suburban chicago

Chicago Downtown Office Leasing Activity Reaches Decade High

CHICAGO, Oct. 14, 2019 -- Chicago’s downtown office leasing activity reached a decade high in the first three quarters of 2019, with transactions totaling 7.8 million square feet, a 7.4% increase over the same period last year. Activity slowed in the suburbs, however, with year-to-date leases totaling just over 3 million square feet, a 9% decline from 2018, according to the newly released “Chicago Q3 Office Market Snapshot” from Cushman & Wakefield. Chicago CBD Office Stats: Robust absorption of Class A space lowered the overall vacancy rate to 13.1% in the third quarter, from 14.2% in third-quarter 2018. Fueled by an ongoing wave of corporate relocations, the West Loop was the most active submarket, with 4.5 million square feet of lease transactions executed so far in 2019, up 35.9% from the first three quarters of 2018 and accounting for 57.8% of total CBD leasing this year. The third quarter’s top [...]

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 [...]

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 [...]

Adventus Realty Services Signs Molina Healthcare of Illinois in Renewal Lease

Daniel Svachula, Michael Simpson and Allyson Yates represented Adventus Realty Services, Inc. CHICAGO, April 2, 2019 – Cushman & Wakefield has represented Adventus Realty Services, Inc., in lease renewal negotiations with Molina Healthcare of Illinois at 1520 Kensington at The Crossings of Oakbrook in Oakbrook, Illinois. The company occupies 37,127 square feet (SF). Daniel Svachula, Managing Director, Cushman & Wakefield: "We are excited to renew Molina at The Crossings. They are a great tenant and we are happy to continue this relationship with a long-term tenant of the building." 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 in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, [...]

Cushman & Wakefield Arranges $12 Million Loan for the Refinancing of River Square in Naperville, Illinois

CHICAGO, January 14, 2019 – Cushman & Wakefield’s Equity Debt & Structured Finance team has arranged a $12 million loan for the refinancing of River Square, a retail center in Naperville, Illinois. Jeffrey Cohen, Director of the Equity, Debt and Structured Finance group based in Cushman & Wakefield’s Chicago World Headquarters, arranged the full term interest only fixed rate loan, provided by Voya Investment Management, on behalf of Clarion Partners and a large overseas pension fund. “Jeffrey Cohen, Cushman & Wakefield: “Downtown Naperville has become a destination for the surrounding area that continues to drive demand for tenants and investors. The strong underlying fundamentals of rent growth, low vacancy rates, and a limited construction pipeline, coupled with the strong in-place cash flow, potential for future rent growth, and diverse mix of national and local F&B and service retailers proved to be very attractive to the lending community, which aggressively pursued [...]

Cushman & Wakefield Selected as Exclusive Leasing Agent as Construction Begins on Rosalind Franklin University Innovation and Research Park

Illinois Department of Commerce and Economic Opportunity Approves Expansion of Enterprise Zone Chicago, May 14, 2018 – Rosalind Franklin University of Medicine and Science, a Cushman & Wakefield client, began construction on its new Innovation and Research Park, where academic and industry scientists and entrepreneurs will work together to translate the university’s biomedical research into new treatments for disease. The university hired Chicago-based Cushman & Wakefield to attract international and national bioscience companies to co-locate in the new science park. “Cushman & Wakefield has an extensive track record advising clients on large leasing projects in North Suburban Chicago. The Innovation and Research Park will provide the bioscience industry with proximate access to RFU’s renowned research programs,” said Jonathan Metzl, Managing Director, Cushman & Wakefield. “It will be the premier complex for the science community to attract the experienced labor pool in Northern Illinois and Southern Wisconsin.” The university held a [...]

Cushman & Wakefield Completes 191,453 SF of Office & Industrial Leases at Yorkbrook Business Park

CHICAGO, June 7, 2016 – Cushman & Wakefield has completed 22 transactions totaling 191,453 square feet of office and industrial space at the Yorkbrook Business Park in Lombard, Illinois on behalf of Venture One Real Estate. The completion of the new and renewal leases brings the 736,000 square foot, 18-building portfolio, which was acquired by Venture One in March 2016, to approximately 94% occupied. Cushman & Wakefield Senior Director Sean Henrick and Associate Joseph Gatto represented Venture One in the industrial leases, which ranged from 1,338 to 30,627 square feet. Cushman & Wakefield Senior Director Michael Simpson and Associate Allyson Yates are marketing the flex and office properties on behalf of Venture One. Consisting of both single and multi-tenant properties, the portfolio includes 12 industrial properties and six flex office properties. Venture One recently completed renovations to vacant suites, including new energy-efficient lighting and high-end office finishes. The company has [...]

Cushman & Wakefield Arranges $15M Sale of Fabyan Randall Plaza

CHICAGO, May 16, 2016 – Cushman & Wakefield has arranged the sale of Fabyan Randall Plaza, a 91,415 square foot shopping center anchored by Trader Joe’s and Walgreens located at 1980 W. Fabyan Parkway in Batavia, Ill. Senior Directors Evan Halkias and Michael Marks, and Director Nick Kanich of Cushman & Wakefield’s Retail Investment Advisory Group represented the seller, InvenTrust Properties. The buyer was Dallas-based Netco Investments, Inc. “Fabyan Randall Plaza is well positioned along the heavily-travelled Randall Road corridor,” said Halkias. “By leasing the existing vacancy and leveraging the co-tenancy of Trader Joe’s and Walgreens, the new owner has an opportunity to add significant, immediate value.” Situated on 11 acres, Fabyan Randall Plaza has a prominent location at the intersection of Randall Road and Fabyan Parkway with more than 60,000 vehicles passing the shopping center daily. In addition to Trader Joe’s and Walgreens, other national tenants include Smashburger, Sports [...]

Clifton and Cummins Join Cushman & Wakefield

CHICAGO, April 19, 2016 – Cushman & Wakefield has recruited Kevin Clifton and Chris Cummins to join the firm’s growing Chicago suburban office team. Mr. Clifton joins as Executive Vice President from CBRE; Mr. Cummins joins as Executive Director from Colliers. Previously Mr. Clifton and Mr. Cummins worked as a suburban agency leasing team at Colliers, and have now brought that successful business model to Cushman & Wakefield. “This is a major step forward as we continue to build and grow our suburban office practice,” said Shawn P. Mobley, Cushman & Wakefield’s East Region President and Chicago Market Lead. “Kevin and Chris – coming back together as a team – is a major win for our clients. It adds to our overall strong momentum in agency leasing in Chicago, which has really accelerated since Jack McKinney and his team joined us in 2015.” Mr. Clifton and Mr. Cummins are the [...]

Sean D. Kropke Joins Cushman & Wakefield from CBRE

CHICAGO, April 11, 2016 – Cushman & Wakefield has recruited Sean Kropke, a leading office broker focused on Chicago’s suburban office market. Mr. Kropke joins as an Executive Director, from CBRE where he started his career in 1993. “Building our suburban market is a key priority for the firm – we need to offer the best talent and our full platform for our clients in the dynamic market,” said Shawn Mobley, Cushman & Wakefield’s East Region President and Chicago Market Lead. “Sean has outstanding market knowledge, and a deep understanding of his clients’ needs. He’s a great addition to our team.” Mr. Kropke has worked in the North Suburban market since 1993. He has extensive local market knowledge allowing him to specialize in tenant representation for mid-to-large sized companies. His expertise in tenant and landlord assignments brings a unique focus for both occupiers and investors of commercial office space. Over [...]