MB Real Estate Selected Finalists For BTS, Project Manager Of The Year

Project Services, HQ development up for awards at Chicago Commercial Real Estate Awards Dinner

MB Real Estate has been selected as finalists in two categories at the upcoming Chicago Commercial Real Estate Awards Dinner in March. The 110,000 square foot headquarters development for General Board of Pension & Health Benefits of The United Methodist Church (GBOPHB) in Glenview, Ill. is a finalist in the 2010 Build to Suit of the Year category and the company’s Project Services group, led by Senior Vice President David Graff, is a finalist in the Project Manager of the Year category.

“We are honored to be considered for these awards, but most importantly, we are pleased to support the Greater Chicago Food Depository and the important work they do,” said David Graff, Senior Vice President of the firm’s Project Services division. “The [GBOPHB] project was a true collaboration with our Corporate Services team led by Andy [Davidson] and Jay [Beadle] who negotiated the site acquisition and disposition for the client.”

The headquarters for GBOPHB is the first of two major headquarter developments in Glenview secured by the firm’s Corporate Services & Tenant Advisory group and project managed by its Project Services group (the firm broke ground last April on the 440,000 square foot North American headquarters for Japanese pharmaceutical company Astellas). The GBOPHB project overcame several challenges including preserving wetlands and flood plains on the 25-acre site, as well as working with local officials and residents to gain approvals. The building is currently undergoing LEED Gold certification.

With more than $300 million in projects underway and opening up job opportunities for several in construction, design and engineering, the Project Services group has created a bevy of activity in an otherwise slow economy. Projects for high-profile clients such as GBOPHB, Command Transportation, Astellas and Coyote Logistics have not only helped earn the group a nomination for Project Manager of the Year, but also added to the group’s growing reputation as a first-class project management provider.

“Our team of project managers is the best in the city. We have a broad depth of experience including ground-up development, interior construction, renovation/restoration and acquisition/disposition experience,” said Graff. “There is a reason why our clients use us on multiple projects not only in Illinois, but throughout the country.”

The Chicago Commercial Real Estate Awards Dinner will be on Thursday, March 10, 2011 at the Hyatt Regency Chicago with all proceeds going to the Greater Chicago Food Depository. For more information on the event, please contact Maggie Koller at (773) 843-2747 or go to www.chicagosfoodbank.org/realestate.

West Loop: Class A buildings experience significant leasing, investment sales activity

The West Loop, driven by several large leases in Class A buildings, was the top-performing submarket during the fourth quarter. The direct vacancy rate has fallen well below 2009 levels as the submarket appears to be in recovery.

United Airlines began moving employees from Elk Grove Village into its new operations headquarters at Willis Tower (233 South Wacker). However, the company leased an additional three floors, or 180,000 square feet in the building, bringing their total occupancy to roughly 650,000 square feet. The 15-year lease will help stabilize the CBD’s largest submarket.

Other West Loop Class A buildings experienced noteworthy leases during the quarter. RSM McGladrey renewed their lease at 1 South Wacker for 132,000 square feet, representing a 22 percent decrease from their current space. Allianz Global Corporate & Specialty renewed and expanded their lease at 225 West Washington to 73,242 square feet.

The largest investment sale in the CBD during the fourth quarter occurred when the Pritzker Realty Group sold the Hyatt Center at 71 South Wacker to California-based Irvine Cos. The 1.5 million square foot trophy sold for a greater-than-expected $625 million, or $419 per square foot. The sale provides further evidence of investors’ appetite for well-leased, trophy assets in major U.S. markets.

The West Loop’s borders are defined as the Chicago River (North), I-94/I-90 (West), Wells Street (East), and Van Buren Street (South).

MB Real Estate Completes Two Major Transactions for True Partners, General Board of Pension & Health Benefits

Consulting firm renews at 225 W. Wacker, while a former headquarters is sold to private school 

CHICAGO, JANUARY 17, 2011—MB Real Estate’s Corporate Services & Tenant Advisory group represented True Partners Consulting in a 31,594 square foot lease renewal at 225 West Wacker in Chicago and General Board of Pension & Health Benefits of The United Methodist Church (GBOPHB) in the sale of its former headquarters at 1200 Davis Street in Evanston, Ill. 

MB Real Estate’s Assistant Vice President Kyle Robbins, Executive Vice President/Managing Director Andrew Davidson and Vice President David Burkards negotiated a lease renewal for True Partners Consulting, which allowed the tax and business advisory firm to reduce its size in exchange for a lease extension. 

“We were able to leverage our client’s termination option and receive upfront concessions, which allowed the building to secure a long-term extension from one of its major tenants,” said Robbins. “It’s the type of transaction that is representative of today’s marketplace.” 

Steve Smith and Monica Moore of Jones Lang LaSalle represented the landlord of the 31-story, 651,000 square foot office building. 

Additionally, the Corporate Services & Tenant Advisory group, led by Andrew Davidson and Senior Vice President Jay Beadle, represented GBOPHB in the sale of one of its two former headquarter facilities at 1200 Davis Street in Evanston, Ill. The 68,000 square foot building was purchased by Roycemore School, who was represented by Randy Podolsky, Melissa Podolsky and Adam Tarantur of Podolsky Northstar CORFAC International. The private school plans to move from its current location at 640 Lincoln Avenue in Evanston in late 2011. 

In 2008, MB Real Estate’s Corporate Services and Project Services group represented GBOPHB on the acquisition and development of a 25-acre site in Glenview, Ill., where they recently completed a new 110,000 square foot headquarters for the not-for-profit organization.

Project Services breaks ground on Command Transportation’s 10,000 SF HQ expansion in Skokie, Ill

MB Real Estate's Project Services team is proud to announce the ground breaking of Command Transportation's 10,000 square foot headquarters expansion in Skokie, Illinois. Click the image below to view the rendering!

MB Real Estate Releases Fourth Quarter 2010 Chicago Market Overview & Submarket Snapshots

MB Real Estate is releasing our 4th Quarter 2010 Chicago Market Overview, a quarterly report that tracks trends, analyzes data, and provides you with our forecast for the Chicago CBD and Suburban Markets.

Direct Vacancy decreased slightly in the CBD while increasing slightly in the suburbs. Sentiment has trumped employment fundamentals leading to positive demand in the CBD before the job market warranted it. Nonetheless until job creation overcomes losses resulting from the recession, vacancy is expected to climb further.

In addition to the Chicago Market Overview, please reference our in-depth 4th Quarter 2010 Submarket Snapshots, which include highlights and analysis of each of the Chicago submarkets that MB Real Estate tracks.

MB Real Estate promotes Gary Denenberg to Executive Vice President of Leasing Services

CHICAGO, January 3, 2011—MB Real Estate has announced that Gary Denenberg has been promoted to Executive Vice President of Leasing Services. Denenberg, who is also the division’s managing director, has been with the firm for more than 18 years.

“Gary has been an asset to the company from Day One,” said Peter Ricker, Chairman and CEO of MB Real Estate. “His extensive market knowledge and leasing strategies have earned him praise and respect among his peers and clients.”

Gary oversees leasing activity for all properties in MB Real Estate’s leasing portfolio, including managing on-site representatives, setting leasing strategies, advising clients on investments, and managing the firm’s collection of market data and comparable deal economics. Additionally, he is the account executive and senior leasing representative for five properties in Chicago’s CBD. During his more than 20 years in the Chicago real estate market, Gary completed more than 575 lease transactions totaling 8.4 million square feet and valued at more than $2.1 billion.

Consulate General of France renews more than 19,000 SF of space at Michigan Plaza in Chicago

MB Real Estate has announced that the Consulate General of France has renewed its 19,188 square foot lease at Michigan Plaza, a 1.9 million square foot, two-tower office complex located at 205/225 North Michigan Avenue in Chicago.


The Consulate General of France, which promotes the interests of French businesses, residents and tourists in Chicago and throughout the Midwest, signed a 10-year lease extension that will keep them at 205 North Michigan through 2023.


“The Consulate General of France is a valued tenant,” said Mark Buth, senior vice president and managing director of leasing services for MB Real Estate. “Strength of credit was a key factor for ownership to negotiate an early renewal and secure a long-term commitment.”


Buth, along with vice president of leasing services Kathleen Bertrand, represented building ownership. Robert Sevim of Studley represented the Consulate General of France.


MB Real Estate leases and manages Michigan Plaza on behalf of ownership, which is represented by Loeb Partners Realty LLC, known for its long-term investment philosophy. MB Real Estate has completed more than 1.1 million square feet in leases at Michigan Plaza since 2005.