Tag Archives: Suburban Chicago

CRE Pulse 009: Chicago’s Resilient Suburban Office Market

Chicago’s suburban office market is undergoing a period of intense transformation. But are the headlines about its unending struggles justified? Our latest report challenges the prevailing narrative, revealing a market filled with opportunities. Dive deeper to uncover insights that redefine the competitive landscape—insights the headlines have overlooked.

Read the full article now

 

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.

 

BA Development Company Names Michael Cannon as Senior Managing Director

Former Sterling Bay executive will oversee adaptive reuse, renovation, and new construction of residential and commercial real estate

CHICAGO, IL — BA Development Company today announced industry veteran Michael Cannon has joined the firm as senior managing director, overseeing adaptive reuse, renovation, and new construction of residential and commercial real estate. Before joining BA Development Company, Cannon was a vice president with Sterling Bay, where he managed the development of life science and other office properties as well as multifamily projects in Chicago and other major U.S. cities.

“Michael has vast knowledge of the construction industry and a proven track record of leadership and success building new developments in the U.S. and internationally,” said Jeff Bernstein, principal and co-founder of Bradford Allen. “As we identify more opportunities for ground-up construction or capital improvements in the office, retail, multifamily, and industrial sectors, Michael is a natural fit to help us accelerate our pipeline of large-scale projects in top-tier markets across the country.”

Cannon will manage design, construction, and consulting teams through every stage of the development process, from pre-construction to completion. He will play a pivotal role in several of BA Development Company’s current high-profile new construction and adaptive reuse projects in Illinois, Indiana, Florida, and Tennessee, including a mixed-use project in Arlington Heights, Ill., featuring 300 apartments, 25,000 square feet of retail and a 150,000-square-foot medical office complex known as ArlingtonMed.

Before Sterling Bay, Cannon served as senior development manager with Chicago-based Golub & Company, where his accomplishments included the successful adaptive reuse of Chicago’s Tribune Tower from office space to luxury condominiums and upscale retail on the Magnificent Mile. He also completed development of 1001 South State, a 40-story, 397-unit luxury apartment tower in Chicago’s South Loop.

His other roles included founding Viridios, Ltd., where he supervised the construction of a $225 million power plant in Kuwait, and project manager with ARCH Consultants, Ltd.

Cannon’s roots are in construction, having established his own firm in Chicago soon after finishing his undergraduate degree. After building a foundation in the industry, he pursued law school and transitioned for a time to a legal career, focusing on construction transactions and litigation.

He holds a B.A. from the University of Texas at Austin and a Juris Doctor from Loyola University Chicago. Cannon has been a LEED-accredited professional since 2004, is admitted to the Illinois State Bar and the United States District Court for the Northern District of Illinois and is president of the Old Irving Park Association.

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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For more information, contact Jeremy Barewin, [email protected], (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.

 

Bradford Allen Names Jennifer Murphy as President of Management Services

20-year veteran of property and construction management will oversee firm’s national office portfolio

CHICAGO, IL — Bradford Allen, a national full-service real estate firm, today announced Jennifer Murphy has joined the firm as president of management services. In this role, Murphy will be responsible for managing Bradford Allen’s growing portfolio of office properties in Chicago and nationally. She will report to Brian Dovalovsky, senior managing director of Bradford Allen, and be based in the firm’s downtown Chicago headquarters.

“Jennifer’s appointment is strategically timed with the growth of our national office platform as we continue to acquire, improve and lease up high-quality assets in desirable markets across the country,” said Dovalovsky. “In today’s ever-evolving workplace landscape, she will be instrumental in helping us meet demand for modern, experiential office environments that are highly functional for occupiers and profitable for ownership.”

A 20-year veteran of property and construction management, Murphy has helped launch and reposition large-scale office properties, leveraging state-of-the-art technologies, lifestyle-oriented amenities and best-in-class services to enhance marketability and drive operational performance. She previously spent 16 years at Hines Interests Limited Partnership, most recently serving as senior construction manager for Salesforce Tower Chicago, the 1.2 million-square-foot high-rise at 333 W. Wolf Point Drive in downtown Chicago. In that role, Murphy oversaw the base building construction and managed the construction, FF&E and transition to operations for the tower’s 20,000-square-foot amenity suite, which includes conference facilities, a full-service fitness center, tenant lounges and more.

Prior to her work on Salesforce Tower, she was general manager for 333 W. Wacker Drive (890,000 square feet), which followed successful management roles at 1 S. Dearborn St. (870,000 square feet), 101 N. Wacker Drive (600,000 square feet) and other properties owned by Hines. She also was property operations manager for Northwestern Memorial Hospital.

Murphy holds an MBA with distinction from DePaul University’s Kellstadt Graduate School of Business, with a focus on real estate finance and investment. She earned her bachelor’s degree with honors in civil engineering, with a specialty in structural engineering and a minor in urban and regional planning, from the University of California, Irvine. She is a licensed real estate broker in Illinois and holds an EIT license in California.

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 Jeremy Barewin, [email protected], (312) 267-4533.

 

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.

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Editors:
For more information, contact Jeremy Barewin, [email protected], (312) 267-4533.

 

Bradford Allen completes 15,000 SF of new leasing at Edens Corporate Center

CHICAGO, IL — September 6, 2023 — Bradford Allen, a national full-service commercial real estate firm, today announced the leasing of 15,000 square feet at Edens Corporate Center in Northbrook, Illinois, a northern suburb of Chicago. Senior managing director Joel Berger represented ownership in an expansion for MyHome Protection and separate transactions that welcomed Cedar Pine Capital and Beyond Finance to the building.

Current tenant MyHome Protection—which originally took 6,614 square feet of space in November 2022—has completed a direct expansion and extension for 3,641 square feet, which brings its total to 10,255 square feet.

Cedar Pine Capital leased approximately 6,000 square feet of high-end space, citing the quality of the property, its curb appeal, an enticing new amenity center, and the strategic location as prime selling points. The deal was finalized in a direct transaction.

Beyond Finance was quick to seize a 5,500-square-foot move-in-ready suite. This swift move caters to their local executive team, who had previously commuted downtown. Securing the lease within just two weeks, Darryl Silverman of Colliers represented Beyond Finance.

“Since taking on representation of Edens Corporate Center two years ago, our focus has been offering tailored solutions that respond to unique tenant needs,” said Berger. “The quick leasing agreements we’ve secured with Cedar Pine Capital and Beyond Finance are prime examples. Whether it’s high-end, custom spaces or move-in-ready suites for a rapidly expanding business, our approach is resonating with tenants looking for something beyond the typical offerings in the North Suburban market.”

These leases emphasize Edens Corporate Center’s commitment to delivering a superior customer experience—blending urban convenience, curb appeal, and a prime location to meet the high standards of today’s premier businesses.


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.

 

Q2/23 Downtown Market Report

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

This quarter in the downtown office market:

  • Absorption levels turned positive in Q2/23, as more than 64,000 square feet of office space was absorbed this quarter—a significant improvement compared to the negative 1.8 million square feet of absorption in Q1.
  • Direct vacancy rate remained steady, sitting at 19.2%.
  • The gross asking rate for the market is $44.25 p.s.f.
  • Available sublease space increased to 7.8 million square feet in Q2/23.

 

Mid-Year 2023 Suburban Chicago Office Market Report

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

This half in the suburban office market:

  • Leasing activity surpassed pre-pandemic levels, as nearly 2.6 million square feet of office space has been leased year-to-date.
  • Absorption levels remained negative at -332,000 s.f. through mid-year 2023.
  • Direct vacancy rate decreased to 26.9%.
  • The gross asking rate for the market is $26.67 p.s.f.
  • Sublet availability slightly declined to 3.9% in Q4/22.
 

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.

Read the full article now

 

Bradford Allen Appoints Danielle Morse to lead Multifamily Investment Platform

CHICAGO – February 7, 2023 – Jeffrey A. Bernstein and Laurence B. Elbaum, principals and co-founders of Bradford Allen, are pleased to announce Danielle Morse has been named Senior Managing Director and will lead Bradford Allen Investment Advisors’ (BAIA) multifamily investment platform.

In this role, Danielle will manage the multifamily acquisitions program from deal sourcing to closing. Consistent with BA’s vertically integrated investment philosophy, she will also supervise the portfolio’s in-house asset and property management teams.

“We couldn’t be happier that Danielle is bringing her passion, extensive experience, and creativity to BAIA,” said founder Jeff Bernstein. “As we expand into new product segments, having a deep bench of experts with successful track records allows us to scale up nimbly and confidently. Danielle’s entrepreneurial approach, local market knowledge, and transactional experience are a great fit for what we’re trying to accomplish.”

In addition to her over two decades of experience in multifamily acquisitions and operations, she is an accomplished professional artist.


About Bradford Allen Investment Advisors
Founded in 2013, currently with over $4bn in assets under management and over 3 million square feet of real estate, Bradford Allen Investment Advisors (BAIA) is an alternative asset manager specializing in commercial real estate and private placements. A wholly owned subsidiary of Bradford Allen—a vertically integrated real estate firm—BAIA provides end-to-end real estate transaction and management solutions for multifamily, commercial office, and mixed-use development across the US. The firm’s roots are in brokerage and property operations, a lineage that traces back to 2003 when the firm’s principals—Jeffrey Bernstein and Laurence Elbaum—founded Bradford Allen Realty Services.

 

Year-End 2022 Chicago Suburbs Office Market Report

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

This half in the suburban office market:

  • Absorption levels improved but remained negative at -250,000 s.f. in the back half of 2022
  • Direct vacancy rate remained steady at 28.9%
  • The gross asking rate for the market is $26.22 p.s.f.
  • Sublet availability slightly decreased to 4.1%

 

Mid-Year 2022 Chicago Suburbs Office Market Report

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

This half in the suburban office market:

  • Absorption levels improved but remained negative at -350,000 s.f. for Q2
  • Direct vacancy increased to 28.6%
  • The gross asking rate for the market is $25.42 p.s.f.
  • Sublet availability remained steady at 4.3%

 

Bradford Allen represents Restoration Builders in 10,000-SF relocation and expansion

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.

 

BA Assists American Blues Theater in Purchase of Near Northwest Property

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.

 

Over 38,000 SF Leased at Edens Corporate Center 6 Months After Purchase

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.

 

Year-End 2021 Suburban Chicago Office Market Report

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

This quarter in the suburban office market:

  • The overall sublet availability rate increased from 3.9% to 4.5%.
  • Overall direct vacancy and availability rates were 27.4% and 32.7%.
  • The market posted a $24.58 p.s.f. gross asking rate.
  • There was 1.1 million s.f. of negative absorption.

 

 

CRE Office Pulse 004: Chicago’s Suburban Office Market — More Competitive Than You Think

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.

Read on to find out more

 

Bradford Allen Investment Advisors acquires Edens Corporate Center in Northbrook, IL

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.

 

Bradford Allen completes 35,500 SF of leasing at 570 Lake Cook Road

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.

 

Bradford Allen Completes 16,500-SF Lease Renewal in Deerfield, IL

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.

 

Bradford Allen Completes 10,500-SF Lease in Elmhurst, IL

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.

 

Bradford Allen Completes 23,000-SF Lease in E/W Corridor

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.

 

Bradford Allen completes 23,000-SF lease renewal in Lombard

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.

 

Bradford Allen Investment Advisors acquires 570 Lake Cook Road

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.

 

Year-End 2020 Suburban Chicago Office Market Report

Bradford Allen is pleased to share with you our Year-End 2020 Suburban Chicago Office Market Report.

This quarter in the suburban office market:

  • Year over year, the overall sublet availability rate increased from 1.94% to 2.99%.
  • From year-end 2019 to year-end 2020, direct vacancy and availability rose from 19.55% to 21.95% and 24.16% to 26.18%, respectively.
  • Overall, the direct asking rate was $24.86 p.s.f., a $0.17 p.s.f. decrease from mid-year 2020.

To read the full report, click here.