Tag Archives: Discover

Aghfar Arun Shares Top Hotel Renovations That Deliver Strong ROI

Published May 29, 2026

Aghfar Arun, executive director, hospitality at Bradford Allen, recently wrote for Lodging Magazine on “5 Renovations That Yield the Best ROI for Full-Service Lifestyle Hotels.”

In the article, Arun explores how hotel owners and operators can make smarter capital improvement decisions in an increasingly competitive market. He outlines the renovation categories that often create the strongest returns, including guestrooms, lobbies, food-and-beverage outlets, meeting space, and lighting.

Arun also emphasizes that the most successful upgrades are not always the most expensive, but the ones guests notice and are willing to pay more for, including investing in talented staff.

Read the full article here: https://lodgingmagazine.com/5-renovations-that-yield-the-best-roi-for-full-service-lifestyle-hotels/

Bradford Allen Expands New York Retail Team with Addition of Jessica Hedrington

Published May 27, 2026

NEW YORK — Bradford Allen has hired Jessica Hedrington as director in the firm’s New York office, strengthening its retail brokerage team as the company continues to expand its presence in New York City. Hedrington brings 14 years of experience representing landlords, developers and retail brands on leasing and expansion initiatives across the market.

Prior to joining Bradford Allen, Hedrington spent more than a decade at RiPCO Real Estate, where she advanced to director of retail leasing. During her tenure, she worked with developers including RXR, Acadia Realty Trust, The Richman Group, Grid Properties and L+M Development Partners. She also supported the growth of retail brands, including Exponential Fitness, the parent company of Club Pilates and Pure Barre, and Juici Patties.

“Jessica’s experience across both landlord and tenant representation, combined with her deep knowledge of the New York retail market, makes her a strong addition to our growing team,” said Ben Azulay, president, national brokerage. “She brings an entrepreneurial approach to leasing and understands how to create value for owners and retailers.”

Hedrington is a recipient of the CoStar Power Broker Award for Top Deal in the NYC Outer Boroughs and is a member of ICSC. Throughout her career, she has completed transactions across a variety of neighborhoods and asset types, with expertise in Upper Manhattan.

“At Bradford Allen, I’m excited to help grow the retail practice alongside a team I respect,” said Hedrington. “New York’s retail landscape continues to evolve, and I look forward to creating opportunities for the businesses and landlords that make the city thrive.”

About Bradford Allen:

Bradford Allen (BA) is a commercial real estate firm based in the heart of downtown Chicago. Founded in 2003 by Jeff Bernstein and Larry 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.

Bradford Allen Welcomes First Residents to Arbor House Apartments in Arlington Heights, Ill.

Published May 14, 2026

New luxury apartment community anchors 18-acre mixed-use district at village’s southern gateway

ARLINGTON HEIGHTS, Ill. (May 14, 2026) — Bradford Allen, a national full-service commercial real estate development and advisory firm, today announced the grand opening of Arbor House, its new luxury apartment community located at the southeast gateway to Arlington Heights. The eight-story, 301-unit community at 25 E. Algonquin Road marries the comfort and space of suburban living with the sophisticated amenities and design standards more commonly associated with urban high-rises.

Bradford Allen commemorated the community’s opening with a ceremony on May 13. Also in attendance were Village of Arlington Heights Mayor Jim Tinaglia, village officials, members of the Clark Construction team, local businesses and Arbor House residents.

Arbor House offers studio, one-, two- and three-bedroom apartments showcasing upscale finishes such as quartz countertops and in-unit laundry, many with balconies. The community’s concrete construction provides an additional layer of sound insulation, ensuring a quieter, more private living environment.

“Arbor House was designed from the ground up with today’s discerning renters in mind,” said Brian Carley, senior vice president, development, at Bradford Allen. “From the generous amenities to the thoughtfully crafted floor plans, every detail reflects our belief that where you live should genuinely enhance how you live.”

Spanning 17,500 square feet, Arbor House’s indoor and outdoor amenity collection is among the most expansive in the suburbs. The state-of-the-art fitness center is equipped for every stage of a workout, from strength training and cardio to Peloton cycling and dedicated stretching and recovery. A resident lounge with golf simulator, game tables, television and kitchen provides a natural gathering space. Additional amenities include coworking suites on the first and fourth floors, concierge desk, covered parking and pet-friendly amenities including an on-site dog run and washing station.

Residents also have access to a private outdoor terrace featuring a pool, spa, fire pits, grills and social seating with views of Busse Woods and the Chicago skyline. Complementing the residential offering, 26,000 square feet of ground-floor retail further animates the streetscape and brings everyday conveniences directly to residents’ doorsteps.

Arbor House serves as the anchor of Bradford Allen’s 18-acre mixed-use district known as Arlington Gateway. The project reimagines the southeast entrance to Arlington Heights as an all-in-one community where residents can live, work and socialize. The integrated master plan concept includes a full renovation of the former Daily Herald building, now branded as Arlington Med, placing Arbor House residents steps from a 150,000-square-foot state-of-the-art wellness center focused on providing patient-first experiences.

“The suburban rental market has grown more sophisticated, and Arbor House was designed to meet that moment,” said Carley. “We’re delivering an experience that rivals the best downtown communities, ensuring residents don’t have to choose between the space and comfort of suburban life and the energy of a premium, amenity-rich downtown building.”

Prominently located at the intersection of Algonquin and Arlington Heights roads, Arbor House is close to downtown Arlington Heights and the Busse Woods nature preserve. The property has immediate access to the Jane Addams Memorial Tollway and is approximately 3 miles from the Arlington Heights Metra station. O’Hare International Airport, Allstate Arena and numerous hotels, restaurants and shopping centers are also minutes away.

Monthly rents at Arbor House start at $1,895. Leasing appointments are offered daily and can be scheduled by visiting arborhouseapartments.com. Arbor House is exclusively leased by Cross Street.

About Bradford Allen:

Bradford Allen is a national commercial real estate services and investment firm headquartered in downtown Chicago. Founded in 2003 by Jeffrey Bernstein and Laurence Elbaum, the company’s vertically integrated platform services entrepreneurial, corporate and not-for-profit clients in every sector. Bradford Allen offers end-to-end solutions to owners, occupiers and investors through brokerage and advisory services, building operations and management, program management and consulting, and real estate investments and development. For more information, visit bradfordallen.com.

Bradford Allen Secures New 10,641-SF West Loop Office Lease for AMI Group

Published May 13, 2026

CHICAGO — Bradford Allen has secured a new 10,641-square-foot office lease for AMI Group at 208 S. Jefferson St. in Chicago’s West Loop. The lease marks AMI Group’s first office in the city.

The transaction was led by Bradford Allen’s Nathan Meisner, associate director, and Lauryn Sussman, senior associate, who represented AMI Group in securing the space. Mike Lombardo and Amy Skalla of Blue Star represented ownership.

AMI Group, headquartered in Santa Monica, California, will use the new location as both an office and a dedicated test kitchen for its Culinary Design Solution team, supporting its work with airline partners. The space is designed to serve as a hub for collaboration and product development.

“AMI Group’s vision for the space went beyond a traditional office,” Meisner said. “They were looking for a location that could support both day-to-day operations and a dedicated test kitchen. This space allows them to do both in one of Chicago’s most active neighborhoods.”

Located in Chicago’s West Loop, 208 S. Jefferson offers access to public transportation, walkable dining and retail, and proximity to the city’s broader business district. The neighborhood’s reputation as a leading culinary destination aligned closely with AMI Group’s focus, making it a natural fit for the company’s next phase of growth.

About Bradford Allen:

Ten with Ben 035: Market Momentum and Changing the Conversation

Published May 7, 2026

In the latest episode of Ten With Ben, Ben discusses the renewed momentum across Chicago’s commercial real estate market, from increased leasing and investment activity to landlords investing in upgraded amenities and large spec suites. He also shares why it’s time to move beyond the term “return to office” as office buildings across the city continue to see growing activity and collaboration.

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

Aghfar Arun Featured on WGN Radio 720

Published April 29, 2026

Aghfar Arun, executive director, hospitality at Bradford Allen, recently joined John Williams on WGN Radio 720 to discuss the changing role of airport hotels and what travelers expect from the guest experience today.

During the interview, Arun shared how Hyatt Centric Chicago O’Hare is helping redefine the airport hotel category through thoughtful design, elevated amenities, and a stronger focus on creating a sense of place for guests. He also discussed the hotel’s destination restaurant, CIMA, and the importance of appealing to business travelers, event attendees, and local diners.

The discussion underscored how expectations continue to shift, with travelers seeking hotels that offer both convenience and an elevated experience.

Listen to the full interview here: https://wgnradio.com/business-lunch/noon-business-lunch-3-16-26-gas-prices-housing-reform-chowbus-luxury-airport-hotels/amp/

Q1/26 Downtown Chicago Office Market Report

Published April 9, 2026

Bradford Allen is pleased to share our latest office market reports.
This quarter in Chicago’s downtown office market:

Leasing activity decelerated with approximately 1.6 million square feet of direct deals in the first quarter versus just north of 2 million square feet in the fourth quarter of 2025.
Direct vacancy rose a modest three-tenths of one percent to 24.8% and net absorption was approximately negative 300,000 square feet.
The CBD’s office construction pipeline flatlined as its last active project, 919 W Fulton, was delivered. With no new projects on the horizon, availability in sought-after buildings and submarkets will continue to tighten. New supply is mostly coming to market through renovations, for example at the 1.2 million square foot Thompson Center, which Google is set to occupy in 2027.
Tenant preferences remain for move-in-ready suites. Close to one-third of leasing activity in Q1/26 was for move-in-ready or spec suites. In 2025, nearly 40% of leasing activity for the entire year was spec and pre-built suites, a 200% increase since 2020.

Chicago’s Sublease Surge: From Peak Inventory to Stabilized Commitments in a Hybrid World

Published February 12, 2026

Bradford Allen’s research team analyzed recent CoStar data to understand how sublease activity in Chicago’s CBD has evolved since 2019, as hybrid work patterns have become more established. While overall office availability has increased nearly 75% during that time, the sublease market has followed a different path. After peaking at 7.6 million square feet in 2023, available sublease inventory declined to 5.3 million square feet in 2025. At the same time, average sublease terms have nearly doubled to 66 months, and leasing activity has become more concentrated in high-performing submarkets — particularly the West Loop. Combined with average savings of $15 per square foot, these trends suggest subleasing is increasingly a durable, cost-effective strategy shaping future leasing behavior and space-planning decisions.

Line chart depicting total available sublet square footage. After peaking at 7.6 million square feet in 2023, available sublease inventory declined to 5.3 million square feet in 2025.

Available sublease space in the Chicago CBD totaled 5.3 million square feet at the end of 2025, down from a peak of 7.6 million square feet in 2023.
Since 2019, tenants have executed more than 4 million square feet of sublease transactions (for spaces of 5,000 square feet and above), averaging 515,500 square feet completed per year — roughly 10% of annual sublease inventory.
Overall availability has increased nearly 75% since 2019, driven by shifting workplace strategies and evolving space needs.

Average sublease term length has nearly doubled since 2019, with 2025 seeing an average term of just over 66 months, compared with nearly 38 months for deals signed in 2019 — suggesting tenants are increasingly willing to commit to longer sublease terms as hybrid strategies stabilize and space needs become clearer.
A handful of submarkets have been more successful than others in leasing sublease space. The West Loop has emerged as a clear leader, followed by the Central Loop and River North. The West Loop accounted for an average of 36% of completed submarket activity annually, while Fulton Market made up just 6% of completed deals.
Tenants save an average of $15 per square foot on sublease space, allowing cost-conscious tenants to take advantage of space quality and existing buildouts they may not have otherwise accessed.

Overall, the data points to a Chicago CBD sublease market that is showing signs of stabilization. Although availability remains elevated, declining peak inventory, longer deal terms, and consistent cost advantages suggest sublease space continues to play an important role in tenant decision-making. Together, these shifts reflect a market adjusting to evolving workplace strategies and changing tenant priorities.

SENIOR VICE PRESIDENT

NEIL BOUHAN

Chicago, IL

SENIOR ANALYST

MORGAN SULLIVAN

Chicago, IL

Ten with Ben 034: Chicago Office Market Outlook: What to Watch in 2026

Published January 29, 2026

Ben Azulay sits down with Bradford Allen’s Neil Bouhan, senior vice president, research, for this episode of Ten with Ben to unpack what’s shaping Chicago’s office market as 2026 begins. The conversation highlights encouraging year-end signals, including improving leasing momentum and how vacancy trends are evolving.

They also discuss how shifting tenant priorities are influencing leasing decisions across the market, offering a clear, data-backed look at what’s driving activity right now and what to watch in the year ahead.

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

Bradford Allen Completes Penthouse Lease at 805 Third Ave.

Published January 15, 2026

NEW YORK — Bradford Allen has completed a 31,494-square-foot lease at 805 Third Ave. for the South African Consulate, securing the penthouse of the Midtown office tower.

The transaction was executed by Bradford Allen’s Glenn Isaacson, executive vice president, New York, and Tony Builder and Ava Beganovic, senior associates, working alongside Marc Horowitz, executive vice president and national director of leasing at Cohen Brothers Realty Corporation. Michael Goldman of Cresa represented the tenant.

“805 Third Ave. continues to attract tenants looking for high-quality, move-in-ready space in a prime Midtown location,” Isaacson said. “The penthouse offering, paired with access to a private outdoor terrace, aligned well with the consulate’s needs.”

Cohen Brothers Realty Corporation is a New York-based owner, developer and operator with a long-standing presence across Manhattan, including a portfolio of office properties throughout Midtown.

“We’re pleased to welcome the South African Consulate to 805 Third Ave.,” said Horowitz. “The lease reflects our ongoing commitment to maintaining the building as a reliable, well-positioned option for a wide range of users.”

The consulate selected 805 Third Ave. for its efficient layout, limited build-out requirements and proximity to its existing Third Avenue location, allowing for a smooth transition with minimal disruption.

Located in Midtown East, 805 Third Ave. offers convenient access to regional transportation, nearby dining and key landmarks including Grand Central Terminal, the Chrysler Building and Central Park. For more information about the property, visit bradfordallen.com.

About Bradford Allen:

Year-End 2025 Suburban Office Market Report

Published January 14, 2026

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

The second half of the year in the suburban office market:

Vacancy was 26.0%, up almost imperceptibly from 25.7% at the end of 2024, suggesting the market may be nearing an inflection point.
Direct net absorption in the second half of 2025 was nearly negative 300,000 square feet, bringing annual net absorption to negative 179,000 square feet, a significant improvement from the negative 1.3 million square feet of absorption in 2024.
Investment sales activity slowed in the second half of the year, with the year closing out at $188 million of transactions completed in 2025—nearly half the volume seen the year prior. The average price per square foot in these transactions was just $49.
It’s not all bad news for buildings in the suburbs—overall, tenants continue to recognize the operational advantages and cost efficiencies of well-located suburban assets, which continue to drive leasing velocity in quality properties and spec suites.

Q4/25 Downtown Chicago Office Market Report

Published January 14, 2026

Bradford Allen is pleased to share our latest office market reports.
This quarter in Chicago’s downtown office market:

Q4 2025 net absorption turned positive for the first time in nine quarters, recording 163,433 square feet of absorbed space, bringing the annual net absorption in the CBD to negative 2 million square feet and underscoring an uneven recovery despite improved quarterly performance.
Direct vacancy remains elevated, settling at 24.3% in the last quarter of the year, up a full percentage point from Q1 2025.
The average gross asking rates were steady at $41 per square foot.
Q4/25 activity highlighted a clear preference for move-in-ready spec suites, first-class amenities, and cutting-edge office technology—especially in locations with strong transit access. Nearly 40% of all completed transactions during 2025 were for move-in-ready spec suites.

Bradford Allen’s Ben Azulay Elected to TCN Worldwide Board of Directors

Published October 27, 2025

Ben Azulay, President of Brokerage at Bradford Allen

Ben Azulay, president of brokerage services at Bradford Allen, has been elected to the TCN Worldwide Real Estate Services Board of Directors.

CHICAGO — Bradford Allen, a national full-service real estate firm, today announced Ben Azulay, president of brokerage services, has been elected to the Board of Directors of TCN Worldwide Real Estate Services, a consortium of independent commercial real estate firms. In this role, he will help to oversee TCN’s operations and provide strategic guidance, including about the organization’s expansion into new markets.

Azulay joined Bradford Allen in 2004 as an associate and, following promotions to managing director, senior managing director and principal, was named president of brokerage services earlier this year by the firm’s co-founders and principals, Jeffrey Bernstein and Laurence Elbaum. A member of the firm’s leadership team, Azulay is responsible for building Bradford Allen’s tenant and landlord representation business for office, retail and industrial assets across the country.

“Ben is a well-known force in our industry with a relationship-driven style that has built trust with clients and strengthened Bradford Allen’s reputation in every market we serve,” said Elbaum. “His leadership and insights into how businesses think about space have been invaluable to our growth, and his election to the TCN Worldwide Board is well-deserved recognition from his peers.”

Among his numerous accomplishments, Azulay represented Guggenheim in its recent expansion to 360,000 square feet in New York; completed over 100 transactions across the country for MedSpeed, a client with which he has worked for more than two decades; secured favorable leases for Northwestern Mutual; and assisted D4 Solutions with its relocation and expansion in the Chicago suburbs and outside of St. Louis. He has also counseled numerous nonprofits, including Team Rubicon, Children’s Research Triangle and Cure Violence Global.

Comprised of leading independent brokerage firms, TCN Worldwide provides complete integrated real estate solutions in more than 200 markets globally. Bradford Allen was named TCN’s Chicago affiliate in 2004 and New York City affiliate in 2021 and has been active in its board leadership for almost 20 years. Elbaum was elected to the board in 2006 and served one term as vice chair in 2008 and two terms as chair in 2010 and 2014, while Azulay, who joined the board as secretary in 2017, was also elected as a member in 2021.

Azulay has a Bachelor of Arts in political science from the University of Wisconsin-Madison. He serves on the boards of the University of Wisconsin Hillel and Camp Ramah in Conover, Wis. His podcast, “Ten with Ben,” spotlights emerging commercial real estate trends.

Bradford Allen has offices in Chicago and Manhattan. In addition to its brokerage business, the firm also has investment and development arms with active projects in suburban Chicago, Indianapolis, Nashville and other markets nationwide.

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 Matt Baker, mbaker@taylorjohnson.com, (312) 267-4512 or Patty Cronin, pcronin@taylorjohnson.com, (312) 267-4513.

Q3/25 Downtown Chicago Office Market Report

Published October 9, 2025

Bradford Allen is pleased to share our latest office market reports.
This quarter in Chicago’s downtown office market:

Q3 2025 net absorption was approximately negative 170,000 square feet, an improvement over Q2’s negative 1.7 million square feet..
Direct vacancy was 24.4%, in-line with last quarter’s record high 24.7%.
The average gross asking rates were up slightly from the prior quarter to approximately $42 per square foot.
Move-in ready suites continued to outperform the market, accounting for over 40% of all leased square footage year to date.
West Loop and Central Loop combined to account for almost three quarters of all leasing activity by square feet.

Ten with Ben 032: Market Comparisons with Jon Azulay

Published October 1, 2025

In this episode of Ten with Ben, Ben shares the mic with his brother and commercial real estate colleague, Jon Azulay from CBRE. A former Chicago broker now working in Los Angeles, Jon explores the unique differences between the two commercial real estate markets. From payment cadence and RTO office trends to broker culture, he explains why the Chicago market remains one of the most competitive markets across the country.

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

Client Success Story: PSW Group

Published September 18, 2025

PSW Group, a leading recycler and producer of magnesium and aluminum, turned to Bradford Allen on back-to-back leases after recognizing the need to rethink their office strategy when the company doubled in size. Bradford Allen’s Nathan Meisner assisted in moving the firm from the world of co-working to an office space all their own—and when they continued to grow, Nathan was ready to facilitate. An extension and expansion lease was signed, and PSW successfully secured better terms and more space on another floor of the building they occupied.

Read the full article now.

Bradford Allen Acquires 179,000-Square-Foot Office Building in Rosemont, Ill.

Published August 13, 2025

6400 Shafer Court in Rosemont, Illinois.

Purchase marks company’s third commercial real estate acquisition in Rosemont in as many years.

CHICAGO — Bradford Allen today announced it has purchased 6400 Shafer Court, a seven-story, 179,000-square-foot office building in Rosemont, Ill., minutes from O’Hare International Airport. The firm plans to invest more than $7 million in upgrades and will manage and lease the property.

The purchase marks the company’s third acquisition in the Rosemont submarket in as many years. Bradford Allen previously bought Pointe O’Hare, a Class A office building at 9550 W. Higgins Road, in 2022, raising occupancy to over 85% from less than 60% in just two and a half years. In 2023, it acquired the Hyatt Rosemont at 6350 N. River Road, converting it to the recently opened Hyatt Centric Chicago/O’Hare after a $30 million renovation.

“Our purchase of 6400 Shafer reaffirms our commitment to this part of Rosemont, which has tremendous potential as a multi-experiential district,” said Laurence Elbaum, principal and co-founder of Bradford Allen. “It’s centrally located, has superior transit access and boasts retail, restaurant, entertainment and hospitality offerings that make it a draw for corporate users.

“6400 Shafer is a rare asset in its ability to offer mid-priced, highly amenitized office space in the O’Hare submarket,” he added.

Located between Higgins Road and Devon Avenue, with immediate access to the Tri-State Tollway and Kennedy Expressway, 6400 Shafer offers Class A amenities like a heated indoor parking garage, state-of-the-art fitness center, free shuttle service to O’Hare and the CTA Blue Line, and on-site café. It is steps from Cima, the new restaurant housed in the neighboring Hyatt Centric hotel, as well as other dining options, including those at the adjacent Rivers Casino Des Plaines.

In addition to addressing deferred maintenance, Bradford Allen will make upgrades including new spec office suites ranging in size from 2,000 to 5,000 square feet, updated locker rooms and a modernized conference facility. It acquired the property from the village of Rosemont, which purchased the asset from its prior lender following foreclosure.

Joel Berger and Norm Murdoch of Bradford Allen will handle leasing for the property, which was about 60% occupied at the time of purchase. Current tenants include Acrisure, Planet Fitness and TrueNorth Insurance.

In addition to Rosemont, Bradford Allen also owns properties in suburban Chicago in Downers Grove, Deerfield and Northbrook; Greenwich, Conn.; Denver; Jacksonville, Fla.; Fort Lauderdale, Fla.; and other markets. The firm has made a number of other value-add investments in large office properties as well.

About Bradford Allen:

Editors:

For more information or to schedule an interview, contact Matt Baker, mbaker@taylorjohnson.com, (312) 267-4512 or Patty Cronin, pcronin@taylorjohnson.com, (312) 267-4513.

Mid-Year Chicago Office Reports: Vacancies Tick Up Again but Large Leases Signed and More Properties Sold for Conversion

Published August 5, 2025

Bradford Allen released its “Q2/25 Office Market Report: Downtown Chicago” and “Mid-Year 2025 Office Market Report: Suburban Chicago.”

CHICAGO — Bradford Allen, a national full-service real estate firm, today released its “Q2/25 Office Market Report: Downtown Chicago” and “Mid-Year 2025 Office Market Report: Suburban Chicago.” The firm’s in-house research team reported the CBD vacancy rate rose to 24.7%, up from 23.4% in the first quarter, and average gross asking rates declined to $41.54 from $42.56 in the same period. Meanwhile, the suburban vacancy rate reached 25.1%, up from 24.6% at the end of 2024, and gross asking rents declined to $24 per square foot.

Still, companies continued to sign large leases and investors acquired more distressed and obsolete properties, whether to recapitalize or convert to new uses. Move-in-ready office suites, which comprise built-out and speculative spaces, remained popular, accounting for almost one-third of downtown leases and more than a third of suburban leases. Those between 3,000 and 12,000 square feet are leasing the fastest, according to Bradford Allen.

“Behind the numbers is a market that’s continuing to find balance but healthier than some might realize based on recent headlines,” said Neil Bouhan, senior managing director, research and communications, at Bradford Allen. “As conversions take obsolete product off the market and distressed properties find new owners and tenants, vacancy will decline further and better reflect current market conditions.”

Downtown Chicago

Tenants signed approximately 1.9 million square feet of leases in downtown Chicago in the second quarter, with about half of that in the West Loop. Golub Capital’s 205,450-square-foot lease at 225 W. Randolph St. was the quarter’s largest. Throughout downtown, direct net absorption was negative 1.5 million square feet for the quarter, making second-quarter 2025 among the weakest periods for overall demand since first-quarter 2024.

Investment sales totaled $118.3 million in the second quarter, down from $156.7 million in the first quarter, a 24.5% decrease. Kohan Retail Investment Group’s purchase of 311 S. Wacker Drive for $45 million was the quarter’s largest investment deal. The purchase price equated to $34 per square foot, down significantly from the $230 per square foot paid in 2014 but a low enough basis for the new owners, who are considering converting some of the office space into a hotel, to pursue a strategic repositioning.

Other conversion deals are expected to add a combined total of 734 residential units to the market, including:

The Primera Group secured $67 million in TIF funding to convert 105 W. Adams St. into 400 residential units.

WindWave Real Estate and Path Construction bought a portion of 111 W. Illinois St. for $17 million for conversion into 153 residential units.

Concord Capital bought 223 W. Erie St. for $6.85 million and plans to convert it into 66 residential units.

Additional conversion projects announced were 1500 N. Halsted St. near Goose Island (31 units) and 309 W. Washington St. (84 units).

Suburban Chicago

The vacancy rate in the suburbs was 25.1% for the first half of 2025, up from 24.6% at year-end 2024. Gross asking rents declined to $24 per square foot.

Suburban office leasing activity was 2.9 million square feet at mid-year, ahead of the pace for 2024, which saw a total of 5.7 million square feet. Net absorption was negative 5,639 square feet, an improvement over the net negative 770,000 square feet of absorption in the first half of last year.

Investment sales totaled $121 million through June, well below the pace for last year, when $368 million in sales were recorded at year-end.

Market conditions continue to present opportunities for patient capital looking to acquire quality assets in prime suburban locations, according to Bradford Allen. For example, GTZ Properties acquired the 327,000-square-foot Oak Brook Office Center for just under $9 million, a significant discount from the 2013 purchase price of $33 million. GTZ plans to maintain 100,000 square feet of upgraded office space while exploring retail and entertainment conversions for the remainder of the property, located about 3 miles from the Oakbrook Center mall.

Fortune Brands Innovations leased two of three buildings at 1 Horizon Way in Deerfield, the former Horizon Therapeutics campus. The deal was backed by Illinois EDGE tax credits in exchange for creating 400 new jobs by late 2027. Vantive, the kidney care spinout from Baxter International, took 390,000 square feet at 510 Lake Cook Road in Deerfield, bringing 200 employees and 50 new jobs to the former Caterpillar site.

Full copies of each report can be downloaded using the following links:

Q2/25 Office Market Report Downtown Chicago

Mid-Year Office Market Report Suburban Chicago

About Bradford Allen:

# # #

Editors:

For more information or to schedule an interview, contact Patty Cronin, pcronin@taylorjohnson.com, (312) 267-4513.

Mid-Year 2025 Suburban Office Market Report

Published July 31, 2025

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

The first half of the year in the suburban office market:

Vacancy was 25.1% marketwide, though when excluding “zombie” buildings with minimal occupancy, the adjusted vacancy rate was 20%.
H1 2025 direct net absorption was effectively zero, a significant improvement from H1 2024’s negative 770,000 square feet.
Investment sales activity totaled $121 million, with properties continuing to sell at substantial discounts—notably, the Oak Brook Office Center (327,000 square feet) sold for just under $9 million versus $33 million in 2013.
Despite challenges, resilient demand persists for well-located, quality assets as tenants value operational advantages, amenities, and cost efficiencies.

Q2/25 Downtown Chicago Office Market Report

Published July 31, 2025

Bradford Allen is pleased to share with you our latest office market report. Activity in Chicago’s downtown office market was steady, as firms expanded and well-capitalized owners continued robust leasing programs.

This quarter in Chicago’s downtown office market:

Q2 2025 net absorption was negative 1.5 million square feet, among the weakest since Q1 2024.
Direct vacancy continued to climb, reaching a record high of 24.7%, up 1.3 percentage points from Q1 2025.
The average gross asking rates were down from the prior quarter to approximately $41 per square foot.
Spec suites continued to outperform the market, accounting for nearly one-third of all leased square footage year to date, remaining highly sought after by tenants.

Bradford Allen Secures New Lease at 142 E. Ontario

Published July 8, 2025

142 E Ontario building on Michigan Ave Chicago Illinois

CHICAGO — Bradford Allen, a national full-service commercial real estate firm, today announced a new lease at 142 E. Ontario in Chicago’s Streeterville neighborhood. Lo Destro Construction Co. has signed a lease for 7,773 square feet of office space in the building.

Bradford Allen represented the building’s ownership in the transaction, with executive managing director Andy DeMoss and director Alex Gordon leading the leasing efforts. Lo Destro Construction Co. was represented by Noah O’Neill of Stone Real Estate.

“This lease reflects the ongoing interest we’re seeing from both office and medical tenants,” DeMoss said. “The debt-free ownership group is well capitalized and willing to get creative to land deals, so 142 E. Ontario continues to check the box for a wide range of tenants.”

Located just off Michigan Avenue, 142 E. Ontario offers a new amenity floor, multiple spec suites, and balconies in select suites.

Ten with Ben 031: Navigating Insurance and Risk Assessment with Micah Kafitz

Published June 26, 2025

This episode of Ten with Ben features commercial insurance expert Micah Kafitz from Associated Agencies, Inc., who joins Ben to discuss what property owners, tenants, and brokers should know about insurance. Micah explains when to get an advisor involved, what to watch for in lease language, and how early planning can help reduce risk and save money. He also shares how he helped a buyer close a deal others said couldn’t be done—by securing a rare coverage solution most brokers couldn’t offer.

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

Bradford Allen Represents Macerich in 12,500-SF Relocation to 825 Third Avenue

Published June 18, 2025

NEW YORK (June 18, 2025) – Bradford Allen announced today that Macerich has signed a long-term lease for a full floor at 825 Third Avenue, totaling approximately 12,500 square feet. Bradford Allen’s Gordon Ogden, executive managing director, and James Hart, associate, represented the tenant in the transaction.

Macerich, a leading retail real estate investment trust, is relocating from 500 Fifth Avenue. The company selected 825 Third Avenue for its high-end finishes, panoramic East River views and extensive amenity offerings, which were made possible by a recently completed $150 million capital improvement program.

“825 Third Avenue stands out as one of the most desirable office towers along Third Avenue,” said Ogden. “It offers the kind of elevated, amenitized workspace that leading companies like Macerich are seeking as they commit to long-term office strategies.”

The transaction reflects continued demand for high-quality office space in Midtown East, particularly in buildings that combine strong ownership, modern upgrades and efficient full-floor opportunities.

Owned and managed by The Durst Organization, 825 Third Avenue has been comprehensively reimagined to prioritize performance, comfort, and design. Upgrades include a fully modernized lobby, state-of-the-art infrastructure and hospitality-driven tenant amenities. The Durst leasing team was led by Tom Bow.

Bradford Allen (BA) is a national commercial real estate firm headquartered in downtown Chicago. Founded in 2003 by Jeff Bernstein and Larry 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.

Bradford Allen Partners with Bark4Compassion to Support Animal Rescue Efforts

Published May 20, 2025

CHICAGO, IL— Bradford Allen today announced a new partnership with Bark4Compassion, a nonprofit animal rescue organization, in support of its mission to fly animals to safety and a second lease on life. The partnership reflects a shared commitment to compassion, community and lending a hand (or paw).

Bark4Compassion was founded in 2020 during the COVID-19 pandemic by Eduard Seitan and his wife Debbie, a duo with a shared passion for rescue work. Eduard, one of the founding partners of Chicago’s OOH restaurant group and a recreational pilot since 2007, flew his first animal rescue mission in 2018—and found a calling that would lead to the launch of Bark4Compassion. Today, the organization coordinates “freedom flights” for animals in need of medical care, foster placement or permanent adoption.

“This partnership is about using what we have—space, resources, and a strong team—to support something bigger,” said Aghfar Arun, executive director, hospitality at Bradford Allen. “Bark4Compassion is doing incredible work, and we’re excited to help more people learn about their mission and get involved.”

Bradford Allen will be leveraging its hospitality arm in support of the organization, donating a portion of proceeds from its growing portfolio of hotels in key markets across the country, facilitating direct contributions from guests in a variety of ways, and spearheading activities and events to further engage the community.

Since launching its hospitality platform in 2022, Bradford Allen has acquired seven hotels totaling nearly 900 keys. The firm’s growing portfolio includes properties in Riverhead, N.Y.; Glendale, Ariz.; Fishers, Ind.; and Iowa City, Iowa, with plans to re-open the newly renovated Hyatt Centric Rosemont near Chicago’s O’Hare International Airport next month. Many of Bradford Allen’s hotel properties are dog-friendly, making this partnership a natural fit for both teams.

Together, Bradford Allen Hospitality and Bark4Compassion hope to inspire more animal lovers to take action, support rescue efforts and help give every animal the chance to find a safe, loving home.

About Bradford Allen

Bradford Allen (BA) is a commercial real estate and investment services firm based in the heart of downtown Chicago. Founded in 2003 by principals Jeff Bernstein and Larry 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.

Bradford Allen Acquires One Clearlake Office Tower in West Palm Beach, Fla.

Published May 12, 2025

Class A high-rise marks firm’s second office acquisition in South Florida

One Clearlake office building in West Palm Beach Florida.

Bradford Allen has acquired One Clearlake, an 18-story Class A office tower in downtown West Palm Beach, Fla. The firm plans to invest an additional $10 million to enhance the 221,661-square-foot property. (Credit: Bradford Allen and Turnkey Media)

WEST PALM BEACH, Fla. — Bradford Allen Investment Advisors today announced it has acquired One Clearlake, an 18-story Class A office tower at 250 S. Australian Ave. in downtown West Palm Beach, Fla. The transaction marks Bradford Allen’s second office acquisition in South Florida following its purchase of 350 and 450 E. Las Olas Blvd. in Fort Lauderdale in February 2025.

Bradford Allen will provide asset and property management services for One Clearlake, with plans to invest an additional $10 million to complete a full renovation of the property. As with 350 and 450 E. Las Olas, Jon Blunk and Laurel Oswald of TCRE will handle the leasing for the property.

Larry Elbaum, co-founder of Bradford Allen, said: “This acquisition not only expands Bradford Allen’s footprint in South Florida but also reflects my partner Jeff Bernstein’s and my confidence in the market. We look forward to improving One Clearlake and delivering an exceptional tenant experience.”

The 221,661-square-foot tower is nearly 63% occupied, with national credit tenants including Truist Bank, Ideal Nutrition and Robert Half. One Clearlake was built in 1986 with updates as recent as last year. Bradford Allen’s planned improvements include a new roof, renovated elevator system, state-of-the-art conference center, upgraded fitness center consistent with other Class A buildings and a reimagined tenant lounge and food service. Bradford Allen also plans to build four move-in-ready spec suites on one floor that will be ready for delivery by fourth-quarter 2025.

“There is tremendous upside in repositioning One Clearlake for today’s market,” said Blunk, president of TCRE. “As in other CBDs, we continue to see a flight to quality in downtown West Palm Beach, where limited trophy space is available even as the area experiences an influx of prominent employers — a trend that has made it one of the top-performing office submarkets in the country.”

One Clearlake is LEED Gold- and Energy Star-certified and offers 360-degree water views as well as a five-story parking garage. In addition, the property benefits from its proximity to Interstate 95 and West Palm Beach stations for South Florida’s Tri-Rail commuter rail service and Brightline rail service. The tower is also within walking distance to CityPlace, an upscale lifestyle center, and adjacent to the future sites of Cleveland Clinic’s Tomsich Health and Medical Center and Vanderbilt University’s graduate school campus.

“West Palm Beach is one of South Florida’s most exciting submarkets, with an extensive pipeline of residential and mixed-use projects both under construction and planned,” said CBRE Vice Chairman Christian Lee. “Office fundamentals in West Palm Beach also remain strong, with the submarket benefiting from a wave of migrations from affluent individuals and their companies.”

The Florida arm of CBRE’s National Office Partners, led by Lee and Vice President Sean Kelly, represented the confidential seller. The CBRE team also included Senior Vice President Amy Julian, First Vice President Andrew Chilgren, Senior Associate Tom Rappa and Financial Analyst Matthew Lee.

In addition to its South Florida assets, Bradford Allen owns properties in suburban Chicago; Greenwich, Conn.; Denver; Jacksonville, Fla.; and other markets. The firm has made a number of other value-add investments in large office properties as well.

About Bradford Allen:

# # #

Editors:

For more information, please contact David Matthews at dmatthews@taylorjohnson.com or (312) 267-4523.

Bradford Allen, New Castle Hotels & Resorts Celebrate Grand Reopening of Hilton Garden Inn Riverhead

Published May 8, 2025

114-key North Fork hotel returns to the market following transformative multimillion-dollar renovation

Bradford Allen and New Castle Hotels & Resorts today announced the grand reopening of the Hilton Garden Inn Riverhead following an extensive, multimillion-dollar renovation.

RIVERHEAD, N.Y. — Bradford Allen, a national full-service real estate firm, along with management partner New Castle Hotels & Resorts, today announced the grand reopening of the Hilton Garden Inn Riverhead following an extensive, multimillion-dollar renovation. The 114-key hotel at 2038 Old Country Road sits at the gateway to the North and South Forks of Long Island, including the Hamptons.

Renovations included refreshed guestrooms with new beds, bedding, carpet, bathrooms and furniture, as well as the addition of Peloton bikes to select rooms. Public spaces including the lobby, lounge area and front desk all received new flooring, furniture, accents and lighting, and two check-in pods were added. The hotel’s meeting and event spaces were refreshed with new carpet, paint, lighting and state-of-the-art audio/visual equipment built into each meeting room. Renovations also included brand-new public restrooms off the lobby and meeting area, new exterior paint and improvements to the lobby bar and restaurant as well as the outdoor patio.

The hotel was built in 2008. Bradford Allen acquired the property in December 2023 and began renovations in 2024.

“We’ve reimagined the Hilton Garden Inn Riverhead to offer guests a fresh, modern experience while maintaining the comfort and convenience they expect,” said Aghfar Arun, executive director of hospitality at Bradford Allen. “We’re committed to elevating hospitality at the entryway to Long Island’s premier destinations.”

Located in the middle of Long Island wine country and surrounded by the highest concentration of retail on the East End of Long Island, the Hilton Garden Inn Riverhead is a destination for business and leisure travelers, with proximity to beaches, vineyards, golf courses and other attractions. Amenities include an indoor pool, whirlpool and fire pit.

Bradford Allen in December 2023 also acquired the 131-suite Residence Inn by Marriott located at 2012 Old Country Road, next to the Hilton Garden Inn Riverhead. Together, the hotels are the closest eastbound Hilton- and Marriott-branded properties to the Hamptons, located approximately 20 miles away. New Castle Hotels & Resorts manages both properties.

“This renovation enhances the guest experience with modern design and refreshed amenities, perfectly positioning the Hilton Garden Inn Riverhead as a premier stay for travelers exploring Long Island,” said Scott McIntosh, director of sales at New Castle Hotels & Resorts. “We look forward to welcoming guests to this reimagined gateway to the Hamptons.”

Since launching its hospitality platform in 2022, Bradford Allen has acquired seven hotels totaling about 900 keys. In addition to the Riverhead hotels, the firm currently owns hotel assets in the Glendale Sports and Entertainment District in Glendale, Ariz., a suburb of Phoenix; Fishers, Ind., outside Indianapolis; and Iowa City, Iowa, near the University of Iowa campus. Bradford Allen also plans to open the new Hyatt Centric Rosemont near Chicago’s O’Hare International Airport later this year.

About Bradford Allen:

# # #

Editors:

For more information or to schedule an interview, contact David Matthews, dmatthews@taylorjohnson.com, (312) 267-4523.

Ten with Ben 030: Leasing Shifts and Market Insights with Kathleen Bertrand

Published May 8, 2025

Ben is joined by Kathleen Bertrand of Transwestern for a wide-ranging conversation on the current state of the Chicago office market. They reflect on their parallel 20-year careers in commercial real estate and how market cycles — and downtown activity — are shifting again. They discuss how deal momentum is returning, particularly among smaller tenants, and how Gen Z is helping fuel the shift back to in-office work. Bertrand also shares why landlord flexibility and creative deal-making are more important than ever in a high-cost, fast-moving environment.

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

BA Celebrates Topping-Out of 301-Unit Apartment Complex in Arlington Heights, Ill.

Published April 23, 2025

(From left) Mike Moceri, Jeff Bernstein, Thomas Roszak, and Brian Carley pose for photo.

Bradford Allen today announced the topping off of the first phase of its Arlington Gateway master-planned community along the Jane Addams Tollway in Arlington Heights, Ill.

ARLINGTON HEIGHTS, Ill. — Bradford Allen, a national full-service real estate firm, along with development partner Moceri+Roszak, today announced the topping-out of the initial phase of Arlington Gateway, a new master-planned community at the southeast corner of Arlington Heights and Algonquin roads in Arlington Heights, Ill., a northwest suburb of Chicago.

Arlington Gateway’s first phase consists of an eight-story, 301-unit multifamily building with 26,000 square feet of ground-floor retail space. Designed by Thomas Roszak Architecture, the building will offer a mix of studio, one-, two- and three-bedroom floor plans, as well as 17,500 square feet of indoor and outdoor amenities. They include an outdoor pool and spa with sun deck, fitness center with yoga studio, social and media rooms, coworking space, dog walk and spa, golf simulator, grill stations and more.

The exterior of the building will feature green vertical accents that pay homage to the nearby Ned Brown Preserve — also known as Busse Woods — and Illinois prairie aesthetic.

“Arlington Gateway isn’t just a new development. It will be a destination that sets a new standard for Arlington Heights,” said Jeff Bernstein, co-founder at Bradford Allen. “We’re proud to reach this milestone and look forward to delivering a vibrant space where residents and visitors can live, work and connect.”

The broader development at the 16-acre site also includes a 150,000-square-foot medical office complex at 155 E. Algonquin Road that is a conversion of the former Daily Herald offices, and up to two more projects. Arlington Gateway sits in a prominent location alongside the Jane Addams Tollway, with visibility to over 150,000 vehicles per day.

Clark Construction is serving as general contractor on the development, with completion expected in Q1/2026.

About Bradford Allen:

# # #

Editors:

For more information or to schedule an interview,?contact David Matthews, dmatthews@taylorjohnson.com, (312) 267-4523.

Q1/25 Downtown Chicago Office Market Report

Published April 10, 2025

This quarter in the downtown office market:

Q1/25 direct net absorption was negative 173,000 square feet, significantly improved relative to negative 1.8 million square feet in Q1/24 and negative 1 million square feet in Q4/24.
Direct vacancy rose, reaching a record high of 23.4%.
Spec suites and full buildouts accounted for 38.9% of leasing activity, emphasizing the importance of user-friendly, move-in-ready space and financially committed ownership.
The West Loop secured over half of the quarter’s leasing activity, followed by River North (16.2%) and the Central Loop (11.8%).

Bradford Allen Acquires 130-Room SpringHill Suites Indianapolis Fishers Hotel

Published March 24, 2025

FISHERS, Ind. — Bradford Allen, a national full-service real estate firm, today announced its investment arm has acquired the SpringHill Suites Indianapolis Fishers, a 130-room select-service hotel at 9698 Hague Road adjacent to the new Cadillac Formula 1 headquarters and Nickle Plate Trail railtrail corridor and near other major employers and entertainment centers.

Bradford Allen acquired the SpringHill Suites Indianapolis Fishers, a 130-room hotel near the future Andretti Global headquarters under construction in the North Loop of Indianapolis.

Located near Interstate 69 in the Indianapolis North Loop submarket, the hotel is less than 3 miles from the new Fishers Event Center, which hosts concerts, basketball games and other events and serves as a community-focused venue for sports, graduation ceremonies and more. It also is across the street from the new Cadillac F1 headquarters being developed by Bradford Allen, and less than 20 miles from the Indianapolis Motor Speedway. In addition, the hotel is than 5 miles from major employers including Genentech, Navient and the Federal Bureau of Investigation.

“This acquisition expands our portfolio of core brands in well-populated areas near experience-driven venues,” said Aghfar Arun, executive director, hospitality at Bradford Allen. “It also has a value-add component, another key part of our acquisition strategy. The hotel will benefit from the increased demand we anticipate from the F1 headquarters, as well as the growth of the Indianapolis suburbs and the many new nearby event and entertainment options.”

Opened in 2007 and renovated in 2016, the hotel features an indoor pool, meeting room, convenience store, fitness center, laundry room, complimentary breakfast buffet and complimentary on-site parking. There are currently no hotels under construction within 10 miles, allowing the property to benefit from limited supply.

Since launching its hospitality platform in 2022, Bradford Allen has acquired seven hotels totaling about 900 keys. In addition to the SpringHill Suites Indianapolis Fishers, the firm currently owns hotel assets in the Glendale Sports and Entertainment District in Glendale, Ariz., a suburb of Phoenix; Long Island, N.Y., near the Hamptons; and Iowa City, Iowa, near the University of Iowa campus. Bradford Allen also plans to open the new Hyatt Centric Rosemont near Chicago’s O’Hare International Airport later this year.

Bradford Allen broke ground last year on the Cadillac F1 headquarters, a cutting edge 400,000-square-foot motorsports facility. Earlier this year, the firm arranged a lease for Andretti Global, on behalf of the parent company TWG Motorsports, to occupy the former IndyStar Pulliam Production Center on Georgetown Road in Indianapolis to house Andretti Global’s INDYCAR, INDY NXT and Formula E teams. Both the Fishers and Georgetown Road facilities are expected to open in 2026.

About Bradford Allen:

# # #

Editors:

For more information or to schedule an interview,?contact David Matthews, dmatthews@taylorjohnson.com, (312) 267-4523.

Client Success Story: Quill

Published February 26, 2025

When Quill, a leading office supply company, sought to create a collaborative workspace that fostered employee engagement, they chose Tri State Lincolnshire for their new office. With an accelerated timeline requiring completion in just five months, Bradford Allen, as the owner, worked closely with Quill and their partners to deliver a thoughtfully designed 58,000-square-foot workspace that supports Quill’s evolving culture and return-to-office (RTO) strategy.

Watch the video to hear Mark E. Roszkowski, President at Quill, discuss his successful partnership with Bradford Allen.

750 Lexington Avenue Welcomes 50,000 SF of New Leases

Published February 24, 2025

NEW YORK (Feb. 24, 2025) – Bradford Allen today announced the successful completion of 50,000 square feet of new leases at 750 Lexington Avenue in Manhattan’s prestigious Plaza District. Glenn Isaacson, the firm’s New York market leader, and Tony Builder, senior associate, represented building owner Cohen Brothers Realty in the transactions.

The new tenants include Makai Labs, Old Court Equities, Communify, Clearline Capital, VT Luxe, Naomi Road Capital Advisors, Cristaudo Holdings, Dana Rebecca Designs, Moroccanoil, Colonial Navigation, Temin and Company, Sephora and RKO Stage.

“These leases reinforce the ongoing appeal of 750 Lexington Avenue as a premier office destination,” said Isaacson. “The building’s prime location, strong ownership and high-quality space continue to attract a diverse range of tenants looking for a best-in-class workplace.”

Located in the heart of the Plaza District — one of Manhattan’s most sought-after business hubs — 750 Lexington Avenue offers tenants unparalleled access to major subway lines, abundant retail and restaurant offerings, and landmarks including Central Park. Given its central location in the heart of Manhattan, Plaza District is home to some of the city’s most prestigious office buildings, making it a prime destination for companies seeking a prominent address and exceptional workplace environment.

Bradford Allen collaborated closely with Marc Horowitz, director of leasing for Cohen Brothers Realty, to secure the deals. With Cohen Brothers Realty headquartered in the building since its construction, ownership remains deeply invested in maintaining 750 Lexington Avenue’s standing as a top-tier office address.

Following this leasing momentum, two full floors and several partial floors remain available, presenting an opportunity for companies looking to establish or expand their presence in a premier Midtown location. For more leasing information, go to bradfordallen.com.

About Bradford Allen:

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Editors:

For more information, please contact David Matthews at dmatthews@taylorjohnson.com or (312) 267-4523.

Mitzi Flexer Joins Bradford Allen as Managing Director, Expanding Firm’s New York Presence

Published February 20, 2025

NEW YORK CITY (Feb. 20, 2025) — Bradford Allen, a national full-service commercial real estate firm, today announced Mitzi Flexer has joined the company’s New York office as managing director. Flexer will be instrumental in expanding the firm’s presence in New York City’s outer boroughs, leveraging over a decade of experience in commercial real estate and a proven track record of executing strategic transactions across various asset types including office and retail. Prior to joining Bradford Allen, Flexer was a senior director at Cushman & Wakefield, where she specialized in strategic leasing and tenant representation.

“Mitzi is a seasoned professional with extensive market knowledge and deep community ties in New York City,” said Ben Azulay, president of Bradford Allen’s national brokerage business. “Her proven ability to structure and close complex deals for both landlords and tenants will be an invaluable asset as we expand our footprint in the region.”

Fluent in both Spanish and English, Flexer also brings extensive international experience to her role at Bradford Allen, having served clients throughout Europe, Central and South America.

“Mitzi is a trusted adviser with a strong reputation for guiding clients across industries including retail, healthcare and professional services,” said Glenn Isaacson, the firm’s New York market leader. “Her expertise in the outer boroughs, global perspective, deep market insights and strategic approach enable her to develop tailored solutions that meet the diverse needs of her clients.”

Flexer is involved in several industry and community organizations, including the Real Estate Board of New York’s (REBNY) Brooklyn Retail Committee, where she is a founding member; the Brooklyn Chamber of Commerce; and the International Council of Shopping Centers (ICSC). She has been recognized multiple times as a CoStar Power Broker and was honored as one of Real Estate Weekly’s Leading Ladies in 2018. She earned a bachelor’s degree in history and comparative literature from Hofstra University.

Opened in 2021 and located in Manhattan, Bradford Allen’s New York office serves a wide range of clients across the metro area, providing local expertise and exceptional service in one of the world’s most competitive real estate markets.

With headquarters in Chicago, Bradford Allen’s comprehensive brokerage services include tenant representation, landlord representation, consulting and advisory services, property and asset management, and construction and project management.

About Bradford Allen:

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Editors:

For more information, contact David Matthews, dmatthews@taylorjohnson.com, (312) 267-4523.

Bradford Allen Acquires 350 and 450 E. Las Olas in Fort Lauderdale, Fla.

Published February 12, 2025

Firm will invest over $25 million to upgrade the 470,810-square-foot office complex, its first acquisition in South Florida

FORT LAUDERDALE, Fla. (Feb. 12, 2025) — Bradford Allen Investment Advisors today announced it has purchased 350 and 450 E. Las Olas Blvd. and will invest over $25 million to upgrade the 470,810-square-foot office complex, the firm’s first acquisition in South Florida. Bradford Allen also will be providing asset and property management services for the property.

Bradford Allen has purchased 350 and 450 E. Las Olas Blvd., a 470,810-square-foot office complex in downtown Fort Lauderdale, Fla., with plans to invest an additional $25 million in the property.

Bradford Allen plans to renovate the lobbies and put in the most technologically advanced conference rooms, a state-of-the-art fitness center and outdoor space to create the best-in-class offering in the market.

“350 and 450 E. Las Olas occupy what’s generally regarded as the most desirable office location in downtown Fort Lauderdale,” said Larry Elbaum, principal and co-founder of Bradford Allen. “By buying and recapitalizing the complex, we’re going to make it a clear choice for Fort Lauderdale office tenants seeking the best downtown location and amenities. We’re committed to investing significantly in this property so the quality of the buildings is commensurate with the quality of their location.”

Built in 1997, the property offers ocean, river and city views, as well as first-floor retail and restaurant tenants including Starbucks. In addition to the 470,810 square feet of office and retail space, the complex also includes 1,344 parking spaces in a multi-story covered deck.

Jon Blunk and Laurel Oswald of TCRE will handle leasing for the property, which was 69% occupied at the time of sale.

“With limited product available in the market, especially Class A+ space, a revitalized 350 and 450 E. Las Olas will be welcomed by tenants seeking the best product in the best location,” said Blunk, president of TCRE.

350 and 450 E. Las Olas offers easy access to transportation, including Interstate 95, the Brightline train and several bus routes. In addition to parking, the office complex also has bike storage.

Bradford Allen owns properties in suburban Chicago; Greenwich, Conn.; Denver; Jacksonville, Fla.; and other markets. The firm has made a number of other value-add investments in large office properties as well.

About Bradford Allen:

# # #

Editors:

For more information, please contact David Matthews at dmatthews@taylorjohnson.com or (312) 267-4523.

Client Success Story: Northwestern Mutual

Published January 28, 2025

Facing an expiring lease and a need for a refreshed office space, Northwestern Mutual partnered with Bradford Allen to explore relocation options. After an extensive market search, it became clear that the best solution was to expand within their existing building. Led by Ben Azulay, the Bradford Allen team negotiated favorable lease terms to expand and relocate to another floor, helping Northwestern Mutual achieve a modern, collaborative office that supports future growth and impresses clients.

Watch the video to hear Jeff Sons, wealth management advisor at Northwestern Mutual, discuss his successful partnership with the Bradford Allen’s Tenant Representation practice.

Year-End 24 Suburban Office Market Report

Published January 24, 2025

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

The second half of the year in the suburban office market:

Vacancy was effectively unchanged in the second half of the year at 24.6%.
Year-end direct net absorption was negative 1.4 million square feet, significantly worse than 2023’s negative 173,000 square feet.
Much of the market’s distress lies in older, poorly located properties, which only account for 2.7% of the market’s overall inventory.
Investment sales activity was up this year as $368 million traded hands, with properties selling for an average discount of 17% from their previous purchase price.

Q4/24 Downtown Chicago Office Market Report

Published January 24, 2025

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

This quarter in the downtown office market:

2024 net absorption was negative 3.6 million square feet, nearly double the negative 1.9 million square feet recorded in 2023.
Direct vacancy continued to climb, reaching a record high of 23.2%.
The average gross asking rates were $42.85 per square foot.
Spec suites and full build-outs continued to outperform the market, accounting for an increasing share of leasing activity—28.6% in 2024 up from 9% in 2019.

Ten with Ben 028: Reflecting on 2024 and Optimism for 2025

Published December 16, 2024

On this episode of Ten with Ben, Justin Kessler, Nathan Meissner, and Lauryn Sussman join Ben to reflect on a productive 2024 for the tenant rep team at Bradford Allen. The team discusses the uptick in tenant activity, surprising stability in office space needs, and the late-year momentum in deal-making. They also highlight how flexibility from ownership groups has created opportunities for tenants despite market challenges.

Looking ahead to 2025, the team shares their optimism for continued market growth and new opportunities as the market adapts.

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

Q3/24 Downtown Chicago Office Market Report

Published October 14, 2024

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

It was a familiar story in Q3 for Chicago’s downtown office market as headline statistics didn’t improve, nor degrade, materially over the prior quarter.

Absorption was negative 600,000 square feet, bringing the year-to-date absorption to negative 2.6 million square feet.
The direct vacancy rate in the CBD reached 22.5%.
The CBD’s average gross asking rate dropped slightly to $42.85 per square foot.
Well-capitalized owners continued to withstand market fluctuations, attracting and retaining a strong tenant base.

Groundbreaking on 301-Unit Mixed-Use Community in Arlington Heights, IL

Published October 8, 2024

Initial phase is part of master-planned community at gateway to suburb

ARLINGTON HEIGHTS, IL — Bradford Allen Development Company, part of Bradford Allen, a national full-service real estate firm, along with development partner Moceri+Roszak, today held a ceremonial groundbreaking for the first phase of their mixed-use community at the southeast corner of Arlington Heights and Algonquin roads in Arlington Heights, Ill., a northwest suburb of Chicago.

Bradford Allen Development Company and Moceri+Roszak have begun construction on a 301-unit mixed-use community that represents the first phase of a broader 16-acre master plan along the Jane Addams Tollway in Arlington Heights, Ill.
Photo by Matt Mansueto Photography, Inc.

The initial phase, which will consist of 301 apartments and approximately 26,000 square feet of ground-floor retail, is part of a master-planned community at the southern end of Arlington Heights. The broader development also includes ArlingtonMed, a 150,000-square-foot medical office complex at 155 E. Algonquin Road, a building that previously housed the Daily Herald newspaper and up to two more buildings.

“This groundbreaking marks a significant step in transforming this highly visible site into a vibrant, mixed-use destination that serves as a gateway to Arlington Heights,” said Jeff Bernstein, co-founder of Bradford Allen. “With exceptional residential and retail options and a cutting-edge medical facility, our development aims to enrich the community and catalyze future investment in Arlington Heights.”

“At a time when few developments are able to obtain financing and begin construction, Bradford Allen and village leaders have worked together to bring a major new project to the community, one that will meet growing demand for modern rental housing,” said Larry Elbaum, co-founder of Bradford Allen.

“Working alongside the Village of Arlington Heights, we’ve been able to turn a shared vision into a tangible reality,” said Brian Carley, executive managing director of development at Bradford Allen. “This collaboration is a testament to how great things can happen when public and private sectors work together with a clear goal in mind.”

Designed by Thomas Roszak Architecture, the eight-story residential building will offer a mix of studio, one-, two- and three-bedroom floor plans, as well as 17,500 square feet of indoor and outdoor amenities. They include an outdoor pool and spa with sun deck, fitness center with yoga studio, social and media rooms, coworking space, dog walk and spa, golf simulator, grill stations and more.

The exterior of the building will feature green vertical accents that pay homage to the nearby Ned Brown Preserve — also known as Busse Woods — and Illinois prairie aesthetic.

Clark Construction is serving as general contractor on the development, with completion expected in 2026. The multifamily building and ArlingtonMed represent the first two of up to four buildings in the master plan, whose prominent location alongside the Jane Addams Tollway offers visibility to over 150,000 vehicles per day.

Please visit www.arlingtonheights.apartments for more information and future updates on the project.

About Bradford Allen Development Company:
Formed in 2022, Bradford Allen Development Company (BADC) currently has approximately $1 billion in active developments across the country representing all major asset classes. BADC is a wholly owned subsidiary of Bradford Allen, a vertically integrated real estate firm providing end-to-end real estate investment, transaction and management solutions for hospitality, multifamily, commercial office and mixed-use assets across the U.S. The firm’s roots are in brokerage and property operations, a lineage that traces back to 2003 when Jeffrey Bernstein and Laurence Elbaum founded Bradford Allen Realty Services. For more information, visit bradfordallen.com.

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For more information or to schedule an interview,?contact David Matthews, dmattews@taylorjohnson.com, (312) 267-4523.

Ten with Ben 027: Market Shifts and Opportunities

Published September 12, 2024

In the latest episode of Ten with Ben, Ben Azulay reflects on the year so far, highlighting consistent deal flow and how companies are renegotiating leases to take advantage of current market conditions. He discusses the recovery of distressed properties, with lenders and landlords working out solutions, and questions the real value of amenities in office buildings. Looking ahead, Ben is monitoring how these trends will shape the market through the end of 2024 and into 2025.

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

Mid-Year 24 Suburban Chicago Office Market Report

Published July 11, 2024

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

The second half of the year in the suburban office market:

Absorption levels declined as -800,000 square feet was absorbed through the first half of 2024.
The direct vacancy rate held steady at 24%.
Available sublease space on the market decreased to 2.7 million square feet.
The average gross asking rate is $27 per square foot.

Q2/24 Downtown Chicago Office Market Report

Published July 11, 2024

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

This quarter in the downtown office market:

Absorption improved but remained negative with -67,000 square feet absorbed through Q2/24, resulting in a total of -1.9 million square feet through the first half of 2024.
The direct vacancy rate reached 22% in Chicago’s CBD.
Demand for move-in-ready suites has increased significantly over the past several years.
The average gross asking rate for the CBD held steady at $43 per square foot.

Andretti Global Tops Out Phase I of New Headquarters Facility in Fishers, Indiana

Published June 28, 2024

FISHERS, IN – JUNE 28, 2024 – Andretti Global and Chicago-based developer Bradford Allen joined Clark Construction Group and their building crews on Thursday, June 27 to celebrate the topping out of Andretti Global’s new headquarters facility.

(From left) Andretti Global Vice President / Andretti Technologies Managing Director Marissa Andretti, Andretti Global Chairman & CEO Michael Andretti, Mayor of Fishers, Indiana Scott Fadness, and Bradford Allen Principal & Co-Founder Jeffrey Bernstein join Clark Construction in raising the final beam to top out the new Andretti Global headquarters in Fishers, IN.

The nearly 400,000-square-foot facility is part of a larger 90-acre campus, and more than quadruples the size of Andretti’s current headquarters.

“We are so proud of the progress that has been made on our future home and we are honored to be a part of today’s topping out ceremonies,” said Michael Andretti, Chairman & CEO, Andretti Global. “It is no small feat to get to this point with a project of this magnitude and we could not have done it without our partners at Bradford Allen, Clark Construction, RATIO and Ridge. It’s been such a rewarding experience watching our new facility being built from the ground up and today is a true testament to the hard work and effort that’s been put into turning our vision into a reality.”

Crews set the last piece of steel atop the new racing and technology headquarters, marking a big step forward in the development of Andretti Global’s future base of operations. In a ceremony held on site, Andretti Global, Bradford Allen, and Clark representatives recognized the contributors involved in the project’s efforts thus far. To reach this milestone, crews worked 40,000 hours to place over 3,000 tons of steel, 2,755 steel members, 4,000 cubic yards of footings and grade beam concrete, and will complete over 9,000 cubic yards of slab on grade and slab on metal deck concrete by the end of July.

“This milestone would not be possible without the strong partnership between Andretti Global, Bradford Allen, Clark and the talented design and trade partners on this project,” said Dave Trolian, Northern Group CEO with Clark Construction. “The contributions to drive this project forward on schedule, while keeping safety and quality top-of-mind, is evident in the craftsmanship and progress of a facility that will be an impetus in the global racing community.”

In addition to housing day-to-day operations for the racing team, the building will be home to the advanced research and development of Andretti Technologies. The collaborative campus will also feature modern technologies and amenities that not only create a true employee-first culture, but also prioritize partners and the surrounding community.

“The topping-off of the new Andretti Global headquarters brings us one step closer to delivering this highly anticipated project to the Fishers community and motorsports fans everywhere,” said Jeffrey Bernstein, co-founder of Bradford Allen. “At a time when others are waiting on the sidelines, this team has gotten a world-class facility off the ground—one that prioritizes health, wellness and sustainability for the benefit of both employees and visitors.”

The structure focuses on cutting-edge design and race shop programming, expanding on existing goals for technologically advanced, sustainable practices. The final facility is set to include a state-of-the-art fitness center, walking trails with access to the Nickel Plate Trail and Ritchey Woods Nature Preserve, amphitheaters, employee gathering areas and expanded dining options. The development continues through a strategic phased approach.

The design was planned by UK based motorsport design consultants Ridge and Partners, and Indianapolis based international design firm RATIO. Clark Construction is the general contractor.

Editor’s Note: VNR footage of the Andretti Global Headquarters Topping Out Ceremony courtesy of Andretti Global: Topping Out Ceremony VNR: https://www.dropbox.com/s/yexelwkwo3do6m9/Andretti%20HQ%20-%20Topping%20Out%20Ceremony%20VNR%20%28v2%29.mp4?dl=0

ABOUT BRADFORD ALLEN DEVELOPMENT COMPANY
Formed in 2022, Bradford Allen Development Company (BADC) currently has approx. $1B in active developments across the country representing all major asset classes. BADC is a wholly-owned subsidiary of Bradford Allen—a vertically integrated real estate firm providing end-to-end real estate investment, transaction and management solutions for hospitality, multifamily, commercial office and mixed-use assets across the U.S. The firm’s roots are in brokerage and property operations, a lineage that traces back to 2003 when principals—Jeffrey Bernstein and Laurence Elbaum—founded Bradford Allen Realty Services. For more information, visit bradfordallen.com.

ABOUT CLARK CONSTRUCTION GROUP
Clark Construction Group is one of the largest building and infrastructure companies in the United States. Our portfolio spans every major building market, from public to private, corporate to cultural, education to entertainment, and the infrastructure connecting it all – power, transit, water, and roadways. Since 1906, we’ve been delighting and delivering value to our clients and project partners, providing diverse opportunities for our team, and strengthening the communities where we live. With offices strategically located across the country, we pride ourselves on being a local builder with national reach. To learn more, visit Clarkconstruction.com.

ABOUT RATIO DESIGN
RATIO is a global design firm connecting people and place, shaping environments of purpose, beauty, and meaning. We design for impact with interdisciplinary teams, offering architecture, historic preservation, interior design, landscape architecture, urban design, and graphic design services.
Founded in 1982, its six collaborative studios bring together diverse perspectives to shape the future of Higher Education, K12 Education, Workplace, Civic & Cultural, Parks & Recreation, Hospitality, Sports & Venues, Residential, Mixed-Use, and Health & Lifesciences design.

RATIO has completed work in more than 41 states in the US and 15 countries around the world. Notable projects underway include the 5-star CairoHouse Hotel in Egypt, the high-rise Convention Center Hotel in Indianapolis, the Raleigh City Hall in Raleigh, the Elanco Global Headquarters in Indianapolis, and the IU Health new downtown hospital in Indianapolis. Learn more: https://ratiodesign.com/

Editors:
For more information, contact Jeremy Barewin, jbarewin@taylorjohnson.com, (312) 267-4533.

CRE Pulse 009: Chicago’s Resilient Suburban Office Market

Published May 16, 2024

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

Published April 18, 2024

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.

Q1 Chicago Office Report: CBD Rents Hold Steady as Vacancy Rate Continues to Rise

Published April 15, 2024

CHICAGO — Bradford Allen, a national full-service real estate firm, today released its Q1/24 Downtown Chicago Office Market Report showing that CBD average gross asking rents held steady at $43 per square foot. At the same time, the office vacancy rate continued to rise, surpassing 21%, and demand was soft, with negative absorption of 1.4 million square feet.

Leasing volume remained below historic levels, with only 1.3 million square feet leased in the first quarter versus 2.1 million square feet in first-quarter 2023 and 4.9 million square feet in first-quarter 2019, before the pandemic. Continuing a post-pandemic trend, many tenants are seeking prebuilt, move-in ready suites. Last quarter, 38% of leases signed in the CBD were for move-in-ready space. For all of 2023, approximately 33% of leases signed were for move-in-ready suites, compared with 15% in 2019, according to Bradford Allen research.

“The distress in Chicago’s CBD office market is likely to continue as owners, lenders and tenants navigate turbulent market conditions,” said Neil Bouhan, senior managing director, research and communications, for Bradford Allen. “Our data indicates more than half of all square footage leased prior to the pandemic has not yet expired, suggesting that many companies have yet to address their actual space needs in the CBD. This is likely to result in continued downsizing. But even in this environment, owners in the financial position to reinvest in their buildings and negotiate flexible lease terms with tenants have been able to keep their assets well occupied, outperforming the overall market.”

The benefit of financial strength in this market is exemplified by Ivanhoe Capital’s $75 million repositioning of 10 and 120 S. Riverside Plaza, a two-building, 1.4 million-square-foot office complex on the Chicago River in the West Loop. After renovations, Ivanhoe leased 156,000 square feet of office space in the property last year and an additional three leases totaling 75,000 square feet so far this year, with Attorneys’ Liability Assurance Society taking the largest lease at 37,000 square feet.

Other highlights of the Bradford Allen report include:

Bradford Allen researchers estimate there are 23 buildings in the CBD with distressed loans, almost half in the Central Loop. If interest rates remain high, the financial pressure on leveraged owners will mount as $2.8 billion of debt is set to expire by the end of 2025.
Investment sales remained at historic lows, with only $98 million trading last quarter, in line with first-quarter 2023 but still far below the average $750 million in sales in the first quarters of 2015 through 2019. Of the $98 million that has traded so far this year, $60 million was for the sale of 150 N. Michigan Ave., which was purchased by Chicago real estate firm R2.
The amount of sublease space on the market declined last quarter to 7 million square feet but remains at historically elevated levels. Most is large space; for example, a tenant seeking less than 10,000 square feet can only access about 9% of current sublease inventory. Meanwhile, 80% of leases signed in 2023 were for less than 10,000 square feet.

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.

For immediate inquiries, contact Jeremy Barewin, jbarewin@taylorjohnson.com, (312) 267-4533.

Q1/24 Downtown Chicago Office Market Report

Published April 11, 2024

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

This quarter in Chicago’s downtown office market:

Absorption remained negative with -1.4 million square feet absorbed through Q1/24.
The direct vacancy rate surpassed 21% in the CBD.
Demand is increasing for move-in ready office suites which accounted for more than 38% of deals in Q1/24.
The average gross asking rate in Chicago’s CBD remained at $43 per square foot.

Bradford Allen Acquires 100-Key Hotel at Westgate Entertainment District in Glendale, Ariz.

Published March 14, 2024

With Aloft Glendale at Westgate, firm expands national hospitality platform to 800 keys across six assets

CHICAGO/GLENDALE, Ariz. — Bradford Allen, a national full-service real estate firm, today announced its investment arm has acquired Aloft Glendale at Westgate, a 100-key hotel in Glendale, Ariz. Located at 6920 N. 93rd Ave., the hotel marks the firm’s second acquisition in the Westgate Entertainment District, joining nearby TownePlace Suites Glendale, an extended-stay hotel purchased in late 2022.

“With the Phoenix metro continuing its growth trajectory and Glendale – which has hosted multiple Super Bowls and is the site of the NCAA Final Four in April – as an epicenter of commercial activity, this acquisition further bolsters the firm’s strategy to acquire high-quality hotels in experience-driven markets,” said Aghfar Arun, director, Bradford Allen. “The Aloft presents a unique opportunity to build on the success we’ve achieved at TownePlace Suites Glendale, complementing the extended-stay offering there with a distinctive select-service product and robust amenities package while leveraging Marriott’s industry-leading booking platform.”

Bill Murney of Cushman & Wakefield represented the seller, HCW Hospitality & Development, in the transaction.

Aloft Glendale’s on-site amenities include an outdoor splash pool, Re:charge^? fitness center, gift shop, convenience store, meeting spaces, social lounge and the W XYZ^® bar featuring a full menu, signature cocktails and live music. Residing in the Westgate Entertainment District, the hotel is close to numerous retail, restaurant and entertainment offerings, including State Farm Stadium, Desert Diamond Arena and Camelback Ranch.

Since launching its hospitality platform in 2022, Bradford Allen has acquired six hotels totaling 800 keys. In addition to Glendale, the firm currently owns hospitality assets in Riverside, N.Y., on Long Island and close to the Hamptons; Rosemont, Ill., in the O’Hare submarket outside Chicago; and Iowa City, Iowa, near the University of Iowa campus. The firm plans to significantly grow its portfolio this year.

For more information, contact Jeremy Barewin, jbarewin@taylorjohnson.com, (312) 267-4533.

Year-End 23 Suburban Chicago Office Market Report

Published January 11, 2024

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.

Q4/23 Downtown Chicago Office Market Report

Published January 11, 2024

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

This quarter in the downtown office market:

Absorption remained negative with -530,000 s.f. absorbed through Q4/23, resulting in a total of -1.6 million s.f. of net absorption through 2023.
The direct vacancy rate surpassed 20% in the CBD.
Available sublease space on the market remained steady, sitting at 7.7 million s.f.
The average gross asking rate for the CBD declined to $43 per s.f.

Ten with Ben 022: Opportunities in the Market

Published November 10, 2023

Ten with Ben is back to showcase the “power of the ask.” Today’s market is all about seizing opportunities through creative negotiation. Current conditions present unique opportunities for tenants to renegotiate leases and for landlords to showcase their financial stability as a major strength. Ben offers actionable insight to both tenants and landlords on how to navigate the market effectively, from securing favorable lease terms to arranging unexpected perks.

This week, Ben gets candid about the lessons he’s learned over twenty years in real estate—and how the best advice always transcends the business. As a proud American Jew, Ben also reminds us to check in on Jewish friends and colleagues as fallout from the war in Israel continues to be felt around the world. Be present for one another—we are in this together.

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

Ten with Ben 021: Wrapping Up Q3 2023

Published October 27, 2023

In this week’s episode, Ben reflects on his two-decade-long journey as a tenant rep broker, shares current market conditions, and identifies recent challenges the industry is facing. From the bustling Fulton Market district to new activity throughout the Loop, get an expert view on what’s shaping Chicago’s office landscape. Post-pandemic, the deals may be smaller, but leases are being signed. Ben also touches on the perseverance of brokers, the importance of location to tenants, and just what makes Chicago such a dynamic and resilient city.

In the wake of the unprecedented terrorist attack that ignited war in Israel, we recognize this is a time of immeasurable grief and hardship for many around the world. Ben begins this week’s podcast expressing his feelings with an open discussion about his connection to Israel.

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

Bradford Allen Submits Plan for 300-Unit Mixed-Use Development in Arlington Heights, Ill.

Published October 5, 2023

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.

# # #

Editors:
For more information, contact Jeremy Barewin, jbarewin@taylorjohnson.com, (312) 267-4533.

CRE Office Pulse 008: Tracking Chicagoland’s Return to the Office

Published June 8, 2023

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

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.

Ten With Ben 017: Meet Eric Janssen

Published December 1, 2022

This week on Ten with Ben, we meet with Eric Janssen, president and founder of Chicago Real Estate Resources (CRER), a full-service commercial real estate firm with a focus on investment, retail, and office leasing and a fellow Chicago affiliate of TCN. Eric is an award-winning and well-traveled real estate professional with a multitude of diverse experiences under his belt and has been working in the Chicago market for over three decades. Expertly weathering the challenges in today’s market, Eric’s optimism encourages his brokers to adapt to the changes and persevere, noting “it always comes back.”

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

CRE Office Pulse 007: Chicago Remains a Top Prospect

Published November 21, 2022

For corporate headquarters decisions, Chicago ranks well among its competitors, and the reasons companies chose the city prior to the pandemic have remained relatively unchanged. The diverse talent pool, favorable location, extensive transit options and relatively less expensive cost-of-living creates an ideal situation for employers and employees. Even though the pandemic created a structural shift in the office market, companies continue to reaffirm their commitment to city, helping the long-term stability of Chicago’s CBD.

Read on to find out more

Client Success Story: Lindsay, Pickett & Postel, LLC

Published September 29, 2022

Lindsay, Pickett & Postel, LLC (LPP) was occupying two separate offices in the same building and wanted to consolidate to a single, high-class, high-rise space with east-facing views and abundant natural light. Bradford Allen identified suitable options, negotiated hard for client-friendly terms, and provided a solution for the client to sublease its existing spaces.

Watch the video to hear Managing Partner Christopher J. Pickett discuss working with the Azulay Team at Bradford Allen’s Tenant Representation Practice.

Industrial Real Estate & The Economy

Published September 3, 2022

Is the United States economy in a recession? What do the macroeconomic and industrial real estate market trends signal to us about evolving business conditions?

To understand the current state of the business cycle and the implications for industrial real estate, Bradford Allen’s Ronan Remandabran, Executive Managing Director and Industrial Market Leader, sat down with Neil Bouhan, BA’s Senior Managing Director of Research & Communications. Together they survey the sentiment and real estate supply dynamics in the logistics, warehousing, and manufacturing sectors. From capacity utilization and rental rates to tightening lending conditions and path for retail sales, Ronan and Neil ask—and answer—one of the most debated questions facing industrial real estate professionals today: Are we in a recession?

Ten with Ben 016: “Meet Ross Ford”

Published August 25, 2022

On Ten With Ben, we regularly speak with experts in their respective fields, but rarely has a guest come with such an immense amount of market knowledge. Ross Ford is a fourth-generation commercial real estate professional. And with nearly a quarter-century at the helm of TCN Worldwide, a consortium of independent commercial real estate firms, Ross has seen the ups and downs of several market cycles across every real estate segment. One lesson that holds true across time is that real estate is a “business of the moment.”

And in this particular moment–full of uncertainty and disruption and opportunity—the value of a professional broker/agent has never higher. We were excited to sit down with Ross and get his perspectives on the state of current market. We always learn something new and valuable speaking with Ross, and we know you will too.

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

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

On Material Handling Systems

Published April 24, 2022

Industrial real estate is a hot topic right now, but something people often overlook is the material handling systems to outfit their warehouse space. Over the last two years, supply and demand has effected most industries around us, and material handling systems are no exception. Matt Kapfhammer, Business Development Leader at Koppco Material Handling, is here to give his take on how to plan your warehouse space, when to start, and what type of gaps users may not be aware of when entering a new warehouse space as they grow and expand their business.

As Matt explains, the transition between material handling systems planning and the search for industrial real estate is not seamless. Often times, tenants will think of their material handling systems as a line item in their search for space when it should instead be a top priority. The industrial market is tight right now; five years ago, it was much easier to find space, but with fewer options today, you need to act quickly. Planning ahead for your racking needs will put you ahead of the game when four or five tenants fight for each space as it becomes available.

Timing is everything whether you are ordering new racking, buying used, or taking existing systems with you. Ordering new shelving can be costly and time consuming. With the price of steel soaring (up to $135/pallet now versus pre-pandemic costs around $60/pallet) and turnaround times taking anywhere from 12 to 30 weeks, tenants should contact professionals as soon as possible to begin the process. As Matt notes, some tenants will even order racking before their lease is signed or warehouse is built so they can hit the ground running. While there is risk in this, it usually makes the most sense.

The price per SF and building location are obviously key factors in any real estate search, but the end-product should be the goal. When developing a building, how you design the storage space, ceiling height, and column spacing in terms of machine navigation, employee requirements, and safety qualifications will make or break your relocation. Shelving is as important as the infrastructure of the building itself in the industrial real estate world.

Will there be a time when the material handling systems industry normalizes? Matt doesn’t think it will return to pre-pandemic lows anytime soon. Consumer needs drive the industrial market, and the online demand for goods will continue pushing the need for warehouse space and supplies.

Ten with Ben 015: “Meet Michelle Jones”

Published April 7, 2022

Today we are joined by Michelle Jones, Director of Interiors at Shive-Hattery. With over 20 years’ design experience, Michelle has always been driven by creating something new and bringing it to life — the office is an art form. With so many facets, there is always something to be learned throughout each project while staying on top of trends.

But in today’s ever-changing world, the biggest question seems to be, “how do we do the next project better?” Bringing an architect in from the beginning of your project is the best place to start. In order to create a true collaboration among office tenant and architect, timing is key. Even while touring space, Michelle suggests bringing your architect along to provide critical feedback and visionary tools to provide crucial elements in a thoughtful vision for your workplace.

It’s clear that the office is here to stay, so how do you build a space when you don’t know what the next five years will look like? Are there best practices for tenants to follow?

Michelle’s advice: start with asking how you’re going to use your space.

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

Bradford Allen represents Avenir in 10,000-square-foot headquarters relocation

Published April 7, 2022

NEW YORK, NY — Glenn Isaacson, President at Bradford Allen’s New York office, is pleased to announce the firm has assisted Avenir Growth Capital in a headquarters relocation to 817 Broadway in Greenwich Village. Isaacson was assisted in representing the tenant by associate Anthony Builder, while landlords Tactonic Partners, Nuveen Real Estate, and Squire Investments were represented by David Faulk, Jason Greenstein, Daniel Levine, and Jordyn Comras of Newmark.

Avenir will relocate from their seventh-floor space at 135 Fifth Avenue to the twelfth floor of 817 Broadway in a new five-year lease. The New York-based equity firm was founded in 2017 to focus on building a portfolio of high-growth, category-defining companies. The firm currently has over $2 billion in assets under management.

Ten with Ben 014: “Industrial Real Estate w/Ronan Remandaban”

Published February 3, 2022

There are no two ways about it—the industrial real estate market is on fire. It’s been the leading sector for a couple of years, owing to the pandemic and supply chain disruptions. Logistics have shifted from just-in-time to just-in-case, driving demand for localized warehousing and manufacturing space. Vacancy rates are at all-time lows, cap rates have plunged to low single digits, rents and construction costs are growing at a record-setting pace.

To understand these rapid changes and see where the industrial market can go from here, TWB sat down with Ronan Remandaban, Executive Managing Director and Industrial Market Leader at Bradford Allen. Ronan is a tech-savvy professional whose career has been dedicated to the industrial segment. He’s seen every type of deal and development over the course his 20 years in the business.

The current environment is all about being adaptive, whether that’s repurposing property or moving fast on transactions. Join us as Ronan and Ben discuss how we got here and what’s next for the industrial sector of commercial real estate.

The State of the Construction Industry

Published January 28, 2022

Supply chain disruptions and soaring commodities prices amid unprecedented demand for industrial real estate have massive implications for the construction industry. Asset values and rents are soaring, but so are costs. How should owners, tenants, and developers adjust to this new normal?

To understand the current state of the construction industry, Bradford Allen’s Ronan Remandabran, Executive Managing Director and Industrial Market Leader, sat down with Patrick Clay, a “recovering architect” and Director of Business Development at ARCO/Murray, a leading design-build firm. From secular shifts in product delivery models to adaptive re-use trends and the outlook for rising interest rates, the conversation is as informative as it is wide-ranging.

Ten with Ben 013: “Meet Aaron Zaretsky”

Published December 17, 2021

Real estate is a relationship business, but it’s not often you get to work with a lifelong friend. In this Ten With Ben episode we’re joined by Aaron Zaretsky, Leasing Director at Urban Innovations, an integrated real estate development company. Aaron’s path crossed with Ben’s more than 40 years ago, decades before either had closed a lease deal.

As these long-time friends catch up on the state of the market, Ben and Aaron discuss the importance of nurturing long-term relationships with clients. People have good memories, so how you treat them matters, especially when it comes to big moments like leasing office space. It may be an everyday experience for a broker, but not for most business owners.

And the relationship-building doesn’t end when the lease is signed. Being present for all stages of your client’s growth and being a trusted, ever-present partner are the foundations for success in commercial real estate, and in business in general.

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

CRE Office Pulse 005: Leaders & Laggards in the Pandemic

Published December 14, 2021

In our previous Office Pulse, we challenged the conventional view that the suburban Chicago office market was suffering from record-high vacancy rates brought on by the pandemic. In this follow-up, we set out to examine Chicago’s central business district (CBD) office market using a similar methodology to understand how the pandemic affected longer-term occupancy trends downtown. Chicago tenants are at a crossroads, and the data clearly reveal how Covid-19 caused a new disruption in the CBD.

Read on to find out more

Reducing Industrial Real Estate Taxes

Published December 8, 2021

Chicagoland’s prominence as a logistics and industrial hub benefits residents, employees, landlords, and tax authorities alike. It brings jobs, goods, new commerce, and tax revenues to the metropolitan area. However, the real estate and infrastructure supporting these industries are spread over multiple counties and across tax jurisdictions. To level the property tax playing field, Cook County offers a tax incentive program. Class 6B allows eligible Cook County industrial properties to apply for a reduced assessment level—from 25% fair market value down to 10% fair market value—which is meant “to attract new industry, stimulate expansion and retention of existing industry, and increase employment opportunities.”

To make sense of this incentive program and learn how to apply it in today’s real estate environment, Bradford Allen’s Ronan Remandaban, Executive Managing Director and Industrial Market Leader, sat down with tax and zoning expert Fred Agustin, attorney at Maurides, Foley, Tabangay, Turner, & Agustin. Fred explains what 6B status is, how to qualify, and discusses with Ronan the merits and best practices of the program. Join us for a timely and practical discussion about minimizing your tax liability in Cook County.

Bradford Allen’s Ben Azulay Re-Elected to TCN Board of Directors

Published November 9, 2021

Chicago, IL — Jeffrey A. Bernstein and Laurence B. Elbaum, Principals and Co-Founders of Bradford Allen, are pleased to announce the re-election of Ben Azulay, Principal at Bradford Allen, to the TCN Worldwide Board of Directors. Bradford Allen has been the Chicago office affiliate of TCN Worldwide since 2004, enabling comprehensive service to its clients locally, nationally, and internationally. In 2021, Bradford Allen became the New York affiliate with the opening of their downtown office at 745 5th Avenue, New York, NY. Ben’s involvement continues BA’s strong tradition of leadership within TCN as Laurence Elbaum served nine years on the Board of Directors, including four years as Chairman.

“We are thrilled that Ben was re-elected to the TCN Worldwide Board of Directors,” said Elbaum. “Ben has been an integral part of Bradford Allen for more than 17 years. In addition to his successful tenure as Regional Vice President for TCN’s Central Region, he has demonstrated his innate ability to lead with multiple TCN Team Player awards. I am proud to see him continue our firm’s tradition of leadership within TCN.”

Joining Bradford Allen in 2004, Ben has built a national client base by focusing on representing tenants whose operations are based in Chicagoland. Throughout his tenure with the firm, he has represented large users of office space in a wide variety of transactions that include GrubHub, Northwestern Mutual, and MedSpeed.

Ten with Ben 012: “Meet Tim Brigham”

Published October 29, 2021

In our latest episode, Ben sits down with Tim Brigham, all-star mortgage broker and BA client. With a competitive spirit and laser-sharp focus on his customer’s needs, Tim’s found a winning combination for success in real estate, and in life. In addition to managing Union Home Mortgage’s Chicago office, Tim runs the Superhero Collective, a non-profit that brings comic-book heroes to life for children’s hospitals all around Chicago.

Whether he’s swapping a business suit for a batsuit or locking-in fixed-rate financing for a new family’s first home, Tim’s authentic passion for people resonates with his customers and with us.

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

Bradford Allen Expands Brokerage Services to New York City, Appoints Glenn Isaacson as Regional President

Published October 19, 2021

New York, NY — Bradford Allen, a full-service, national commercial real estate services firm headquartered in Chicago, announced its expansion with the opening of a New York office and the strategic hiring of industry veteran Glenn Isaacson as President of the New York office. The announcement was made by the firm’s principals and founders, Jeffrey A. Bernstein and Laurence B. Elbaum.

Bradford Allen was co-founded in 2003 to fill the void between large commercial real estate providers and small boutique firms. Headquartered in the heart of downtown Chicago, the entrepreneurial firm has grown into a best-in-class brokerage offering a full array of services, including tenant representation, landlord representation, consulting and advisory services, property and asset management and construction and project management. With three offices in Chicago, the company is now comprised of over 100 professionals providing strategy, marketing, and transaction execution for occupiers and owners of commercial real estate.

Bradford Allen New York represents a return to Manhattan for the firm’s founders who began their real estate careers as a team at Walter & Samuels in 1992 and then at the Edward S. Gordon Company and Insignia/ESG. Bernstein and Elbaum completed more than seven million square feet of transactions while teamed in New York, and together helped shape the office landscape of Midtown South.

“Our return to the New York City market gives us the opportunity to introduce the differentiated Bradford Allen platform to the world’s most dynamic, vital business hub,” said Mr. Bernstein. “In this era of consolidation and mega-firms, we fill a void for principal-driven service and attention, and a commitment to excellence in all we do.”

Mr. Elbaum said the opportunity dovetails with Bradford Allen’s ability to secure Glenn Isaacson as principal and president of the New York operation. “We have confidence in Glenn to build and lead this office, to create a professional and collegial environment where experienced, talented and inspired real estate service experts can work together to craft and execute transactions that serve their clients’ business goals.”

One of the most accomplished professionals in New York commercial real estate, Mr. Isaacson brings 40 years of leadership and experience to his new role. Mr. Isaacson has held some of the most senior and prestigious posts at New York’s top real estate services firms, culminating as Vice Chairman at Cushman & Wakefield prior to his appointment as President of Bradford Allen New York. Recognized as both a strong manager and seasoned brokerage professional, Mr. Isaacson has completed more than 20 million square feet of leasing transactions. His customers include a large number of prominent owners and agencies, as well as esteemed tenants such as
Boston Consulting Group, Northwell Health, Avenues Schools, China Merchants Bank and Seyfarth Shaw. In addition, he is recognized for his work on behalf of respected nonprofit organizations such as Carnegie Hall Corporation, UJA Federation of Jewish Philanthropies, American Kennel Club and the American Foundation for AIDS Research (on whose board he now sits).

As President of Bradford Allen New York, he will be responsible for managing all brokerage services and company operations in addition to leading transactions with landlords and tenants, directing new business development, and assembling a group of top professionals to strengthen the firm’s position in the regional marketplace.

The process of forming the Bradford Allen New York team is under way with the hiring of Tony Builder as an Associate Broker and Kim Woodruff-Walker as office manager. Mr. Isaacson said he and his partners are meeting with several seasoned professionals to build out a strong core team.

“I’m excited by the opportunity to build Bradford Allen New York and lead the office forward through exceptional client servicing and top-talent recruiting,” adds Mr. Isaacson. “Over the course of my career, I’ve learned first-hand what works and what doesn’t work in the brokerage industry. Bradford Allen’s platform and efficient process is compatible with my own approach to transacting business, with a value proposition that combines the expertise of a large brokerage alongside the nimble mobility of a privately held firm. It’s the ideal time for Bradford Allen to plant its flag in the dynamic New York City market and the commercial real estate environment in this region is ripe for our future growth.”

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.

Ten with Ben 011: “Welcoming Laurence Elbaum, Co-Founder of Bradford Allen”

Published September 15, 2021

With 30 years of experience in commercial real estate, today’s guest knows what the fundamentals of the business are all about. Meet Laurence Elbaum, Principal and Co-Founder of Bradford Allen.

When he began Bradford Allen with business partner Jeffrey Bernstein in 2003, he was certain of just one thing: BA would succeed, because failure was not an option. That mindset has translated into a philosophy that continues to drive the firm today. Listen in as Larry explains why technology will not replace the ground work involved in CRE, the importance of knowing the value of a dollar for your client, and how our investment strategy changed during the course of the pandemic.

As BA’s suburban portfolio grows, the comparisons to downtown become more prevalent. While Chicago’s Loop has not seen the same return to work as many suburban buildings, Larry speculates that new changes will come as Gen Z’s presence emerges within the work force.

Ten with Ben 007: “Forecasting 2021”

Published January 7, 2021

Ben is back, and like most of us, he’s ready to leave 2020 in the rearview mirror! Kick off the new year with Episode 007 of Ten with Ben.

We all hope 2021 will bring lots of excitement, but like Ben says, even after 20 years in the industry, “You just never know!” Listen as he discusses the differences between speculation and reality, why there is no doubt companies will come back to the office (eventually), and what “pent-up demand” means. Even after the COVID-19 vaccine is widely available, it won’t just be like flipping a switch getting back to our normal routines. Office schedules will still vary through at least the next 18 months.

The year will bring uncertainty, but more importantly, it will bring evaluation and opportunities to both landlords and tenants.

Bradford Allen hires Alex Gordon to expand Downtown Agency Leasing team

Published January 5, 2021

Chicago, IL – Andy DeMoss, Senior Managing Director, Downtown Agency Leasing at Bradford Allen, is thrilled to announce that Alex Gordon has joined the firm.

Gordon is the most recent addition to Bradford Allen’s Agency Leasing practice. Prior to joining Bradford Allen, Alex was an “in-house” leasing agent at Golub & Company, where he was responsible for the leasing of 300 S. Wacker, 444 N. Michigan, 111 W. Washington, 625 N. Michigan, and 680 N. Lakeshore. Previously, he was an assistant property manager with Tishman Speyer, where he worked on 525 W. Monroe and 190 S. LaSalle.

“I am very excited to join Bradford Allen, as they have a stellar reputation and significant presence in the Downtown Chicago market, and I’m equally as excited to work alongside Andy,” said Gordon.

“The addition of Alex rounds out the experience level on our team nicely. He will be working with me on our newest assignments, One North LaSalle and 180 North Wacker Drive,” added DeMoss.

VIDEO — BA InFocus 001: “On Cold Storage”

Published October 7, 2020

In our debut episode of In Focus, Rhea Stephen and Ronan Remandaban are joined by Amit Hasak, CEO of Transship, to talk cold storage. From refrigerators to shipping cargo containers, cold storage is an integral part of the food supply chain, especially with the global consumption of frozen foods. However, as our speakers discuss, there is a deficit in available cold storage space, both locally and nationally, and not all industrial or warehouse space can be converted to cold storage space. Listen as they talk pros and cons.

BA’s John Millner Named President, CCIM, IL Chapter for 2020

Published March 13, 2020

CHICAGO, IL – Jeffrey A. Bernstein and Laurence B. Elbaum, Principals and Co-Founders of Bradford Allen, are excited to announce that John Millner, Managing Director with Bradford Allen’s Agency Leasing practice, has been named President of CCIM’s Illinois Chapter for the 2020 term. Millner has served on CCIM’s Board of Directors as an Executive Member since 2018.

“I’m excited to take on the challenges and responsibilities of this new role and honored to continue serving such an integral organization within the commercial real estate industry. CCIM’s mentorship, education services, and networking opportunities are invaluable resources to our community, and I look forward to growing our services and outreach in the coming year,” said Millner of his appointment.

Millner joined Bradford Allen in 2009 and has become a key member of the Oak Brook-based brokerage team in the years since. John specializes in medical office and traditional office agency leasing, representing approximately 2,000,000 square feet of product in suburban Chicago. Recently, John increased the occupancy of 4355 Weaver Parkway in Warrenville from 59.5% to 100%, completing 24,320 square feet of new leases in just nine months. In Hinsdale, John improved the occupancy of 908 & 911 North Elm Street by 21% through signing 53,000 square feet of new and renewal leases.

About CCIM
CCIM stands for Certified Commercial Investment Member. CCIM designees are recognized as leading experts in commercial investment real estate. Above all, the CCIM designation represents proven expertise in financial, market, and investment analysis, in addition to negotiation. CCIM designees are able to help their clients minimize risk, enhance credibility, make informed decisions, and close more deals. For more information, visit ccimilchapter.org.

Bradford Allen Promotes Dan Fernitz to Suburban Market Leader

Published February 25, 2020

CHICAGO, IL – Jeffrey A. Bernstein and Laurence B. Elbaum, Principals and Co-Founders of Bradford Allen, are pleased to announce that Executive Managing Director Dan Fernitz has been promoted to Suburban Market Leader. Fernitz, formerly with JLL, joined Bradford Allen in 2017 to lead the Agency Services practice, bringing over 30 years of experience in the commercial real estate industry to the firm. In his new role, Fernitz will manage Bradford Allen’s suburban brokerage offices, overseeing the realty services division for the firm’s growing Oak Brook-based brokerage team.

“Jeff and I could not be happier with Dan’s performance. Dan has proven to be a true leader, and we have the utmost confidence in him to build our overall suburban brokerage presence, as he has demonstrated in his ability to grow our Suburban Agency practice,” said Elbaum.

Prior to joining Bradford Allen, Fernitz managed the Suburban Chicago JLL leasing team for 13 years — and was directly responsible for growing their office leasing portfolio from 1.5 million to over 10 million square feet.

“I look forward to the continued growth of our Agency and Tenant Representation teams in the Chicago Suburbs. We are a collaborative group of professionals providing best-in-class services for our clients,” added Fernitz.

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