Illinois Back Institute Selects Arlington Heights For New Branch

MB Real Estate’s Corporate Services & Tenant Advisory group represented Illinois Back Institute (www.illinoisbackpain.com) in a 5,240 square foot lease for its new branch location at the Enterprise Office Center located at 3115 N. Wilke Road in Arlington Heights, Ill. This marked the opening of the healthcare provider’s fifth branch location within the Chicago area.

Kyle Robbins, Assistant Vice President of MB Real Estate’s Corporate Services & Tenant Advisory group, represented Illinois Back Institute in the lease transaction.

“Several challenging criteria needed to be met in our search for our client’s new suburban location,” said Robbins. “In addition to first-floor space with medical-use capacity, ample parking and signage, we wanted a building that offered a lease with the option to purchase within the first three years. The Enterprise Office Center offered an ideal combination of our client’s desired elements.”   

Illinois Back Institute focuses on non-surgical, natural treatment for chronic back and neck pain. Their treatment is the first to reverse disc degeneration and provide a healthier back.

Brian Lunt of Hamilton Partners represented the landlord of the single-story, 22,106 square foot office building.    

Activity picks up through first two quarters at 55 West Wacker, 205 West Wacker & The LaSalle Wacker.

Through the first two quarters of 2011, MB Real Estate has secured 75,444 square feet of lease transactions at its three-building portfolio along Wacker Drive in Chicago. The portfolio, which consists of 55 West Wacker, 205 West Wacker and The LaSalle Wacker (221 North LaSalle), totals more than 880,000 square feet and is owned by a group of private investors.

The following are some of the recent transactions:

Health and wellness care provider Reflections of Health, represented by Scott Gordon of Business Locations, Inc., signed a new lease at 55 West Wacker.

Professional open-source company Liferay, Inc., represented by Lynn Scharaga of Coldwell Banker Commercial, signed a new lease at 205 West Wacker.

Global information technology consulting firm Olenick & Associates, represented by Bill Sheehy of Jones Lang LaSalle, completed a lease renewal and expansion at 205 West Wacker.

Online media company CityGrid Media, LLC, represented by Kyle Kamin of CB Richard Ellis, renewed its lease at 205 West Wacker.

Law firm Walinski & Associates, P.C., represented by Konstantine T. Sepsis of MB Real Estate, signed a new lease at The LaSalle Wacker.

Digital media firm Undertone, represented by John Marquardt of Transwestern, signed a new lease at The LaSalle Wacker.

Information technology solutions provider Amadeus North America, represented by Bruce Schuman of Studley, renewed its lease at The LaSalle Wacker.

Law firm Crowley Lamb, represented by Steven Goldstein of ChicagoBroker, signed a new lease at The LaSalle Wacker.

All three buildings offer excellent views of the Chicago River and valuable amenities, as well as close proximity to public transportation, Financial District, Daley Center and City Hall.

For more information about lease opportunities at 55 West Wacker, 205 West Wacker and The LaSalle Wacker, please contact Ben Cleveland at 312.960.1570 or bcleveland@mbres.com or Anne Knopke at 312.281.1729 or aknopke@mbres.com.

MB Real Estate Represents Lake Toback in 8.660 SF Lease Renewal

MB Real Estate’s Corporate Services & Tenant Advisory group represented Lake Toback in a 8,660 square foot lease renewal at 33 North Dearborn in Chicago. Andrew Davidson, Executive Vice President and Managing Director of MB Real Estate’s Corporate Services & Tenant Advisory group, represented divorce and family law firm.

“We were able to renegotiate our client’s lease two years prior to its expiration, allowing the building to retain one of its major tenants,” said Davidson.

Nikki Kern of Jones Lang LaSalle represented the landlord of the 25-story, 336,000 square foot office building.

East-West Submarket Snapshot: Demand remains flat in the suburbs' largest submarket

The East-West Corridor experienced modest absorption as its direct vacancy rate currently sits at 22.2 percent. Occupancy levels are rebounding slightly but are still near the record lows reached in 2003.

Sickich signed the largest new lease in the suburban market during the second quarter. The accounting firm will occupy 80,000 square feet at 1415 West Diehl Road in Naperville and will vacate approximately 40,000 square feet at 998 Corporate Boulevard in Aurora. SHC Direct is also relocating and expanding its space at 1815 South Meyers Road in Oakbrook Terrace. The Healthcare Financial Management Association renewed its lease of 23,000 square feet at 2 Westbrook Corporate Center in Westchester.

Investment sales activity was highlighted by RR Donnelly and Sons purchase of 4101 Winfield Road in Warrenville. The publishing and communications company purchased the 167,000 square foot building from M&J Wilkow for $14.7 million. The owners of 1333 Burr Ridge Parkway are marketing the Class A, 151,000 square foot building for sale. The property is 87 percent leased and is expected to attract bids upward of $200 per square foot.

MB Real Estate expects vacancy to increase slightly over the next few quarters. Job growth has not reached the levels necessary to sustain significant absorption as companies reevaluate their space requirements and consider alternative locations.

The East-West submarket encompasses Cook, DuPage, Kane, Kendall, and Will Counties, with major cities including Downers Grove, Lisle, Naperville, and Oak Brook.

For more information regarding the Chicago office market, please reference MB Real Estate's 2nd Quarter 2011 Chicago Market Overview and Submarket Snapshots.

Office Lease Fundamentals: A Comparison in Recessionary Behavior

Please click the image below to read the August 2011 Market Beat - a monthly report created by MB Real Estate. This month, we compare and contrast how the two recessions of the 2000s affected office lease fundamentals in Chicago’s CBD. What can we learn from the past and why is the most recent recession different?

MB Real Estate Represents Katz, Friedman, Eagle, Eisenstein, Johnson & Bareck, P.C. in Lease Renewal

MB Real Estate’s Corporate Services & Tenant Advisory group represented Katz, Friedman, Eagle, Eisenstein, Johnson & Bareck, P.C. in a 10,839 square foot lease renewal of its headquarters at the Chicago Temple Building at 77 West Washington in Chicago. The law firm, which specializes in workers’ compensation and personal injury legal services, has been in business for more than 50 years.  

MB Real Estate’s Senior Vice President Michael Hull represented Katz, Friedman, Eagle, Eisenstein, Johnson & Bareck, P.C. in the 10-year lease renewal, which commences on January 1, 2013.     

Allison Olszta of CB Richard Ellis represented the building’s landlord in the transaction.