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.

181 West Madison on WGN TV

Tune into WGN TV on Wednesday, December 22nd at 9:00 p.m. to witness the spectacular holiday display at 181 W. Madison!

MBRE Index Update - December 2010

The MB Real Estate (MBRE) Index is comprised of the last 30 Class A office buildings greater than 300,000 square feet built in Chicago’s Central Business District (CBD). This set of buildings, which contains some of the CBD’s most desirable space, serves as a leading indicator of office market conditions.

The MBRE Index vacancy rate fell to a 12-month low while the overall CBD vacancy rate increased. Click the image below to find out what this means for the Chicago office market.

MB Real Estate has a New Website!

8 Reasons to be Optimistic About the Health of the Chicago CBD Office Market

The MB Real Estate baseline forecast projects occupancy losses through 2012 in Chicago's CBD. However in this month's Market Beat, a monthly publication released by MB Real Estate, we give eight reasons why the market has held up better than expected and explain how, in some instances, the market has already begun to turn around. Click the image below to read the complete report.

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

MB Real Estate has released our 3rd 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.

Vacancy increased again, albeit at its continued slow pace. While there are bright spots in the sublease market and in the city’s ability to attract new tenants, the severe and ongoing job losses have not yet fully materialized in tenants’ demand for space. Occupancy will need to decline further to align with employment.

In addition to the Chicago Market Overview, please reference our in-depth 3rd Quarter 2010 Submarket Snapshots, which include highlights and analysis of each of the Chicago submarkets that MB Real Estate tracks.