed lease renewals included DD&A for 2,003 SF, Sedgwick Claims Management Services (represented by Paul Diederich of CBRE) for 9,323 SF, and Vail Systems, Inc. (represented by Dan McCarthy and Phil Geiger of JLL) for 16,477 SF.
“The recent volume of leasing activity is a testament to the new ownership’s commitment to positioning 570 Lake Cook Road as a best-in-class property. The onsite Lake Cook Metra Station coupled with the underground parking garage are significant differentiators from the property’s competition and make 570 a better value,” said Berger.
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.
Chicago, IL — Jeffrey A. Bernstein and Laurence B. Elbaum, Principals and Co-Founders of Bradford Allen, are pleased to announce that Senior Managing Director Joel Berger has completed a 16,500-square-foot renewal lease between Vail Systems, Inc. and the ownership of 570 Lake Cook Road in Deerfield, IL. Vail, a long-time tenant and the second-largest in the building, signed a five-year renewal. Dan McCarthy of JLL represented Vail in the transaction.
“The ownership was thrilled that Vail decided to renew at 570 Lake Cook Road,” said Berger. “I believe Vail placed value on having the Metra platform attached to the building’s parking lot, the underground heated parking garage, and ownership’s commitment to upgrading the property overall.”
Founded in 1991, Vail Systems is a telephony software and cloud services company that uses its advanced technology to enhance billions of customer conversations every year. Vail is committed to creating business value for clients and growth opportunities for employees by developing solutions that inspire people to interact freely and authentically.
“We are so happy that Vail Systems decided to renew at 570,” said Elbaum.
“Vail’s decision to remain at 570 has reconfirmed our belief in the building’s value proposition and the amenities that set it apart from its direct competition,” added Bernstein.
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.
Chicago, IL — Jeffrey A. Bernstein and Laurence B. Elbaum, Principals and Co-Founders of Bradford Allen, are pleased to announce that Managing Director Norm Murdoch completed a new 10,500-square-foot lease between Parkway Dental Services, LLC and the ownership of 501 West Lake. Parkway, a dental supplies and equipment provider, signed a seven-year lease for their first Illinois location.
“Parkway Dental sought a centrally located property within the Chicagoland suburbs with easy access for both clients and staff. In addition, they wanted the ability to be up and running quickly. We were excited to be able to fulfill both requirements with 501 West Lake, which is highly accessible to I-290, 1-294, and Route 83, in addition to its close proximity to the downtown Elmhurst Metra. It also happens to have been previously occupied by a tenant in the same industry, so the existing conditions were ideal for Parkway’s needs,” explained Murdoch.
Parkway was founded in New Jersey in 1975 and remains a family-operated business to this day. Serving the New Jersey, Delaware, and Eastern Pennsylvania dental community for over 40 years, their commitment to delivering a great experience for the dental team has allowed them to grow into a regionally known, highly respected, full-service provider of dental supplies and equipment.
“This transaction highlights Norm’s instincts and deep market knowledge. His understanding of the tenant’s needs, coupled with his awareness of the unique attributes of this particular space, allowed him to structure this deal to the benefit of both parties,” 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.
Chicago, IL — Jeffrey A. Bernstein and Laurence B. Elbaum, Principals and Co-Founders of Bradford Allen, are pleased to announce that Joel Berger, Senior Managing Director, completed a 23,000-square-foot lease (12,000-square-foot renewal and 11,000-square-foot expansion) for Professional Wealth Advisors (PWA) at 2655 Warrenville Road in Downers Grove, IL. The building is owned and leased by Transwestern Investment.
“Professional Wealth Advisors’ recent merger with HighPoint Planning Partners was a significant expansion and a real game changer for the industry. We were pleased to be able to support that rapid growth by nearly doubling the size of their footprint at their current Downers Grove space,” explained Berger.
Professional Wealth Advisors was founded in 2015 by three partners seeking to structure a financial services platform to make independence for advisors more gratifying. PWA provides support in navigating the challenges, regulatory pressures, technology, and infrastructure necessary to provide high-quality service to clients and families. Upon the completion of the HighPoint merger, the firms will together manage over $8.5 billion in total client assets and support more than 200 financial advisors.
“Joel, an industry veteran, has continued to provide outstanding client service throughout the pandemic. Jeff and I are proud of Joel and the professionalism he delivers day in and day out,” 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.
Chicago, IL – Jeffrey A. Bernstein and Laurence B. Elbaum, Principals and Co-Founders, are pleased to announce that Senior Managing Director Joel Berger has completed a 22,916-square-foot lease renewal on behalf of Cinch Connectivity Solutions, Inc. The electrics manufacturer signed a six-year lease extension to remain in their offices at 1700 S. Finley Road in Lombard, IL, where they have been a tenant since 2001. Pete Adamo and Bill Elwood of CBRE represented the landlord, Group RMC.
“Like a number of companies, Cinch was left with unused office space as a direct result of the Covid-19 pandemic and our new normal of a substantial work-from-home culture. But as the vaccines continue to roll out and our economy begins to bounce back, we all agreed the space wouldn’t be underutilized for much longer. With the market still in recovery, it was the perfect time to lock down an extended renewal at favorable terms for the tenant,” explained Berger.
A member of the Bel Group, Cinch Connectivity Solutions has been providing custom engineered solutions for over 100 years. The vertically integrated supplier focuses on high-performance electric connectors and cable assemblies to support military, wireless communications, aerospace, data networking, telecommunications, and harsh-environment use applications.
“Joel is a veteran of the industry and has earned a reputation as a true professional in every sense of the word. Jeff and I are very proud of Joel. We are living in very challenging times, and he continues to provide service at the highest level regardless of the circumstances,” 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. For more information, visit bradfordallen.com.
Chicago, IL – John Butler, Executive Managing Director of BAIA, is proud to announce the acquisition of 570 Lake Cook Road in Deerfield, IL. Bradford Allen Realty Services will be the leasing agent, while Bradford Allen Management Services will be the property manager.
Built in 1984, the newly renovated property is a 137,492-square-foot suburban office building located at the Lake Cook Metra stop. Joel Berger, Senior Managing Director, and Matt Alexander, Managing Director, will lease the four-story property, which currently offers 40,000 square feet of vacancies, an underway spec suite program, and move-in ready options for tenants. A new lounge and state-of-the-art conference facilities were also recently implemented. Situated less than two miles from I-94 and I-294, its prominent frontage along Lake Cook Road is seen by 36,000 vehicles each day.
“The property is really a hidden gem within that market. It is far and away the best option for smaller and mid-sized tenants, with each floor having two wings that offer flexible space size with a great window line. It’s attached to the Metra station and offers wonderful proximity to walkable amenities, in addition to building amenities,” said Berger.
“We just renewed Sedgwick Claims Management Service on a 10,000-square-foot lease, and we’re set for continued success through the coming year. The heated, underground parking and top-floor solarium lounge are both really significant perks at this price point and make for an attractive option to tenants,” added Berger.
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 is pleased to share with you our Year-End 2020 Suburban Chicago Office Market Report.
This quarter in the suburban office market:
To read the full report, click here.
