Tag Archives: Suburban Office

Bradford Allen Executes 35,000 SF of Leasing at 570 Lake Cook Road

CHICAGO – May 17, 2023 – Bradford Allen, a national full-service real estate firm, today announced it has completed two new deals totaling 35,000 square feet at 570 Lake Cook Road, a five-floor, 138,000-square-foot office building in Deerfield, Ill., a northern suburb of Chicago.

Venture X has signed a 19,000-square-foot lease to open a new co-working location in the former JUUL space on the building’s third floor. This location will be the company’s second within Chicagoland, expanding its presence and versatile workspace solutions to meet the rising demand for suburban office space. Venture X plans to open their high-end co-working spaces in the northern submarket later this year.

Bradford Allen’s Joel Berger, senior managing director, negotiated the lease on behalf of ownership, while Vic San Miguel of Bespoke Commercial Real Estate represented the tenant.

“The Venture X expansion from the western suburbs to the north is indicative of the growing need for quality office space in key suburban markets,” said Berger. “Companies value a physical presence in the area to take advantage of Lake County’s diverse talent pool and comparably affordable rental rates. At 570 Lake Cook in particular, the immediate proximity to the Metra makes it uniquely suited to service a much broader workforce.”

In addition, engineering firm Kimley-Horn has signed a long-term extension and expanded its footprint to 16,000 square feet to accommodate its growth. Berger again negotiated the lease on behalf of ownership, while Hayden Rasmussen and Jon Azulay of Savills represented the tenant.

Located about 30 miles north of downtown Chicago, 570 Lake Cook Road was renovated last year and features heated underground parking, top-floor solarium, state-of-the-art conference facilities, and on-site management. It is located at the Lake Cook Metra stop.

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


Mid-Year 2015 Chicago Suburban Office Market Report

Suburban Office Market Continues to Strengthen; Vacancy and Availability Rates Decrease

The Suburban office market continued to improve going into the 3Q of 2015. The vacancy rate decreased from 18.9% to 17.8% and the availability rate decreased from 24.4% to 22.3% year over year, respectively. While YTD net absorption is essentially flat at negative 27,182 SF thru the mid-year, it is significantly better than the negative 518,096 thru mid-year 2014. Overall these statistics indicate that the suburban market is becoming healthier and more dynamic.

Read Full Market Report Here