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.
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:
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:
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.
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Editors:
For more information or to schedule an interview, contact Patty Cronin, pcronin@taylorjohnson.com, (312) 267-4513.
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.
CHICAGO, IL — Bradford Allen has announced a new 10,866-square-foot lease with Comprehensive Gastrointestinal Health at Edens Corporate Center in Northbrook, Illinois. The practice, which provides integrated care for digestive health, will establish a new location at the Class A office property. Scott Kulberg of Resolution Tenant Advisors represented the tenant, while Joel Berger of Bradford Allen, represented ownership.
“Edens Corporate Center continues to attract tenants seeking professional, high-quality space in a well-connected North Shore location,” said Berger. “This lease reflects the property’s appeal to both medical and professional users who want updated space, accessible parking, and proximity to their clientele.”
The deal with Comprehensive Gastrointestinal Health is part of a recent wave of leasing activity at the property. Recently signed new tenants also include &Partners, Chicago Title Insurance Company, and Pure Financial. The building has also secured renewals with several long-term tenants, including IFMK Law — which recommitted to 10,000 square feet — as well as CTE Global, Mason Wenk & Berman, JVC Management, and Chapman Partners.
Edens Corporate Center offers flexible floor plans, modernized common areas, and a convenient location just off the Edens Expressway. Its strong leasing performance highlights continued demand for well-managed suburban office space tailored to evolving tenant needs.
About Bradford Allen
Bradford Allen is a national commercial real estate firm headquartered in 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 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:
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.
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Editors:
For more information or to schedule an interview,?contact David Matthews, dmatthews@taylorjohnson.com, (312) 267-4523.
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.
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.
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.
As top subject matter experts, Bradford Allen leaders are regularly asked to contribute to the industry conversations shaping the future of commercial real estate. Andy Gush, Vice President, Development, recently participated in the “High-Rise Development in the Midwest: Past, Present, Future” panel at Chicago Build 2024. Industry experts, including George Phillips Sorich of NORR, Jason Wilen of Klein & Hoffman, and John Peronto of Thornton Tomasetti, joined him in conversation.
Andy Gush, Bradford Allen’s Vice President, Development, discussed future developments in the Midwest at Chicago Build 2024, highlighting Arlington Med, our innovative redevelopment of the former Daily Herald building into a state-of-the-art medical office facility.
Photo by Guillermo Pizano Nuñez & Bradford Allen.
The panel provided a comprehensive overview of the evolving landscape of high-rise development in the Midwest, focusing in on economic trends, the increasing emphasis on sustainable building practices, and the necessity for adaptive reuse of the built environment. Reuse strategies are the most effective means of managing our carbon footprint, and recycling structure is a requisite step on the path to a climate-friendly future.
Among the pipeline projects discussed in the panel was Arlington Med, part of the first phase of Bradford Allen’s master-planned redevelopment of the south gateway to Arlington Heights, Illinois. The project includes a gut-rehabilitation of the 150,000-square-foot former Daily Herald building to a state-of-the-art medical office facility. As Gush noted in the panel, Arlington Med addresses the need for custom tenant solutions in the healthcare space, prioritizing the patient experience in all aspects of the buildout.
Panelists shared further insight into the challenges developers face, such as navigating complex zoning regulations and securing financing for ambitious projects. They also explored the importance of collaboration among architects, engineers, and developers to create spaces that meet the evolving needs of communities.
Our developments reflect our steadfast approach to building spaces that address market demands while being mindful of the communities they serve. For more information on Arlington Med and to read about our continuing commitment the Village of Arlington Heights, visit www.arlingtonmed.com.
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.
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.
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.
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.
Former Sterling Bay executive will oversee adaptive reuse, renovation, and new construction of residential and commercial real estate
CHICAGO, IL — BA Development Company today announced industry veteran Michael Cannon has joined the firm as senior managing director, overseeing adaptive reuse, renovation, and new construction of residential and commercial real estate. Before joining BA Development Company, Cannon was a vice president with Sterling Bay, where he managed the development of life science and other office properties as well as multifamily projects in Chicago and other major U.S. cities.
“Michael has vast knowledge of the construction industry and a proven track record of leadership and success building new developments in the U.S. and internationally,” said Jeff Bernstein, principal and co-founder of Bradford Allen. “As we identify more opportunities for ground-up construction or capital improvements in the office, retail, multifamily, and industrial sectors, Michael is a natural fit to help us accelerate our pipeline of large-scale projects in top-tier markets across the country.”
Cannon will manage design, construction, and consulting teams through every stage of the development process, from pre-construction to completion. He will play a pivotal role in several of BA Development Company’s current high-profile new construction and adaptive reuse projects in Illinois, Indiana, Florida, and Tennessee, including a mixed-use project in Arlington Heights, Ill., featuring 300 apartments, 25,000 square feet of retail and a 150,000-square-foot medical office complex known as ArlingtonMed.
Before Sterling Bay, Cannon served as senior development manager with Chicago-based Golub & Company, where his accomplishments included the successful adaptive reuse of Chicago’s Tribune Tower from office space to luxury condominiums and upscale retail on the Magnificent Mile. He also completed development of 1001 South State, a 40-story, 397-unit luxury apartment tower in Chicago’s South Loop.
His other roles included founding Viridios, Ltd., where he supervised the construction of a $225 million power plant in Kuwait, and project manager with ARCH Consultants, Ltd.
Cannon’s roots are in construction, having established his own firm in Chicago soon after finishing his undergraduate degree. After building a foundation in the industry, he pursued law school and transitioned for a time to a legal career, focusing on construction transactions and litigation.
He holds a B.A. from the University of Texas at Austin and a Juris Doctor from Loyola University Chicago. Cannon has been a LEED-accredited professional since 2004, is admitted to the Illinois State Bar and the United States District Court for the Northern District of Illinois and is president of the Old Irving Park Association.
About Bradford Allen:
Bradford Allen (BA) is a commercial real estate firm based in the heart of downtown Chicago. Founded in 2003 by principals Jeffrey Bernstein and Laurence Elbaum as an office brokerage, the firm has grown into a vertically integrated commercial real estate company, offering a full array of services and expertise across multiple U.S. markets to entrepreneurial, corporate and not-for-profit clients, including strategy, marketing and transaction execution for occupiers, investors and owners. For more information, visit bradfordallen.com.
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.
20-year veteran of property and construction management will oversee firm’s national office portfolio
CHICAGO, IL — Bradford Allen, a national full-service real estate firm, today announced Jennifer Murphy has joined the firm as president of management services. In this role, Murphy will be responsible for managing Bradford Allen’s growing portfolio of office properties in Chicago and nationally. She will report to Brian Dovalovsky, senior managing director of Bradford Allen, and be based in the firm’s downtown Chicago headquarters.
“Jennifer’s appointment is strategically timed with the growth of our national office platform as we continue to acquire, improve and lease up high-quality assets in desirable markets across the country,” said Dovalovsky. “In today’s ever-evolving workplace landscape, she will be instrumental in helping us meet demand for modern, experiential office environments that are highly functional for occupiers and profitable for ownership.”
A 20-year veteran of property and construction management, Murphy has helped launch and reposition large-scale office properties, leveraging state-of-the-art technologies, lifestyle-oriented amenities and best-in-class services to enhance marketability and drive operational performance. She previously spent 16 years at Hines Interests Limited Partnership, most recently serving as senior construction manager for Salesforce Tower Chicago, the 1.2 million-square-foot high-rise at 333 W. Wolf Point Drive in downtown Chicago. In that role, Murphy oversaw the base building construction and managed the construction, FF&E and transition to operations for the tower’s 20,000-square-foot amenity suite, which includes conference facilities, a full-service fitness center, tenant lounges and more.
Prior to her work on Salesforce Tower, she was general manager for 333 W. Wacker Drive (890,000 square feet), which followed successful management roles at 1 S. Dearborn St. (870,000 square feet), 101 N. Wacker Drive (600,000 square feet) and other properties owned by Hines. She also was property operations manager for Northwestern Memorial Hospital.
Murphy holds an MBA with distinction from DePaul University’s Kellstadt Graduate School of Business, with a focus on real estate finance and investment. She earned her bachelor’s degree with honors in civil engineering, with a specialty in structural engineering and a minor in urban and regional planning, from the University of California, Irvine. She is a licensed real estate broker in Illinois and holds an EIT license in California.
About Bradford Allen:
Bradford Allen (BA) is a commercial real estate firm based in the heart of downtown Chicago. Founded in 2003 by principals Jeffrey Bernstein and Laurence Elbaum as an office brokerage, the firm has grown into a vertically integrated commercial real estate company, offering a full array of services and expertise across multiple U.S. markets to entrepreneurial, corporate and not-for-profit clients, including strategy, marketing and transaction execution for occupiers, investors and owners. For more information, visit bradfordallen.com.
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.
CHICAGO, IL — September 6, 2023 — Bradford Allen, a national full-service commercial real estate firm, today announced the leasing of 15,000 square feet at Edens Corporate Center in Northbrook, Illinois, a northern suburb of Chicago. Senior managing director Joel Berger represented ownership in an expansion for MyHome Protection and separate transactions that welcomed Cedar Pine Capital and Beyond Finance to the building.
Current tenant MyHome Protection—which originally took 6,614 square feet of space in November 2022—has completed a direct expansion and extension for 3,641 square feet, which brings its total to 10,255 square feet.
Cedar Pine Capital leased approximately 6,000 square feet of high-end space, citing the quality of the property, its curb appeal, an enticing new amenity center, and the strategic location as prime selling points. The deal was finalized in a direct transaction.
Beyond Finance was quick to seize a 5,500-square-foot move-in-ready suite. This swift move caters to their local executive team, who had previously commuted downtown. Securing the lease within just two weeks, Darryl Silverman of Colliers represented Beyond Finance.
“Since taking on representation of Edens Corporate Center two years ago, our focus has been offering tailored solutions that respond to unique tenant needs,” said Berger. “The quick leasing agreements we’ve secured with Cedar Pine Capital and Beyond Finance are prime examples. Whether it’s high-end, custom spaces or move-in-ready suites for a rapidly expanding business, our approach is resonating with tenants looking for something beyond the typical offerings in the North Suburban market.”
These leases emphasize Edens Corporate Center’s commitment to delivering a superior customer experience—blending urban convenience, curb appeal, and a prime location to meet the high standards of today’s premier businesses.
About Bradford Allen
Bradford Allen is a national commercial real estate firm based in the heart of downtown Chicago. The company offers a full array of brokerage services and expertise to entrepreneurial, corporate, and not-for-profit clients. Services include strategy, marketing, and transaction execution for occupiers, investors, and owners of commercial real estate. Bradford Allen is the brand name of Bradford Allen Realty Services.
Bradford Allen is pleased to share with you our latest office market report.
This quarter in the downtown office market:
Absorption levels turned positive in Q2/23, as more than 64,000 square feet of office space was absorbed this quarter—a significant improvement compared to the negative 1.8 million square feet of absorption in Q1.
Direct vacancy rate remained steady, sitting at 19.2%.
The gross asking rate for the market is $44.25 p.s.f.
Available sublease space increased to 7.8 million square feet in Q2/23.
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.
CHICAGO – February 7, 2023 – Jeffrey A. Bernstein and Laurence B. Elbaum, principals and co-founders of Bradford Allen, are pleased to announce Danielle Morse has been named Senior Managing Director and will lead Bradford Allen Investment Advisors’ (BAIA) multifamily investment platform.
In this role, Danielle will manage the multifamily acquisitions program from deal sourcing to closing. Consistent with BA’s vertically integrated investment philosophy, she will also supervise the portfolio’s in-house asset and property management teams.
“We couldn’t be happier that Danielle is bringing her passion, extensive experience, and creativity to BAIA,” said founder Jeff Bernstein. “As we expand into new product segments, having a deep bench of experts with successful track records allows us to scale up nimbly and confidently. Danielle’s entrepreneurial approach, local market knowledge, and transactional experience are a great fit for what we’re trying to accomplish.”
In addition to her over two decades of experience in multifamily acquisitions and operations, she is an accomplished professional artist.
About Bradford Allen Investment Advisors
Founded in 2013, currently with over $4bn in assets under management and over 3 million square feet of real estate, Bradford Allen Investment Advisors (BAIA) is an alternative asset manager specializing in commercial real estate and private placements. A wholly owned subsidiary of Bradford Allen—a vertically integrated real estate firm—BAIA provides end-to-end real estate transaction and management solutions for multifamily, commercial office, and mixed-use development across the US. The firm’s roots are in brokerage and property operations, a lineage that traces back to 2003 when the firm’s principals—Jeffrey Bernstein and Laurence Elbaum—founded Bradford Allen Realty Services.
CHICAGO, IL — Joel Berger and Craig Nadborne, Senior Managing Directors at Bradford Allen, represented Restoration Builders in the relocation and expansion of the repair and restoration company’s Midwest corporate office. Previously located in Elmhurst, Restoration Builders will now office out of a 10,000-square-foot space at 263 Shuman Boulevard in Naperville, Illinois.
Known as The Shuman, the recently redeveloped 350,000-square-foot office building delivers an urban vibe to the suburban office landscape, promising tenants the most comprehensive workplace experience outside of the Chicago CBD. Kellen Monti of JLL represented the building in the sublease of the space.
“We were thrilled to help place Restoration Builders in such a terrific, modern space. The relocation is a great example of what we’re seeing more and more—companies searching out amenity-laden spaces in Class A buildings to entice workers back to the office full time. The Shuman offers an environment that gets tenants excited about coming to work,” said Berger.
CHICAGO, IL — Jeffrey A. Bernstein and Laurence B. Elbaum are pleased to announce that Managing Director Jonathan Seeley successfully assisted American Blues Theater with the purchase of their new location at 5627 N. Lincoln Avenue after vacating their former home at 4809 N. Ravenswood Avenue. Previous ownership was represented in the transaction by Mark Kishtow and Mark Jones of Jameson Commercial Real Estate.
Built in 1985, the 10,844-square-foot property sits on an 18,000-square-foot lot in a densely populated section of Chicago’s Near Northwest neighborhood. The all-masonry construction features a single-story open floorplan with 12-foot clear height, essential for accommodating the theater’s performances. Additionally, the property offers an attractive 168 feet of frontage along Lincoln Avenue, a main traffic artery serving the Lincoln Square and Andersonville neighborhoods.
“After performing a full search of the market to determine alternate options, it was clear that 5627 N. Lincoln was the best fit for the unique use case of American Blues Theater. We pursued the purchase of the building with earnest and closed within 90 days of going under contract,” said Seeley.
Winner of American Theatre Wing’s prestigious National Theatre Company Award, American Blues Theater is a premier arts organization exploring the American identity through the plays it produces and communities it serves. American Blues Theater follows three guiding values both on and off its stages–to be accessible, responsible, and true. Chicago’s second-oldest AEA Ensemble theater, the American Blues Theater and its artists have received 221 Joseph Jefferson Awards and nominations that celebrate excellence in Chicago theater and 40 Black Theater Alliance Awards.
About Bradford Allen
Bradford Allen is a national commercial real estate firm based in the heart of downtown Chicago. The company offers a full array of brokerage services and expertise to entrepreneurial, corporate, and not-for-profit clients. Services include strategy, marketing, and transaction execution for occupiers, investors, and owners of commercial real estate. Bradford Allen is the brand name of Bradford Allen Realty Services.
CHICAGO, IL — Jeffrey A. Bernstein and Laurence B. Elbaum, Principals and Co-Founders of Bradford Allen, are pleased to announce that Senior Managing Director Joel Berger and Associate Jake Blesi have leased over 38,000 SF at Edens Corporate Center, 630 & 650 Dundee Road in Northbrook, IL, just six months after being named the exclusive leasing agent.
In addition to the prime location and best-in-class amenities, Berger attributes the robust leasing momentum to a dedicated focus on tenant needs, creative thinking, and deep knowledge of the North Suburban market.
“We have only represented Edens Corporate Center since the fall of 2021, and our goal was to be known as the nicest, most responsive, and most creative building in the market. Most of the I-94 North Suburban market is institutional landlords who are slow to respond to changing tenant needs and tend to think linearly. We listen, are highly responsive to tenants, and like to think creatively to find solutions. Our immediate success shows our approach works. There is certainly a tenant need in the area for responsive and dynamic landlords and landlords’ agents.”
Bradford Allen’s successful leasing program has meant growing economic opportunities and job creation for the North Suburban market. In addition to an 18,000-SF renewal for marketing firm Blue Chip Marketing Worldwide, and a 3,700-SF renewal for law firm Mason, Wenk & Berman, L.L.C., there were three new leases at the property: RHM Staffing Solutions, 7,800 SF; Velos Wealth Management, 2,600 SF; and Phase3 Capital Management, 3,500 SF. Additionally, existing tenant TriGran Investments, Inc., 2,800 SF, extended and expanded its lease.
About Bradford Allen
Bradford Allen is a national commercial real estate firm based in the heart of downtown Chicago. The company offers a full array of brokerage services and expertise to entrepreneurial, corporate, and not-for-profit clients. Services include strategy, marketing, and transaction execution for occupiers, investors, and owners of commercial real estate. Bradford Allen is the brand name of Bradford Allen Realty Services.
Suburban Chicago’s office vacancy rates may seem historically high, but the headline numbers overlook key details about the marketplace. Large, low-quality properties are having an outsized effect on the averages. Removing these “zombies” from the data shows the market is more competitive than you think.
CHICAGO, IL — John Butler, Executive Managing Director of BAIA, is pleased to announce the acquisition of Edens Corporate Center at 630 & 650 Dundee Road in Northbrook, IL. Bradford Allen Realty Services will be the leasing agent, and Bradford Allen Management Services will be the property manager.
Built in 1988, the recently renovated property is a Class A, 187,509-square-foot suburban office building located immediately right off of the Edens Expressway/Interstate 94, the main highway north from the city of Chicago. Joel Berger, Senior Managing Director, and Jake Blesi, Associate, will lease the four-floor property, which currently offers 56,000 square feet of vacancies and an underway spec suite, as well as move-in ready options for tenants. The complex features a 122-car, below-ground, heated, executive parking garage; a one-of-a-kind outdoor meeting facility; recently modernized lobbies, lavatories, and common areas, along with a fitness center and yoga studio.
“The property is unique within the Skokie Boulevard submarket. It is easily the best option for the smaller and mid-sized tenants, with each floor having two wings that offer flexible space designs with a great window line. The proximity to walkable amenities coupled with the underground garage, the renovated common areas, indoor and outdoor conference facilities, fitness center, and Once Upon a Bagel as the on-site food service, make Edens Corporate Center the best value in the submarket,” said Berger.
“We just signed our first new lease with Phase 3 Capital Management for 3,500 RSF last week and have another lease out for signature. The North suburbs have continued to perform well this year, and we were so excited to have had the opportunity to acquire one of the best buildings in the North Market. Our planned upgrades to the tenant amenities—along with the engaged, flexible, and local ownership—will help the property attract dynamic new tenants in the area,” added Butler.
About Bradford Allen Bradford Allen is a national commercial real estate firm based in the heart of downtown Chicago. The company offers a full array of brokerage services and expertise to entrepreneurial, corporate, and not-for-profit clients. Services include strategy, marketing, and transaction execution for occupiers, investors, and owners of commercial real estate. Bradford Allen is the brand name of Bradford Allen Realty Services.
CHICAGO, IL — Jeffrey A. Bernstein and Laurence B. Elbaum, Principals and Co-Founders of Bradford Allen, are pleased to announce that Senior Managing Director Joel Berger has completed five transactions totaling 35,539 SF at 570 Lake Cook Road in Deerfield, IL.
Banner Real Estate Group (represented by Randy Bowles and Steve Levitas of Newmark) signed a new lease for 2,750 SF. Align Business Finance (represented by Sam Grossman of The Fairchild Group) signed a lease expansion and renewal for 4,986 SF. Completed lease renewals included DD&A for 2,003 SF, Sedgwick Claims Management Services (represented by Paul Diederich of CBRE) for 9,323 SF, and Vail Systems, Inc. (represented by Dan McCarthy and Phil Geiger of JLL) for 16,477 SF.
“The recent volume of leasing activity is a testament to the new ownership’s commitment to positioning 570 Lake Cook Road as a best-in-class property. The onsite Lake Cook Metra Station coupled with the underground parking garage are significant differentiators from the property’s competition and make 570 a better value,” said Berger.
About Bradford Allen Bradford Allen is a national commercial real estate firm based in the heart of downtown Chicago. The company offers a full array of brokerage services and expertise to entrepreneurial, corporate, and not-for-profit clients. Services include strategy, marketing, and transaction execution for occupiers, investors, and owners of commercial real estate. Bradford Allen is the brand name of Bradford Allen Realty Services.
Chicago, IL — Jeffrey A. Bernstein and Laurence B. Elbaum, Principals and Co-Founders of Bradford Allen, are pleased to announce that Senior Managing Director Joel Berger has completed a 16,500-square-foot renewal lease between Vail Systems, Inc. and the ownership of 570 Lake Cook Road in Deerfield, IL. Vail, a long-time tenant and the second-largest in the building, signed a five-year renewal. Dan McCarthy of JLL represented Vail in the transaction.
“The ownership was thrilled that Vail decided to renew at 570 Lake Cook Road,” said Berger. “I believe Vail placed value on having the Metra platform attached to the building’s parking lot, the underground heated parking garage, and ownership’s commitment to upgrading the property overall.”
Founded in 1991, Vail Systems is a telephony software and cloud services company that uses its advanced technology to enhance billions of customer conversations every year. Vail is committed to creating business value for clients and growth opportunities for employees by developing solutions that inspire people to interact freely and authentically.
“We are so happy that Vail Systems decided to renew at 570,” said Elbaum.
“Vail’s decision to remain at 570 has reconfirmed our belief in the building’s value proposition and the amenities that set it apart from its direct competition,” added Bernstein.
About Bradford Allen Bradford Allen is a national commercial real estate firm based in the heart of downtown Chicago. The company offers a full array of brokerage services and expertise to entrepreneurial, corporate, and not-for-profit clients. Services include strategy, marketing, and transaction execution for occupiers, investors, and owners of commercial real estate. Bradford Allen is the brand name of Bradford Allen Realty Services.
Chicago, IL — Jeffrey A. Bernstein and Laurence B. Elbaum, Principals and Co-Founders of Bradford Allen, are pleased to announce that Managing Director Norm Murdoch completed a new 10,500-square-foot lease between Parkway Dental Services, LLC and the ownership of 501 West Lake. Parkway, a dental supplies and equipment provider, signed a seven-year lease for their first Illinois location.
“Parkway Dental sought a centrally located property within the Chicagoland suburbs with easy access for both clients and staff. In addition, they wanted the ability to be up and running quickly. We were excited to be able to fulfill both requirements with 501 West Lake, which is highly accessible to I-290, 1-294, and Route 83, in addition to its close proximity to the downtown Elmhurst Metra. It also happens to have been previously occupied by a tenant in the same industry, so the existing conditions were ideal for Parkway’s needs,” explained Murdoch.
Parkway was founded in New Jersey in 1975 and remains a family-operated business to this day. Serving the New Jersey, Delaware, and Eastern Pennsylvania dental community for over 40 years, their commitment to delivering a great experience for the dental team has allowed them to grow into a regionally known, highly respected, full-service provider of dental supplies and equipment.
“This transaction highlights Norm’s instincts and deep market knowledge. His understanding of the tenant’s needs, coupled with his awareness of the unique attributes of this particular space, allowed him to structure this deal to the benefit of both parties,” said Elbaum.
About Bradford Allen Bradford Allen is a national commercial real estate firm based in the heart of downtown Chicago. The company offers a full array of brokerage services and expertise to entrepreneurial, corporate, and not-for-profit clients. Services include strategy, marketing, and transaction execution for occupiers, investors, and owners of commercial real estate. Bradford Allen is the brand name of Bradford Allen Realty Services.
Chicago, IL — Jeffrey A. Bernstein and Laurence B. Elbaum, Principals and Co-Founders of Bradford Allen, are pleased to announce that Joel Berger, Senior Managing Director, completed a 23,000-square-foot lease (12,000-square-foot renewal and 11,000-square-foot expansion) for Professional Wealth Advisors (PWA) at 2655 Warrenville Road in Downers Grove, IL. The building is owned and leased by Transwestern Investment.
“Professional Wealth Advisors’ recent merger with HighPoint Planning Partners was a significant expansion and a real game changer for the industry. We were pleased to be able to support that rapid growth by nearly doubling the size of their footprint at their current Downers Grove space,” explained Berger.
Professional Wealth Advisors was founded in 2015 by three partners seeking to structure a financial services platform to make independence for advisors more gratifying. PWA provides support in navigating the challenges, regulatory pressures, technology, and infrastructure necessary to provide high-quality service to clients and families. Upon the completion of the HighPoint merger, the firms will together manage over $8.5 billion in total client assets and support more than 200 financial advisors.
“Joel, an industry veteran, has continued to provide outstanding client service throughout the pandemic. Jeff and I are proud of Joel and the professionalism he delivers day in and day out,” said Elbaum.
About Bradford Allen Bradford Allen is a national commercial real estate firm based in the heart of downtown Chicago. The company offers a full array of brokerage services and expertise to entrepreneurial, corporate, and not-for-profit clients. Services include strategy, marketing, and transaction execution for occupiers, investors, and owners of commercial real estate. Bradford Allen is the brand name of Bradford Allen Realty Services.
Chicago, IL – Jeffrey A. Bernstein and Laurence B. Elbaum, Principals and Co-Founders, are pleased to announce that Senior Managing Director Joel Berger has completed a 22,916-square-foot lease renewal on behalf of Cinch Connectivity Solutions, Inc. The electrics manufacturer signed a six-year lease extension to remain in their offices at 1700 S. Finley Road in Lombard, IL, where they have been a tenant since 2001. Pete Adamo and Bill Elwood of CBRE represented the landlord, Group RMC.
“Like a number of companies, Cinch was left with unused office space as a direct result of the Covid-19 pandemic and our new normal of a substantial work-from-home culture. But as the vaccines continue to roll out and our economy begins to bounce back, we all agreed the space wouldn’t be underutilized for much longer. With the market still in recovery, it was the perfect time to lock down an extended renewal at favorable terms for the tenant,” explained Berger.
A member of the Bel Group, Cinch Connectivity Solutions has been providing custom engineered solutions for over 100 years. The vertically integrated supplier focuses on high-performance electric connectors and cable assemblies to support military, wireless communications, aerospace, data networking, telecommunications, and harsh-environment use applications.
“Joel is a veteran of the industry and has earned a reputation as a true professional in every sense of the word. Jeff and I are very proud of Joel. We are living in very challenging times, and he continues to provide service at the highest level regardless of the circumstances,” said Elbaum.
About Bradford Allen
Bradford Allen is a national commercial real estate firm based in the heart of downtown Chicago. The company offers a full array of brokerage services and expertise to entrepreneurial, corporate, and not-for-profit clients. Services include strategy, marketing, and transaction execution for occupiers, investors, and owners of commercial real estate. Bradford Allen is the brand name of Bradford Allen Realty Services. For more information, visit bradfordallen.com.
Chicago, IL – John Butler, Executive Managing Director of BAIA, is proud to announce the acquisition of 570 Lake Cook Road in Deerfield, IL. Bradford Allen Realty Services will be the leasing agent, while Bradford Allen Management Services will be the property manager.
Built in 1984, the newly renovated property is a 137,492-square-foot suburban office building located at the Lake Cook Metra stop. Joel Berger, Senior Managing Director, and Matt Alexander, Managing Director, will lease the four-story property, which currently offers 40,000 square feet of vacancies, an underway spec suite program, and move-in ready options for tenants. A new lounge and state-of-the-art conference facilities were also recently implemented. Situated less than two miles from I-94 and I-294, its prominent frontage along Lake Cook Road is seen by 36,000 vehicles each day.
“The property is really a hidden gem within that market. It is far and away the best option for smaller and mid-sized tenants, with each floor having two wings that offer flexible space size with a great window line. It’s attached to the Metra station and offers wonderful proximity to walkable amenities, in addition to building amenities,” said Berger.
“We just renewed Sedgwick Claims Management Service on a 10,000-square-foot lease, and we’re set for continued success through the coming year. The heated, underground parking and top-floor solarium lounge are both really significant perks at this price point and make for an attractive option to tenants,” added Berger.
About Bradford Allen Bradford Allen is a national commercial real estate firm based in the heart of downtown Chicago. The company offers a full array of brokerage services and expertise to entrepreneurial, corporate, and not-for-profit clients. Services include strategy, marketing, and transaction execution for occupiers, investors, and owners of commercial real estate. Bradford Allen is the brand name of Bradford Allen Realty Services.
