commercial real Estate

Industry Leader David Knapp Joins Cushman & Wakefield’s Growing Investor Platform in Chicago

CHICAGO, Sept. 25, 2019 – Cushman & Wakefield has announced the addition of industry veteran David Knapp as executive managing director on the Office Investment Services team. Knapp brings over 15 years of experience in capital markets investments, executing sales and recapitalization transactions for institutional clients in Chicago and across the Midwest. Knapp comes to Cushman & Wakefield from Eastdil Secured in Chicago, where he was a partner and managing director, working primarily on office investment sales throughout the Midwest. Since 2010, he has been involved with over $10 billion in recapitalizations. Notable transaction experience includes Willis Tower, 1KFulton, One North Wacker, 71 South Wacker and T3 Minneapolis. Vicki Noonan, Chicago Managing Principal at Cushman & Wakefield: “Adding a professional of David’s caliber further demonstrates our commitment to providing our clients with best-in-class insights on how to maximize the value of real estate holdings. He is an industry leader who [...]

Cushman & Wakefield Retained to Raise $1 Billion in Debt and Equity by Six Peak Capital for Massive Expansion of Coliving in U.S.

CHICAGO, September 25, 2019 – Cushman & Wakefield announced today that it has been exclusively retained to secure an initial $1 billion in programmatic debt and equity for New York-based Six Peak Capital – the leading asset manager in the coliving space – to expand its footprint across U.S. Gateway Markets. Six Peak invests in coliving projects with Common, a tech-enabled, community-focused residential brand that designs and operates traditional apartments and coliving suites. Common currently manages 30 buildings across New York, Chicago, San Francisco, Oakland, Seattle, Los Angeles and Washington, D.C., at a 98% occupancy rate and above-market NOI. Initial funding is being seeded with properties currently owned or under contract, representing over 1,000 beds. Total capitalization of the seed assets is expected to be over $135 million. The seed assets would bring Six Peak’s total coliving portfolio to over 2,200 beds and $350 million. Additionally, Six Peak has identified [...]

Industry Leader Chris Bobowski Joins C&W Retail Team

CHICAGO, Sept. 5, 2019 – Cushman & Wakefield has announced the addition of Chris Bobowski, an industry veteran of over 20 years, as senior director on the Chicago retail brokerage team. Bobowski will focus on tenant representation in the Chicago area and big box multi-market accounts and will work out of the company’s Chicago headquarters office. Over the past 15 years, Bobowski has been a broker at Bobowski Commercial Real Estate in Naperville, Ill., focused on tenant representation in the greater Chicago area, as well as other Midwest markets including Indianapolis, Madison, Milwaukee and Northern Indiana. He has experience in lease negotiations, land and building acquisition, market analysis, market roll-out and strategy implementation, and has worked with local and national clients such as Cycle Bar, Fidelity Investments, Gordon Food Service (GFS), HyVee, Party City, Phenix Salon Suites, Portillo’s, Starbucks and Art Van Furniture. Vicki Noonan, Chicago Managing Principal at Cushman [...]

2019-09-05T13:49:27-05:00September 5th, 2019|Tags: , , , , , , |

C&W’s Susan Tjarksen to Moderate Co-Living Panel at Global Summit in New York City

CHICAGO, Sept. 4, 2019 – In cities around the world, shifts in lifestyles and habits are challenging the traditional housing preferences in which urbanites reside. As a result, entrepreneurs, designers, city planners, universities and developers are collaborating to create hybrid living typologies to adapt to more nomadic generations. Top U.S. and European co-living and student accommodation market leaders will gather in New York City on Tuesday, Sept. 17, for the first-ever Class of 2020 global summit, “The Future is Blended,” to exchange best practices to help shape shared urban living models of the future. Susan Tjarksen, managing director at Chicago-based Cushman & Wakefield, will co-moderate a Q&A of high-profile industry experts who will explore key trends in co-living, co-working and student accommodation. The program takes place at WeWork in New York’s SoHo neighborhood. “While co-living is not a new concept, its popularity has grown so much in recent years that [...]

Cushman & Wakefield Represents Landlord and Tenant in Large Edens Corridor Industrial Lease

CHICAGO, Sept. 3, 2019 – Cushman & Wakefield represented the landlord, Hillwood, and tenant, an undisclosed e-commerce company, in the long-term lease of Skokie Commerce Center, a newly constructed 236,912 square feet (sf) industrial building at 3609 - 3639 Howard St., in Skokie, Ill. The transaction is one of the largest leasing deals in the Edens Corridor this year, topping the lease of 202,259 sf at 7080 N. McCormick Blvd. in Lincolnwood to CubeWork in June. The 15.18 acre site is conveniently located off the I-94 expressway and is accessible from both Howard St. and Touhy Ave. Jason West, Vice Chair, and Steve Stone, Director, of Cushman & Wakefield represented Hillwood in the transaction. “The property provides the new tenant with a modern facility, ample car and trailer parking, and excellent access to the near north suburbs and city of Chicago,” said West.  About Cushman & Wakefield Cushman & Wakefield [...]

C&W Brokers Sale of LUXE on Chicago, 59-unit Mixed Use Multifamily Property in West Town/Wicker Park

CHICAGO, Aug. 5, 2019 – Cushman & Wakefield’s Midwest Multifamily Advisory Group has brokered the sale of LUXE on Chicago located at 1838 W. Chicago in the trendy West Town/Wicker Park neighborhood. The recently developed mixed-use multifamily property is home to 59 apartments and 13,979 square feet of ground-floor retail space. Jason Stevens and Todd Stofflet of Cushman & Wakefield represented Fifield Companies in their sale to a private, international investor. The fully amenitized asset, which includes studios, one-, two-, and three-bedroom units, was 92 percent occupied at the time of sale. The building was completed by Fifield Companies in 2016 and is one of the few Class A assets in West Town. “We were very excited to represent such an iconic developer in Chicago,” said Stofflet. “The unique execution included an international buyer and an assumption of Agency financing.” “Although we cannot comment to specific pricing, the price per [...]

Chicago Among Top U.S. Metros for Walkable Urbanism

City ranks No. 6 based on percentage of office, retail and multifamily located in “WalkUPs” CHICAGO, Aug. 1, 2019 – Fueled by an influx of jobs and people to the downtown core, Chicago has claimed the No. 6 spot on a newly released list that ranks the country’s top 30 metropolitan areas based on walkable urbanism. The 2019 Foot Traffic Ahead report, released by the Center for Real Estate and Urban Analysis (CREUA) at the George Washington University School of Business and produced in partnership with Cushman & Wakefield, Smart Growth America/LOCUS and Yardi Matrix, placed Chicago in the top tier of walkable cities, behind only New York City, Denver, Boston, Washington and San Francisco. The report ranks the 30 largest U.S. metros based on the percentage of office, retail and rental multifamily space in walkable urban places, or “WalkUPs.” There are a total of 761 “regionally significant” walkable urban [...]

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 [...]