commercial real Estate

C&W Represents KBS in Major Lease of 500 W. Madison to Accenture

CHICAGO – July 10, 2019 -- Cushman & Wakefield and KBS, one of the largest owners of commercial real estate, announced today that 500 West Madison in Chicago will become Accenture Tower, pending city approval. Accenture PLC, a leading global professional services company that provides a broad range of services and solutions in strategy, consulting, digital, technology and operations around the world, expanded its lease at the property by 152,454 square feet and now leases a total of 226,486 square feet, making it the anchor tenant of the building. The property is owned by KBS Real Estate Investment Trust III. Wendy Katz, Executive Director, and Matt Lerner, Senior Director, of Cushman & Wakefield represented KBS in the transaction. Accenture Tower is a 40-story, 1.47-million-square-foot asset located in Chicago’s West Loop. The post-modern styled building sits above Ogilvie Transportation Center, one of the main suburban train stations connecting downtown Chicago to [...]

Short-Term Rentals: The Next Evolving Asset Class

CHICAGO, July 9, 2019 – The multifamily sector has become increasingly diversified over the past decade, with niche asset classes such as student housing, senior housing, coliving and micro-units garnering major investor interest. Short-term rentals appear to be the next wave according to a report released today by Cushman & Wakefield, Short-Term Rentals: The Next Evolving Asset Class, as new players in the homeshare marketplace have scaled the concept in recent years to institutional investment-grade multifamily assets. While the short-term rental concept has existed in a limited format for decades—with small local operations and corporate housing outfits dotting the nation—homeshare platforms like Airbnb and VRBO have revolutionized the market, steadily becoming a primary means of travel lodging for the common consumer—attaining over 500,000 average stays per night by 2018. At the same time, the 2010s real estate cycle saw a wave of new Class-A apartment buildings delivered largely around downtown [...]

C&W’s Debra Moritz Named to International Women’s Forum Chicago 2019-20 Board

CHICAGO, July 2, 2019 – Cushman & Wakefield is pleased to announce that Debra Moritz, executive managing director, strategic consulting, has been elected to serve on the International Women’s Forum Chicago (IWF Chicago) 2019-20 Board of Directors. Moritz oversees an integrated delivery platform designed to improve client business performance by reducing cost, increasing revenue, and mitigating risk.  With more than 25 years of experience and a successful track record of advising business clients on the strategic management of their assets and portfolios, Moritz has developed an in-depth understanding of the complex and unique challenges businesses face in ensuring that major real estate decisions are aligned with and support core business objectives. Throughout her career, Moritz has represented many Fortune 1000 clients in business transformation, portfolio analysis, workplace solutions, M&A (and divestitures), and HQIQ (Headquarters evaluation and repositioning).  Moritz holds an M.B.A. in Finance from DePaul University and a B.S. in Finance [...]

Cushman & Wakefield Represents Landlord in Large Edens Corridor Industrial Lease

CHICAGO, June 25, 2019 – Cushman & Wakefield represented the landlord New Lincoln LLC in the long-term lease of 202,259 square feet (sf) of an industrial building at 7080 N. McCormick Blvd., in the near north suburb of Lincolnwood, to CubeWork, an office and warehousing co-working company. The transaction is one of the largest leasing deals in the Edens Corridor over the past 10 years. The 234,000 sf property sits on a 8.6 acre land site, and the balance of the building is leased to Service King, a national vehicle collision repair company. Steve Stone, Director, Advisory and Transaction Services, of Cushman & Wakefield represented New Lincoln LLC on the leasing side. CubeWork was represented by Bill Mass of Mass Realty. “This property offers the new tenant with a great deal of flexibility under one roof in a prime location just outside of the Chicago city limits,” said stone. About [...]

Represents Planmeca in Purchase of New U.S. Headquarters in Hoffman Estates

CHICAGO, June 11, 2019 – Cushman & Wakefield announced that Planmeca USA Inc., one of the world's leading manufacturers of dental equipment, has purchased the former Serta Mattress Co. building at 2600 Forbs Ave., in Hoffman Estates, where they will relocate their U.S. headquarters this year. Currently located in approximately 77,000 square feet (sf) within two adjacent buildings in nearby Roselle, the move consolidates Planmeca’s operations—which includes their U.S. headquarters corporate office, a testing and distribution center for their product lines, and a showroom and training center—to one location totaling 90,000 sf on a 19-acre land site. Britt Casey, Vice Chair, and Jeff Matella, Associate, of Cushman & Wakefield represented Planmeca on the purchase of this property. Mark Smith, Senior Vice President, of CBRE represented Serta. “This state-of-the-art facility is truly a masterpiece that offers expansion capabilities and is strategically located directly off the I-90 expressway within the prestigious Prairie Stone [...]

Cushman & Wakefield Represents ACCO Brands in Long-Term Extension of World Headquarters in Lake Zurich

CHICAGO, May 22, 2019 – Cushman & Wakefield announced that ACCO Brands has agreed to a long-term lease extension of its worldwide headquarters in Lake Zurich at 4 Corporate Drive, which encompasses 189,092 square feet of office space in Kemper Lakes Business Center in suburban Chicago. ACCO Brands, one of the worlds’ largest suppliers of academic, consumer and business products, moved to its current location in 2012. Lou Hall, Executive Director, and Dan Wilkins, Senior Director, of Cushman & Wakefield represented ACCO on the lease extension. “We’re excited to keep ACCO’s global headquarters in this prime location that has served them well for the past seven years,” said Hall. “Access to the world-class golf course and other state-of-the-art amenities on campus provide opportunities for future business growth and innovation.” The Class A building is one of four that make up Kemper Lakes Business Center, which totals 1.1 million square feet and [...]

Cushman & Wakefield Represents Seller on Naperville Crossings

CHICAGO, May 14, 2019 – Cushman & Wakefield today announced the sale of Naperville Crossings, a premier open-air center located in the affluent Chicago suburb of Naperville, IL. The property was acquired by Phillips Edison & Company of Cincinnati. The transaction encompassed 146,591 square foot of existing retail space, of which 92% is currently occupied and leased to national and regional tenants. Located at the intersection of Route 59 and 95th Street in Naperville, the property consists of a diverse tenancy that includes a free-standing Aldi and several high-profile restaurants and service-oriented tenants. Evan Halkias and Michael Marks of Cushman & Wakefield’s Retail Investment Advisors group represented the seller in this transaction. About Cushman & Wakefield Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees [...]

Brad Smith Joins Cushman & Wakefield

Associate Joins Midwest Multifamily Advisory Group CHICAGO, May 1, 2019 – Brad Smith has joined Cushman & Wakefield as an Associate in the Midwest Multifamily Advisory Group, and will be based in Chicago. He joins Todd Stofflet, Jason Stevens and Susan Tjarksen, who joined the firm in October from KIG. Cushman & Wakefield has been expanding its footprint in serving multifamily investor clients and is growing its platform in secondary and tertiary markets across the Midwest. Brad will play an integral role developing new relationships and serving these clients. He brings real estate and business development experience from his previous roles working for Kensington Realty Advisors and Brightedge Technologies. “Our team is an industry leader in multifamily investment sales,” said Todd Stofflet, Managing Director at Cushman & Wakefield. “We are excited to have Brad join the team and know his skills and relationships will serve him well advising clients on [...]

Cushman & Wakefield Completes 1.5 MSF of leasing in I-55 Corridor

Company Bullish on Submarket with Leasing Up and Vacancy Down CHICAGO, April 23, 2019 – Acting as tenant and landlord representative, respectively, Cushman & Wakefield closed on ten transactions across the I-55 corridor in the First Quarter of 2019, totaling more than 1.5 million square feet (msf). Robust leasing activity and a 360-basis points year-over-year decrease point to strong demand for this Chicago submarket. Jason West, Executive Managing Director at Cushman & Wakefield credits institutional-quality real estate, proximity to major interstates, competitive rental rates and a strong labor pool for attracting tenants. “Much of the inventory in the I-55 corridor that was built in the last 12-24 months has been absorbed. Net absorption measured 673, 608 square feet during the first three months of 2019, which is a substantial increase over this time last year. Overall vacancy dropped from 13.7% in Q1 of 2018 to 10.1% in Q1 2019, with [...]

Briar Meads Capital, LLC, Acquires and Recapitalizes The Westwood

Cushman & Wakefield selected as leasing agent for buildings formerly known as Westwood of Lisle CHICAGO, April 10, 2019 – Cushman & Wakefield has been selected to represent Briar Meads Capital as landlord leasing agent for its newest asset in the Chicago market: 2441 & 2443 Warrenville Road in Lisle, IL, part of the I-88 East West Tech Corridor. The firm is tasked with procuring new tenants for the property while NAI Hiffman will bring new tenant-focused professional property management to the facilities. Briar Meads is a top rated, well-capitalized, professional landlord already in the process of reinvigorating the newly rebranded The Westwood with a slate of updated amenities and improvements designed in conjunction with Wright Heerema Architects. Dan Svachula, Michael Simpson, Adam Showalter and Allyson Yates of Cushman & Wakefield represent Brian Meads as Leasing Agents. The Westwood consists of 300,000 square feet (SF) across two office towers built [...]