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This Week's Chicago Deal Sheet

As Blackstone Group and Equity Office move forward with their $500M renovations to Willis Tower, ownership moved to retain one of its longest tenured tenants. Law firm Schiff Hardin agreed to an extension of its HQ lease at Chicago’s tallest building.

Willis Tower, Chicago
Willis Tower, Chicago

Schiff Hardin has called Willis home since the building opened in 1973 and will consolidate its operations to 181K SF on the building’s 71st through 75th floors. The lease extension includes upgrades to the firm’s reception and conference facilities that incorporate new technology and support Schiff Hardin’s culture and style of work. CBRE’s Kyle Kamin, Mark Cassata and Dan Persa repped Schiff Hardin. Telos’ Jamey Dix, Joy Jordan and Maggie Brophy repped Equity Office.

SALES

900-950 Busch Parkway, Buffalo Grove, Ill.
900-950 Busch Parkway, Buffalo Grove, Ill.

The Missner Group acquired 900-950 Busch Parkway within the Corporate Grove Business Park in Buffalo Grove. The 121K SF property is 100% leased and will serve as an investment property for The Missner Group’s portfolio. Barry Missner and Ed Adler led the acquisition for The Missner Group. Cushman & Wakefield’s Brett Kroner repped the seller.

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Quantum Real Estate Advisors’ Chad Firsel repped the seller in the $1.4M sale of 4812 South Kedzie in Chicago to Cash America, which was already leasing the 667K SF property.

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HFF’s Sean Fogarty, Marty O’Connell and Amanda Friant were the sole brokers in the $67M sale of Clover Creek, a 504-unit apartment community in Lombard. The seller was Blackstone Group and the buyer was JRK Property holdings. It was the first property that JRK acquired out of its recently closed $330M fund.

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1450-46 Oak Ave., Evanston, Ill.
1450-46 Oak Ave., Evanston

Essex Realty completed the following transactions:

  • Matt Welke, Doug Imber and Kate Varde repped the seller and Doug Fisher repped the buyer in the $6.5M sale of 1450-56 Oak Ave., a 28-unit multifamily property in Evanston.
  • Brian Kochendorfer and Brian Karmowski repped the seller and Brian Mond repped the buyer in the $760K sale of 1967 North 19th Ave., a 12-unit apartment building in Melrose Park.

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Lee & Associates’ Michael Androwich Jr. repped both parties in the sale-leaseback of a 16K SF manufacturing facility at 125 Tubeway Drive in Carol Stream. A private investor purchased the property from Orseno Properties.

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Berkadia’s Alex Blagojevich and William Ryan repped the seller in the sale of Valley Forge and Urban Green, multifamily communities in Coalville, Iowa, and Urbandale, Iowa.

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SVN |Chicago Commercial’s Wayne Caplan repped the seller in the $2.4M sale of a 6,600 SF retail strip center at 1900 Willow Road in Northfield.

LEASES

8550 West Bryn Mawr, Chicago
8550 West Bryn Mawr, Chicago

MB Real Estate’s Kyle Robbins and Boris Yelyashov completed a 20K SF lease extension and expansion for EnsembleIQ’s HQ at 8550 West Bryn Mawr in Chicago.

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JBS Commercial Real Estate’s Brian Silverman and Jason Shibata repped American Landmark Properties in a long-term lease with Hanson Professional Services at Corporetum III, at 750 Warrenville Road in Lisle. The tenant was repped by JD Partners’ John Pikarski.

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Advocate Commercial Real Estate Advisors’ Michael Webber and Sana Irshad repped The Keystone Group in its 11K SF lease at 311 South Wacker Drive.

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955 Busse Road, Elk Grove Village, Ill.
955 Busse Road, Elk Grove Village

Friedman Integrated Real Estate Solutions’ Jeff Feste repped Crystal Chem in its 5,673 SF lease at 955 Busse Road in Elk Grove Village. NAI Hiffman’s Terry Herlihy repped the owner, Regent O’Hare.

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First Western Properties' Paul Tsakiris and Kellen Duggan repped both parties in a lease at 956 Harlem Ave. in Glenview.

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NAI Hiffman’s Bruce Granger repped Sunbelt Rentals in its new lease at 3030 North Tripp. Sunbelt Rentals will occupy a 29K SF space formerly occupied by ComEd.

HIRES/PROMOTIONS

CA Ventures hired Sean Spellman as chief development officer. Spellman is responsible for executing a robust multi-sector pipeline that includes nearly 30 projects valued at more than $2B throughout the U.S. He replaces JJ Smith, now principal at CA Ventures and president of the firm’s student housing division, CA Student.

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Kiser Group promoted John Meyer to senior director after Meyer brokered a $10.8M, 152-unit sale in Montgomery, Illinois. Meyer has completed transactions in excess of $150M on behalf of his clients and was Kiser Group’s top producer in 2016.

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Bradford Allen hired Rhea Stephen as the new director of research. Stephen will be based out of the downtown Chicago office and will be responsible for overseeing all research policies, objectives and initiatives. Her responsibilities include conducting market analyses of the downtown and suburban Chicago office markets, maintaining the firm’s information databases and preparing in-depth reports on local, regional and national tenants, landlords and properties. Stephen comes to Bradford Allen from KW Commercial, where she was a broker.

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Essex Realty promoted Clay Maxfield from associate to director. During his three years at the firm, Maxfield has been involved in the sale of over $200M of investment property, including approximately 1,400 apartment units.

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Coldwell Banker Commercial NRT hired Jerry Goldner as senior investment adviser. Goldner was most recently at Sperry Van Ness where he brokered the largest transaction in the company's 29-year history with the sale of Walton on the Park tower, and the site now known as No.9 Walton.

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KIG hired Jacob Albers as a data analytics associate. Albers will support KIG Analytics, the firm’s data arm, by converting data into actionable insights through skilled analysis.

KUDOS

Carlow Corporate Center XVI, Bolingbrook, Ill.
Carlow Corporate Center XVI, Bolingbrook

Colliers International’s Jim Estus and David Bercu are repping Northern Buildiers in the leasing of Carlow Corporate Center XVI, a newly constructed 302K SF industrial facility in Bolingbrook that will be ready for occupancy in August.

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The Opus Group completed projects for Renishaw and Oelheld U.S. in the Oakview Corporate Park in West Dundee. Both buildings include office space that will serve as company headquarters as well as custom-designed industrial warehouse space to meet the distinct needs of each company.

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McShane Construction completed construction of Park Place for Brinshore Development. The multi-building affordable housing development is at the intersection of 50th Street and Lawndale Avenue and offers a total of 78 rental apartments throughout 14 three-story residential buildings. The complex achieved Energy Star certification through the incorporation of numerous sustainable features.

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Quantum Real Estate Advisors’ partnership with Habitat for Humanity to build homes on Chicago’s Roseland neighborhood is now in its third year. A group of QREA employees volunteered on June 2 to build a home on the same street it built a home last year.

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Jack Durburg, CEO of the Americas at CBRE, was honored with the “Outstanding Leadership in the Real Estate Profession” award from the DePaul University Real Estate Center.