Savills' new vice chairman and head of life sciences for the Chicago region is planning for a turnaround in a market that has seen better moments.
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James Otto comes to Savills following his tenure as executive vice president at CBRE, where he spent more than two decades in real estate advisory and transaction services. His career also includes global experience, highlighted by a two-year stint in CBRE’s Tokyo office, where he advised occupiers across the Asia-Pacific region.
The industry veteran told Bisnow the company anticipates an uptick in life sciences activity as the market evolves.
“Chicago’s life sciences leasing environment is gaining momentum, with tenants seeking highly specialized lab and research space in proximity to top-tier institutions and the city’s strong talent pool,” Otto told Bisnow in a statement.
“While the market is still maturing compared to coastal markets, we’re anticipating an uptick in activity as developers and investors recognize the city’s long-term potential for innovation and growth.”
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PEOPLE
Leopardo promoted Lauren Martin to director of quality. In the new role, Martin will continue to lead the company’s comprehensive quality program, ensuring standards are met across all projects and upholding Leopardo’s reputation. Martin joined the company in 2019.
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Cresa hired a team of six people to bolster its retail efforts. The team, comprised of Marcus Cook, Dan Piskadlo, Skyler Peppo, Lucian Simich, Don Gill and Leslie Karr, will be based in the company's Chicago office.
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Ferguson Partners appointed Lara Gartner to lead the company’s healthcare executive search practice. Gartner will lead Ferguson’s search and leadership advisory services for a variety of organizations in the healthcare sector, including senior housing, medical outpatient buildings and life sciences firms. She will be based in the firm's Chicago office.
SALES
Ashley Capital purchased a 183K SF Class-A office building at 2001 York Road in Oak Brook for an undisclosed price in an all-cash deal. The industrial real estate investment and development firm plans to relocate its Chicago office to the property later this year. Colliers’ office capital markets team of Alissa Adler and John Homsher arranged the sale.
LEASES
Compass Lexecon, a subsidiary of FTI Consulting, signed a 31K SF lease at Two Pru and will relocate its Chicago office this fall from 332 S. Michigan Ave. to Two Pru's 53rd and 54th floors. Savills' Eric Feinberg, John Goodman, Brandon Nasatir and Isabel Schwartz represented Compass. Riverside Investment & Development’s Daniel Heckman and Annie Kwasigroch represented Pru’s owner, Wanxiang America Real Estate Group.
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Offshore Marine signed a 12K SF lease at 28041 N. Bradley Road in Lake Forest. Offshore Marine, which provides marine equipment and services, will utilize the building as its main headquarters for distribution and a retail showroom. Entre Commercial Realty's Elisabeth Lazzara, Denise Chaimovitz and Brian Bocci were the sole brokers in the transaction.
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