Scott Nelles, regional director for Regus, recently discussed the growing demand for flexible office space and the advantages that “co-working” offers to businesses.

Q. What is prompting the growth in flexible office space?

A: The Chicago market for Regus has been pretty strong for a number of years. We’re seeing a lot more demand in the marketplace, especially for people who are looking for more flexible workplace solutions. The demand has been steadily improving over the last couple of years as we’ve been moving out of the recession. It’s prompted us to look at opening up more locations and serving more people in the Chicago area.

Q. What is attracting these companies to Chicago?

A: There are a couple of interesting trends that we’re seeing. One is we’re seeing a lot more new businesses coming into the market, whereas in the past couple of years, there were a lot of people just shuffling space. They were moving from one place to another place trying to get a better deal on renewals. We’re starting to see a significant change in that today, from the Fortune 500 type companies to tech companies that are expanding rapidly and to business startups that are looking to get into a new market or startup a new business here in Chicago.

Q. Why are tech firms particularly interested in flexible office space?

A: I think that tech firms are starting up. You’re seeing a lot more investment in business startups, so they need to get office space quickly and not worry about that piece of their business and really focus on growing their business as quickly as possible and establishing their market presence. That’s one piece of it. The other piece is you’re seeing companies that over the past couple of years have centralized some of their sales efforts are now decentralizing and getting back into markets and establishing more of a local presence as they build up sales teams.

Q. What are some of the amenities businesses are finding in the Chicago area?

A: The Chicago market is a huge market with 9 million people who live in the area. There is a tremendous amount of talent in the marketplace. I think that’s why Chicago continues to be a hotbed for companies. There also are a number of different of options that they have and places where they can locate their business within the Chicago market to attract those people.

Q. What are some of the advantages of flexible office space?

A: Some of the biggest advantages are that a company doesn’t have to spend a whole lot of money and a whole lot of time to establish a presence immediately in a market like Chicago or anyplace that there is a Regus center. What Regus allows businesses to do is come into a market with limited capital outlay or no capital outlay at all and bring in their workforce and immediately establish their presence. They can focus on their core competencies instead of running the office.

From a flexible standpoint, what Regus is able to offer is the ability to work however, wherever and whenever they want. For example, you have a sales force that you’re starting up in the Chicago area, and these people may be all over the place. They may be having appointments throughout the entire Chicago area, or maybe they’re travelling outside of the Chicago market and they don’t necessarily need to have a place that they call their own every single day.

Why would a business need to pay for office space 24 hours a day, seven days a week for every single person they have if not everybody is there all the time? There’s a tremendous value in what we call co-working or where there’s one company that has multiple people coming in and out of an office – the “hoteling” concept.  Some companies don’t even need the office space at all, but they just want a legitimate business address and they want a phone number. That’s what we call a virtual office. There are some companies that don’t even need the address or a phone. They just need an office that they need to be able to pop into whenever they need it.

Q. Do you expect the type of demand for this type of space to continue in 2012?

A: I think that this is a growing trend that we’re going to see in the marketplace that’s not likely to reverse itself. With Internet and phone being as ubiquitous as they are today, people are no longer tethered to their office. I think it offers enormous flexibility to the mobile worker.

The researchers at Marcus & Millichap Real Estate Investment Services predict that builders will deliver 1,865 rental units in 2012. That’s the highest this figure has stood in eight years. It also dwarves multi-family activity in 2011, when builders delivered 477 multi-family markets to the Minneapolis/St. Paul market.

The news is not all good, though. Marcus & Millichap is predicting that vacancies in the Twin Cities multi-family sector will rise 20 basis points in 2012 to 2.8 percent. The reason for this is fairly obvious: The number of new units delivered by builders will exceed a smaller increasein demand among Twin Cities consumers.

Don’t expect the rising vacancies, though, to hurt rents. According to Marcus & Millichap, operators should be able to raise asking rents 2.9 percent by the end of 2012 to $987 a month. Effective rents will see an even bigger increase, a predicted 4.5 percent to $956 a month.

This is all good news for the Twin Cities. Overall, Marcus & Millichap ranks Minneapolis/St. Paul as the 10th-best multi-family market in the country. That’s down a bit from 2011, when Marcus ranked the Twin Cites as the eighth-best such market, but it’s still a solid ranking. And it provides yet more evidence that the multi-family market here, and in most Midwest markets, remains the best commercial real estate bet out there.

Joe Hamway of Signature Associates represented the tenant, Merrill Technologies. Merrill is a defense contractor.

The Habitat Company LLC has appointed Matthew Fiascone as its senior vice president of finance and investment.

Fiascone will direct the creation and implementation of its investment and financing strategies for its acquisition and development activities.  In December, The Habitat Company concluded development and acquisition transactions having a total value of close to one-quarter of a billion dollars.

Prior to joining The Habitat Company, Fiascone served as senior vice president for Inland Real Estate Development Corp. where he was principally involved in more than 150 real estate transactions involving properties valued at more than $750 million, and where he also negotiated and managed more than $350 million in joint ventures.  In addition, Fiascone was named to Real Estate Chicago’s inaugural “40 under 40” list of the most influential people in the real estate community under the age of 40.

Fiascone has a bachelor’s degree in business and economics from Bradley University. He is a member of Lambda Alpha (a land economics honorary society), the Urban Land Institute and the Chicago Association of Realtors. Fiascone has been a frequent speaker and panelist for industry events.

2/3/12

Jim Cunningham has joined Marquette Companies as executive vice president.   

Cunningham comes to Marquette Companies from Casto in Columbus, Ohio, where he was executive vice president and risk manager for nine years. With Casto, he oversaw all facets of management for 131 commercial/retail properties and a residential multifamily division with 270 employees and a portfolio of 5,200 apartments.

Prior to working at Casto, Cunningham was senior vice president of Triangle Real Estate Services in Columbus from 1993 to 2002, where he oversaw commercial, apartment and condominium property management. He also previously worked in the hospitality industry for Hyatt and Marriott Corporations, where he cultivated a focus on customer service.

Cunningham is a new board member of the Chicagoland Apartment Association, and is also a member of the National Association of Realtors, National Apartment Association and the National Multi Housing Council. He formerly served on the Columbus Apartment Association board. He holds a bachelor’s degree in business administration from the University of Dayton in Dayton, Ohio, and is a licensed real estate broker.

2/3/12

Ryan C. Green has joined national real estate law firm Pircher, Nichols & Meeks as an associate in its Chicago office.

In his new position, he will focus on commercial real estate transactions.

Prior to joining Pircher, Green was a real estate associate at Mayer Brown LLP.  Green’s experience in commercial real estate includes representation of developers, real estate investment trusts and investors in acquiring, leasing and financing, as well as disposing of, commercial, industrial, medical office and retail buildings, including large, multi-asset portfolios. His work also includes representation of lenders in construction, conventional and credit tenant lease financings of office and retail projects and representation of property owners in connection with property tax appeals.

Green received his J.D. in 2005 from the University of Chicago Law School. He received a bachelor’s degree with highest honors in economics and political science from Emory University in 2002.

1/27/12

SmithGroupJJR has promoted Carolina Lopez, AIA, LEED AP, to principal.  

As director of operations for SmithGroupJJR’s Chicago office, Lopez maintains an active role in project management with numerous clients, including Argonne National Laboratory, Loyola University Medical Center, and the University of Illinois. She relocated to Chicago from SmithGroupJJR’s Detroit office in 2008, after initially starting at the firm’s Ann Arbor office in 2000. In her current role, she excels in using administrative tools and processes for project performance and earnings evaluation.

Lopez graduated from the University of Detroit Mercy with a master’s degree in architecture. She is a registered architect in Michigan and is a member of the American Institute of Architects.

1/27/12

Lance Beeler has joined Englewood Construction as manager of pre-construction services.

Beeler will organize and lead all estimating efforts for the company.

Beeler brings more than 15 years of experience in pre-construction estimating and project management to his new position. From 2003 to 2011 he served as a pre-construction manager at Hoffman Estates-based Leopardo Companies where his main responsibilities were leading estimating efforts across the market spectrum on hard/competitive bids and negotiated work.

Prior to that, Beeler was with Chicago-based Walsh Construction Co. where he worked from 1996 to 2003.

During his tenure at those two companies, Beeler worked on hundreds of projects, including Cellular One Regional Office Building in Harrisburg, Penn.; Chrysler Mopar Parts Distribution Facilities (three across the U.S.); Target Regional Distribution Centers (five across the U.S.); and DuPage Medical Group in Downers Grove. He has also worked on pre-construction services for five class A office buildings throughout the country.

Beeler holds a bachelor’s degree in construction management from Western Illinois University in Macomb. 

1/27/12

Mid-America Real Estate Corp. has named Andy Bulson as a new partner.

Bulson, 43, of Inverness, is responsible for the management of Mid-America’s Suburban Tenant Representation Team, representing numerous national retailers throughout the Chicago area.

He has been with Mid-America since 1998, and is the author of the firm’s annual Shopping Center Report that tracks retail development trends in Chicago’s suburbs.

1/20/12

Stan Johnson Co. has hired Andy Gatchell as associate director in its Chicago office.

Gatchell is the second lead broker and fifth broker overall to join the Chicago office of Stan Johnson Co. since the office launched in March of 2010.

Gatchell is responsible for developing relationships with developers, investors and owners of net leased retail properties throughout Chicago and the upper Midwest and assisting them in the sale or disposition of those properties.

Prior to joining SJC, Gatchell was part of a retail brokerage group in Kansas City with CBRE where he was selected as one of the company’s 25 most promising Junior Retail Brokers  and chosen to participate in their Retail Mentorship Program in 2010. He began his career in 2006 as an associate with Grubb &Ellis|TheWinbury Group, also in Kansas City. Throughout his career, Gatchell has been involved in more than $125 million in retail transactions.

1/20/12

HSA PrimeCare has hired Suzy Cobin as a senior vice president.

In her new role at HSA PrimeCare, Cobin will have the primary responsibility of creating and expanding HSA’s business relationships with hospital systems and physician practice groups to provide real estate advisory services and real estate capital solutions. She also will work with the firm’s existing health care clients to find opportunities to address their real estate needs.

Cobin previously served as a principal for The Advisory Board Co., a Washington, D.C.-based research, consulting and technology firm helping more than 3,000 hospital and health systems improve health care through best practice research, implementation support and business intelligence services. Through her 15 years of relationship management experience at The Advisory Board Co., she has developed a reputation as a trusted and knowledgeable advisor for health care executives.

1/20/12

Zifkin Real Estate Group has hired Pamela Bordner-Riney as Director of Development, SVP.

Bordner-Riney’s career in commercial real estate began with the leasing and sale of shopping centers for Coldwell Banker in Oklahoma (now CBRE) and Cushman & Wakefield of Florida. While at the Resolution Trust Corp., she worked with management companies and brokerage firms to manage, market and sell properties. She was instrumental in liquidating more than $2 billion worth of commercial assets. During her tenure at General Growth Properties, she specialized in the leasing of properties owned by third parties. She was responsible for leasing more than 3 million square feet of retail space.

 Bordner-Riney’s also worked for 12 years at Urban Retail Properties where she initially leased properties for third party clients.  She moved from leasing centers into a consulting position for the development and leasing of a major retail project in Taipei, Taiwan.  After 18 months abroad, Pamela returned to the United States to assume the role of director of business development and senior vice president. In this role she pursued third party management, leasing and development opportunities. She continued her career in leasing and business development with the Zaremba Group. Most recently, she served as the director of business development for Cotter Consulting prior to joining ZREG.

 Bordner-Riney received a bachelor of arts degree in marketing from North Central College in Naperville.  She is a licensed sales person in Illinois as well as a member of the International Council of Shopping Centers, Commercial Real Estate Women and Women in Retail Leasing.

1/13/12

NelsonHill has hired Doug Hayes as managing director.

For more than 25 years, Hayes has participated in commercial real estate marketing, development, sales and leasing throughout the Chicago metropolitan area on behalf of institutional owners, private equity firms, industrial and office tenants and office and industrial developer clients. Hayes also has completed more than $1 billion in transaction value in his career, predominantly in the industrial sector, for some of the region’s largest space users.

For the past eight years, Hayes served as vice president with Ridge Property Trust and worked for 17 years as a director with Cushman Wakefield in Chicago.

Hayes will direct the operations for NelsonHill as well as continue his brokerage career in the Chicago market.  

1/12/12

Greg Terwilliger has joined McShane Construction Co. as a vice president for the Rosemont office.

Terwilliger brings nearly 25 years of experience to McShane Construction and is recognized within the industry for his professionalism, market expertise and ability to deliver noteworthy transactions. He has demonstrated proficiency for meeting client expectations while simultaneously developing new business opportunities.

At McShane Construction, Terwilliger will utilize his skills in developing long-term business relationships for existing and new clients of the company. Terwilliger’s responsibilities also will include participating and contributing to the overall strategic direction and growth of the company’s Midwest operations. 

Prior to joining McShane Construction, Terwilliger was the real estate director for Opus Development Corp., where he developed and constructed multiple business parks within the Chicago market. Terwilliger also served as vice president at Paine/Wetzel Associates Inc. where he generated and closed numerous transactions with a particular focus on the I-55 and I-80 corridors. 

Terwilliger earned a bachelor’s degree in civil engineering from the University of Michigan and holds a master’s of business administration from the J.L. Kellogg Graduate School of Management at Northwestern University. He is an active member of the real estate and construction community with memberships in the Commercial Real Estate Development Association, the Association of Industrial Real Estate Brokers and the Society of Industrial and Office Realtors, among others. 

1/12/12

Leopardo has hired Michael Tenuta, LEED AP, as senior project manager.

Tenuta brings to Leopardo nearly 30 years of experience in construction and architecture with a focus on multi-floor tenant interior construction management.

Prior to joining Leopardo, Tenuta was vice president and project executive at Reed Construction. Previously, he spent 16 years at Clune Construction where he was senior vice president and managed several of the firm’s most prestigious projects. Earlier in his career, Tenuta worked at Pepper Construction.

Tenuta is a LEED accredited professional and serves as membership chair of the Rotary Club of Naperville Sunrise. He graduated from the Illinois Institute of Technology with a degree in architecture.

1/12/12

Greg Dietz has joined Baum Realty Group as vice president of investment sales where he will partner with Danny Spitz to expand the division.

Dietz has eight years combined commercial real estate experience working on debt and equity transactions at Cohen Financial, and acquisitions and asset management for Tishman Speyer Properties.

He earned a bachelor’s of science degree in finance and real estate from Indiana University’s Kelley School of Business. 

1/6/12

Paul Lundstedt has joined CBRE as Executive Vice President, Capital Markets

Based in the Rosemont office, Lundstedt will specialize in office investment sales throughout the Chicago area and the Midwest region.

Lundstedt joins CBRE from Grubb & Ellis, where he served as Executive Vice President and Director since 2009. Prior to Grubb & Ellis, he was Executive Director at Cushman & Wakefield since 1991. A recognized industry expert, he was the recipient of NAIOP’s Financial Intermediary of the Year in 1999; and NAIOP’s Investment Transaction of the Year in 2001.

Throughout his career, Lundstedt has arranged the sale of more than $10 billion of investment real estate totaling 70 million square feet, focusing primarily on office assets; of that, $7.1 billion is Chicago suburban and CBD and comprised of 46 million square feet.

1/5/12

Walker & Dunlop LLC has hired Michael Liefer as Assistant Vice President of the multifamily finance group.

Liefer will work at the company’s Chicago office. He also will work directly with Vice President Joel Kaplan, focusing on conventional multifamily and affordable housing mortgages through Fannie Mae, Freddie Mac and HUD/FHA executions.

Prior to joining Walker & Dunlop, Liefer was Vice President of Acquisitions for Banner Apartments, a privately owned real estate investment firm in Northbrook. During his six-year tenure, Liefer was responsible for the sourcing, underwriting and financing of multifamily properties nationwide. He also specialized in affordable housing, acquiring HUD Section 8 properties with tax-exempt bonds and 4 percent LIHTC.

Liefer began his career as a Series 7/63 licensed equity broker at Friedman, Billings, Ramsey, an Arlington, Va., investment bank. Liefer earned his CCIM designation in 2007 and is a licensed real estate salesperson in Illinois. He graduated from Michigan State University with a Bachelor of Arts degree in marketing and supply chain management.

1/5/12

Cushman & Wakefield has hired Barb Schenberg as Senior Director, Agency Leasing.

Schenberg brings more than 25 years of commercial real estate experience assisting private and institutional owners with leasing their properties. She will be a key part and one of the leaders of the Agency Leasing Group at Cushman & Wakefield’s Chicago office.

Schenberg joins Cushman & Wakefield from Capital Properties where she served as Senior Vice President and Director of the Midwest Region. While at Capital Properties, Schenberg was responsible for the leasing and re-positioning of the Inland Steel Building during the property’s multi-million dollar renovation. Prior to that, she was a Senior Vice President with the The John Buck Co., where she was responsible for leasing a portfolio of more than 5.2 million square feet in downtown Chicago.

Schenberg was a finalist for the Commercial Real Estate Awards for Property Representative of the Year in 2006.  In 2001, she was the recipient of the Commercial Real Estate Awards Outstanding Achievement of the Year Award for her efforts in landing the transaction for Boeing’s corporate headquarters at 100 N. Riverside Plaza.

Schenberg holds a Bachelor of Arts degree in political science and pre-law from Indiana University in Bloomington, Ind.

1/5/12

Jack Gerber has joined Studley as an associate director.

Gerber will provide strategic planning and advisory, as well as transaction management services, to corporate clients.  He will be based in the firm’s Chicago office.

Gerber joins Studley after founding G2 Urban School Real Estate Consulting Group, a non-profit organization aimed at improving charter schools nationwide by increasing building and organizational efficiencies. Before that, he served as a faculty member at the Romano-Butler Campus, one of five member schools in the LEARN Charter School Network in Chicago. As teacher and committee chair, he developed a middle school curriculum that was implemented across the organization.

Active in charitable endeavors, Gerber is a member of the Big Shoulders Auxilary Board and sits on the ¡VIVA! Committee for Cristo Rey High School in Pilsen. He earned a Bachelor of Arts degree from the University of Colorado at Boulder and holds teaching certifications for secondary education in Illinois and Colorado. He is a licensed real estate salesperson in the state of Illinois.

 12/29/11

BARBERMurphy Group has recently added Scott Reichmann as a broker associate.

Reichmann has more than 30 years of experience in the design/build industrial/commercial construction industry in southern Illinois and eastern Missouri. He has helped owners and developers select appropriate sites, locate incentives and alternative financing, worked on behalf of owners with design professionals in conceptual design, and successfully estimated, managed and constructed millions of square feet of industrial and commercial facilities of all kinds. He has also participated in the development of four industrial parks.

Reichmann is a southern Illinois native and resides in Carlinville, Illinois. His focus is commercial, industrial, and land development.

12/15/11

Dermody Properties, parent company of DP Partners, has hired Vera Harder as the company’s marketing specialist.

Harder is responsible for the company’s investor and client presentations, real estate broker materials, proposals and investment packages and marketing collaterals. She will assist in producing materials that are designed to best suit all stakeholders’ needs and ensure brand consistency for the national industrial development company.

Harder joins Dermody Properties after 13 years in the industrial real estate industry with ProLogis. In her most recent position as Midwest region financial asset manager, she was responsible for the financial data for an 85 million square foot portfolio of industrial properties in nine markets, including Chicago, Cincinnati, Columbus, Indianapolis, Louisville, Memphis, Nashville, St. Louis, and Toronto.

Harder will be located in the Chicago regional office.

12/12/11

Gina Galante has been named vice president of property and asset management for the Skokie, Ill.-based The Missner Group.

Galante is a 20-year industry veteran who brings substantial property management and leasing experience to her new position. She will coordinate the leasing efforts for the firm’s more than two million square feet of properties with third party brokerage firms.

Prior to joining The Missner Group, Galante was a sole practitioner offering strategic and analytical consulting services for clients in the institutional and corporate real estate industries. Her client roster included InSite Real Estate Services, US Cellular Corporation and Colliers Bennett & Kahnweiler.

Galante also served as a property manager for Colliers, Bennett & Kahnweiler where she managed the Walton Street Capital portfolio totaling 2.8 million square feet in suburban Chicago and Tampa, Florida, and for AMLI Commercial Property Trust where she managed over 2,000,000 square feet of premier industrial parks. Prior to her career in commercial real estate, Ms. Galante oversaw 100 branches of TCF Bank in Illinois, Wisconsin and Indiana.

12/12/11

Reed Construction has hired Brian Courtney as senior project manager. Courtney joins Reed’s project management team which has been added several new members recently and completed nearly a million square feet of projects this year.

Courtney brings more than 15 years of project and construction management to Reed Construction. He was previously employed as a senior project manager for Barton Malow Company where he managed a multi-project construction management portfolio. In his new role with Reed Construction, Courtney will be responsible for the company’s pre-construction activities and project oversight. Duties also include working with building owners to develop strategic architectural plans for projects; overseeing estimating; securing permits; soliciting and negotiating subcontractor bids; and working to ensure successful and timely completion of the firm’s projects.

Courtney is a graduate Purdue University with a Bachelor of Science in Construction Management.

12/9/11

Jim Carris

Jim Carris has joined CBRE as senior managing director. Carris joins the firm from Jones Lang LaSalle, where he served as senior vice president in their Corporate Solutions Group for the last four and a half years.

He brings a diverse background and skill set to his new role, having held leadership positions with Homart and BP/Amoco as well as managing account relationships for HSBC and Shell Oil, among others. Carris is also an attorney by training and holds an MBA from Notre Dame as well as the CCIM designation.

Carris will lead the Occupier Practice in Chicago, partnering with Jamie Georgas, who was recently promoted to managing director. Carris and Georgas will be responsible for focusing on the Tenant Representation and Global Corporate Services Transaction Management lines of business for the Chicago Region consisting of 65 professionals and over one third of the region’s

Georgas

revenue.

Georgas has served as an integral part of CBRE’s Chicago business for the last six and a half years, and part of the CBRE Chicago leadership team for the last three years, most recently as the Director of Managed Brokerage focusing on pursuit and business management for the tenant representation group.

James Otto has been promoted to first vice president at CBRE. Based in the firm’s Bannockburn office, James specializes in suburban office tenant representation.

Since joining CBRE in 2004, James has successfully procured new business and established relationships with some of the world’s leading companies, including Nestle, Magnetar Capital, Robert R. McCormick Foundation, Hoogwegt, IDEO, SurePayroll and Marketing Analytics.

“James has demonstrated drive and determintaion throughout his career as evidenced by his accelerated rise within the ranks at CBRE” said Chris Connelly, Executive Managing Director, CBRE. “This is an extraordinary accomplishment, and we are honored to have individuals like James at our firm.”

Throughout his over seven year tenure with the firm, James has been responsible for closing nearly 1.3 million square feet of transactions with total consideration of more than $108 million.

12/8/11

Thomas Gray has joined Stewart National Title Services as vice president, national business development. Gray will be responsible for expanding Stewart’s national and multinational commercial business both in the greater Chicago area and across the U.S.

An accomplished 28 year veteran of the commercial title industry, Gray’s previous experience includes serving in senior sales positions for the national commercial divisions of major national underwriters. He was recognized by these organizations as a top-producing salesman on several occasions. In addition to his sales duties, Gray was most recently responsible for commercial branch management.

“We are pleased to have such a highly regarded industry veteran like Tom joining our team. His attention to providing outstanding customer service coupled with his knowledge of the market will make him a key contributor to Stewart’s focus on expanding commercial market share”, noted Jeff Dahlen, vice president, underwriter and manager for the Stewart National Title Services Chicago office.

Gray holds a bachelor’s degree from Northern Illinois University and previously served in the U.S. Air Force.

12/8/11

Anthony Niles has joined Cushman & Wakefield of Illinois, Inc.  as Associate in their Industrial Tenant Representation Group. In his new role, he will work closely with Sally Macoicz.

Niles previously worked as an industrial broker at Jameson Realty. He holds a Bachelor of Arts degree in Legal Studies from Franciscan University in Steubenville, OH.

Mr. Niles is involved with a number of charities and currently sits on the board of the Midtown Educational Foundation and Catholic Charities.

Cushman & Wakefield is the world’s largest privately-held commercial real estate services firm. Founded in 1917, it has 235 offices in 60 countries and more than 13,000 employees.

12/8/11

Mike Sullivan, Jr., president of Peak Construction Corporation, has announced that Kevin Micheli and Jay Mumm have joined the firm.

Micheli has been named Project Engineer. In this position, he oversees field operations and site improvements as well as interior office expansion for Dr. Pepper/Snapple in Harvey, Ill. With over 13 years experience in real estate in residential/commercial design and development, Kevin has acquired over $52 million in assets over the past five years. Kevin, a licensed engineer, graduated with a Bachelor’s degree in Civil Engineering from Marquette University.

Jay Mumm joined Peak in September serving as Project Superintendent. He is currently overseeing expansion work being done for MGL Trucking in Franklin Park, Ill. as well as tenant improvement for Aerotek’s Schaumburg location. Jay has over ten years experience as a Project Superintendent.

12/1/11

Jeremy Oremland has joined Magellan Development Group in the newly created position of financial analyst.

In this position Oremland will be responsible for evaluating residential, retail, and mixed-use development opportunities nationwide.

While Magellan’s extensive portfolio of real estate developments has been centered in and around Chicago’s central business district, President David Carlins explains that “our horizons go well beyond Chicago and with his experience Jeremy Oremland will be instrumental in expanding our scope of operations.”

The scope of Oremland’s responsibilities includes financial structuring, design, entitlement, construction, marketing, and sales of all Magellan projects, including building development efforts related to Lakeshore East.

Prior to joining Magellan Oremland held the position of senior analyst at the Community Development Trust, a private New York City-based and public mission-driven real estate investment trust focused on preserving and expanding the nation’s affordable housing stock.

Oremland holds a Bachelor of Arts in Psychology from the University of Rochester and a Master of Science in Real Estate Development from Columbia University.

12/1/11

Heather Elizabeth Thornton has joined Meridian Design Build in the position of Marketing Coordinator.

Ms. Thornton is a 2003 graduate of The Ohio State University where she received her Bachelor of Science degree in Architecture. Following that, she pursued additional coursework in the areas of business and marketing while working as an Intermediate Architect at Van Tilburg, Banvard, and Soderbergh, AIA in Los Angeles.

Having recently earned her LEED AP credential, she is now in the process of finishing her final exams to become a licensed Architect in the state of Illinois.

11/21/11

Kevin Rocio has joined @properties Commercial Division as a multi-family specialist. Prior to joining @properties, Rocio was an associate specializing in multi-family investment sales with the Chicago office of Marcus & Millichap.

Rocio’s multi-family brokerage experience includes market-rate apartments, affordable housing, tax-credit properties and special-asset services including REO sales, loan modifications, note sales and bulk condominium sales.

Previously, Rocio spent 17 years as a mortgage broker, most recently as managing director of National City Mortgage Corp. He also spent almost six years as executive vice president of Karry L. Young Development LLC., where he developed award-winning affordable housing on Chicago’s South Side.

Rocio grew up in Chicago and attended Elmhurst College.

11/16/11

Newcastle Limited, the Chicago-based real estate advisory and investment firm, has announced that Kent Swanson has joined Newcastle Limited as the firm’s Chief Financial Officer, effective this month. In this new role at Newcastle, Swanson will be responsible for investor and lender relationships, overseeing the firm’s debt and equity capital and driving growth and expansion of Newcastle’s investment portfolio.

Previously, Swanson was principal and Chief Financial Officer at The John Buck Company, a corporate real estate services and advisory company. As the CFO for the Buck Company, he oversaw all equity and debt financing sourced for acquisition and development projects, and managed the deployment of the JBC Funds, third-party capital and corporate resources.

Swanson earned a Bachelor of Science in Economics from Duke University and a Master of Business Administration from the J.L. Kellogg School of Management at Northwestern University. He is the President of Evanston Inventure, an Associate Board Member of the Youth Organization Umbrella, Inc., and serves on the Executive Committee of the Civic Federation of Chicago.

11/14/11

Shannon Arseneau has joined Cushman & Wakefield of Illinois, Inc. as a senior property manager in the firm’s industrial group. She comes to C&W from AMB Property Corporation/Prologis where she served as Property Manager.

Arseneau brings 10 years of real estate experience to C&W and will work closely with Victoria Knudson to continue to strengthen the company’s Midwest industrial platform. She is an accomplished manager responsible for the property management of industrial properties in Chicago and the surrounding submarkets. Her current portfolio includes approximately 2.5 million square feet.

In her new role, Arseneau is responsible for implementation and review of operating and capital budgets, assists in negotiations and execution of leases with the leasing team and supervises the planning and construction projects for building and tenant improvements.

11/10/11

Skender Construction, a general contractor in the Chicago region, has hired Alli Chapman as vice president, business development.

Chapman brings years of industry experience to Skender Construction and is responsible for cultivating business relationships and providing strategic evaluation for the firm’s long-term growth.

Chapman earned a Bachelor of Science degree in Environmental Interior Design from Illinois State University. She was formerly Vice President, Director of Resources & Educational Development/ Senior Project Interior Designer at VOA Associates.

11/10/11

Clayco, Inc. has announced that Thomas Weeks has joined Clayco’s Chicago office as Principal. Weeks brings nearly 20 years of real estate experience to Clayco where he will have leadership responsibilities, including assembling and developing land and pursuing turnkey, build-to-suit projects primarily for Corporate and Industrial clients nationwide.

Prior to joining Clayco, Weeks was a Principal at WeeksWeldon Development Company which specialized in Caribbean resort developments and Chicago-based real estate opportunities. He also served as President of Related Midwest, a prominent Chicago residential development firm which was acquired by a New York-based development firm. At Related Midwest, Weeks oversaw the firm’s operations including planning, acquisition, financing, construction and marketing. He worked on high-profile projects such as 840 N. Lake Shore Drive and 340 E. Randolph Street. A licensed attorney, Weeks practiced real estate law for three years.

Weeks earned a B.A. in Mathematics and Economics from Amherst College and a law degree with honors from the University of Chicago.

11/8/2011

Transwestern has named Marc Imrem and Andrew Watsonmanaging directors in the Chicago office’s Investment Services Group. The team will focus on the sale of single-tenant triple net lease properties in the Midwest, as well as

Imrem

nationally. They will continue to represent major institutional and private clients while establishing and growing the firm’s national net lease and sale leaseback specialty.

Imrem and Watson join Transwestern from Baum Realty Group, where they were responsible for sale of single tenant net lease properties as well as vision, planning and business development activities. They have represented numerous notable clients including General Electric and Inland Real Estate.

During his ten years in commercial real estate, Imrem has been involved in more than 175 transactions valued at over $600 million, including approximately 40 single tenant net leased properties. Prior to Baum, he spent six years as an investment sales broker at buyer brokerage firm Hansen Realty, sourcing land sites and condo conversion properties for developers. Imrem received a Bachelor of Arts from the University of Illinois.

An 11-year industry veteran, Watson has grossed in excess of $650 million in sales volume over 150 transactions throughout his career. Prior to Baum, he held a vice president position in the Investment Sales Group at Inland Real Estate. Watson received a Bachelor of Arts Degree from the University of Illinois.

11/4/2011

Cushman & Wakefield of Illinois, Inc. has announced three new hires in its Chicago office.

McDonald

Bill McDonald joins C&W as director in our Office Tenant Representation Group from Digital Realty Trust where he served as director of sales for the firm’s central region. A veteran of the IT industry, McDonald will lead the new Data Center practice. While at Digital Realty Trust,  McDonald was responsible for the lease and sale of data center facilities and design, engineering and construction services to Fortune 1000 companies in the Midwest. McDonald holds a Bachelor of Arts degree in Communications from Michigan State University.

Trevor Marticke has joined C&W as director in our Office Tenant Rep Group from Transwestern where he served as an associate within the firm’s Tenant Advisory Group. Marticke began his real estate career as an assistant project manager with New York-based Rockrose Development while pursuing his undergraduate degree. Trevor holds a Bachelor of Arts degree in Economics and Political Science from Colgate University in Hamilton, New York.

Lauren Wulf  joined C&W as marketing associate from CBS TV & Radio where she served as the Lead Web Editor for cbschicago.com. In her new role, Wulf will work closely with the Retail Brokerage Services team of Luke Molloy, Meredith Oliver, Brent Wayburn and Amy Sider. Wulf holds a Bachelor of Arts in Communications from Loyola University Chicago.

11/3/2011

Irgens Development Partners, LLC has announced that two senior real estate professionals have joined the firm’s Chicago

David Narey

office — David Narey as vice president property management and Mark May as development director.

David Narey brings more than 30 years of diversified and large-scale property portfolio management skills to the firm. In his role as Vice President Property Management, Narey is overseeing Irgens’ commercial office, medical office and ambulatory care facility investments in Illinois, Arizona, Colorado, Georgia, Michigan, Ohio and Texas. He also is charged with growing Irgens’ portfolio nationwide by securing new management contracts for the firm.

Prior to his employment with Irgens, Narey held a variety of senior operational and asset management positions with other real estate firms including Jones Lang LaSalle, InSite

Mark May

Medical Properties, D2 Realty Services and Lillibridge Healthcare Services.

Mark May has spent his 25-plus year career focused on real estate investment, project development, architecture and engineering. He brings his broad-based knowledge to Irgens in the role of Development Director where he offers clients turn-key real estate solutions, from pre-acquisition to post-occupancy, on projects throughout Illinois and in other Midwestern states.

Prior to his employment with Irgens, May was an investment consultant with Mesirow Financial Real Estate and held a variety of other development positions for real estate firms in and around Chicago. His career focus has been on urban in-fill and commercial, mixed-use and office project types.

11/1/2011

John R. Patelski, PE, LEED AP, has joined Ghafari Associates as Executive Vice President. With a career spanning over 30 years, Patelski brings to Ghafari a wealth of experience in strategic consulting, engineering and construction services for a variety of industrial, commercial and institutional projects. As Executive Vice President, he will be responsible for expanding the firm’s services in new strategic markets.

Patelski joins Ghafari from global A/E/C firm Epstein, where he served most recently as the Executive Managing Director / President of the Engineering & Construction Groups.

A graduate of the Milwaukee School of Engineering, Patelski holds a bachelor’s degree in electrical engineering and is a Professional Engineer, having held licenses in 40 states.

10/31/2011

Ryan Engle has been promoted to associate vice president investments at Marcus & Millichap Real Estate Investment Services. This achievement is one of the highest levels of recognition the firm awards to its investment specialists. It represents excellence in the development and servicing of long-term client relationships, according to Steven D. Weinstock, regional manager of the firm’s Oak Brook, Ill. office.

Most recently, Engle held the title of senior associate in the Oak Brook office.

After being named an associate of the firm in February 2007, Engle was promoted to senior associate in October 2008. He has received two sales recognition awards from Marcus & Millichap. Engle is an associate director of the firm’s National Multi Housing Group and Special Assets Services Group.

10/28/2011

Jason M. Mundy has joined Zifkin Real Estate Group’s office leasing team in October, 2011. His expertise in architecture design and construction administration supplements the already extensive experience of the Zifkin office team. Jason assists in managing tenant representation assignments, business relocation strategies and lease negotiations for the firm’s clients and customers.

Mundy worked as an architect for Perkins Eastman, Pappageorge/Haymes, Ltd. and Song + Associates prior to joining ZREG. He was instrumental in developing large-scale projects such as a $47M, 21-story independent living tower; a 270,000 SF civic center including a new city hall, library and museum; and a myriad of commercial, institutional, retail and residential projects.

Mundy received his MBA in Real Estate Investment and Finance from DePaul University, and his BS in Architectural Studies from Southern Illinois University. He was recently accepted into the Chicago Architecture Foundation’s rigorous Docent Education Program and plans to serve as a volunteer Docent for the foundation. His memberships include International Council of Shopping Centers, Young Professionals of Chicago, Young Real Estate Professionals, Real Estate Investment Association, and DePaul Real Estate Alumni Association.

10/28/2011

Michael Nichols has been promoted to the position of Executive VP Parking Operations-Lead Consultant. He previously held the position Vice President, Parking Development.

Nichols joined Next Realty in 2008 and has been instrumental in professionalizing the firm’s day-to-day parking business from manager relations to budgeting and internal and external communication.  Nichols has led Next’s effort to first acquire and then to improve profitability at Next’s recently acquired Gatlinburg location.

Next Parking manages the Next portfolio of eight parking facilities totaling more than 3,200 spaces across the country and provides asset management services for 14 facilities containing over 8,150 parking spaces in 9 cities for multiple owners.

Nichols, who will continue to report to Chief Operating Officer Marc Blum, has nearly 20 years of diverse operational and sales experience in the parking industry. He has worked for leading national and regional parking management firms over the course of his career in positions of increasing responsibility in cities along the Eastern seaboard.

He is a graduate of St. Mary’s College of Maryland where he earned a BA in Economics. Nichols is a former Vice President of the Middle Atlantic Parking Association and holds a Certified Parking Facility Manager designation as awarded by the National Parking Association.

10/25/2011

John A. Dobrott has been appointed President – Industrial Division for McShane Development Company, a national real estate development and investment firm.  Formerly the firm’s senior vice president, Dobrott will oversee McShane Development’s industrial real estate development activities throughout the western and southwestern regions and within the State of Texas.  He will continue to office within the firm’s Irvine, California regional office providing strategic management of McShane’s land holdings, build-to-suit opportunities, leasing and disposition activities.

Dobrott joined McShane Development Company as vice president in October 2006.  Under his direction, the firm has developed numerous high-profile industrial business parks and turnkey developments.  Dobrott is currently launching a well-positioned 84-acre industrial business park in Redlands, California, located within the heart of the growing Inland Empire.

Dobrott earned a Bachelor of Science Degree in Economics from the University of California, Irvine.  He is a member NAIOP (Commercial Real Estate Development Association) and ULI (Urban Land Institute).  He is also a licensed real estate broker and general contractor in the State of California.

10/13/2011

Trammell Crow Company has announced that Kelly Schmidt has joined the company’s Chicago Business Unit as Project Coordinator. She will be responsible for marketing, new business development, financial analysis, accounting and project management throughout the Midwest.

Schmidt joins TCC from Colle+McVoy, Inc., in Minneapolis, Minn., where she served as an Account Executive responsible for the development of strategic marketing campaigns, customer relationship management, brand development, budget management and overseeing various finance and financial and accounting functions.

Schmidt received a bachelor’s in marketing from the University of Minnesota. She is a member of the Chicago chapter of National Association of Industrial and Office Properties (NAIOP).

10/10/2011

MB Real Estate has announced the appointment of Patricia Aluisi as its new Chief Administrative Officer & Senior Vice President of Support Services. She will play a multi-faceted role and manage the firm’s marketing, human resources and information technology departments.

Prior to MB Real Estate, Aluisi served as the General Counsel and Director of Corporate Administration for London-based Bovis International. She negotiated numerous construction/project management projects in more than 20 countries, establishing business entities and serving as an executive or board member. Her projects included the Petronas Towers and Kuala Lumpur City Center in Malaysia; Euro Disneyland; Canary Wharf; The Jewel House at the Tower of London; and the Merck headquarters in Germany.

She was appointed to the Bovis LTD board as Commercial Director to lead the firm’s development of infrastructure projects, such as privately financed water treatment plants in China and Malaysia and National Health Service Hospitals in the United Kingdom.

She earned a Bachelor of Arts degree, magna cum laude, as well as her Juris Doctor, from University of Maryland.

9/13/2011

Dykema Gossett PLLC announced today the return of associate Michael D. Kim to the firm’s Corporate Finance practice in Chicago. Kim first joined Dykema as an associate in 2008. Most recently, he was an associate with the law firm Horwood  Marcus & Berk, Chartered.

Kim concentrates his practice in representing domestic and foreign banks, and other financial institutions, in structuring and documenting financing transactions.  He also has significant experience in commercial real estate focusing on the acquisition, disposition, development, leasing and financing of commercial properties.

Kim earned his B.S. in Education and Social Policy from Northwestern University. He went on to earn his J.D. from DePaul University College of Law in 2007, where he also earned a Certificate in Taxation.

9/12/2011

Trammell Crow Company announces that Grady Hamilton has been promoted to head of the Company’s Chicago Business Unit. In his new role, he will be responsible for the overall performance of the Business Unit, including identifying new development and investment opportunities throughout Chicago, Minneapolis and the Upper Midwest. Hamilton will report to Michael Duffy, Trammell Crow Company’s Chief Operating Officer.

Hamilton joined Trammell Crow Company in 2010 and since then has acquired a 260,000 square foot industrial building in Lake County, managed nearly 475 acres of developable land in Chicago, Minneapolis, and St. Louis, and continues to expand the Company’s  presence through the pursuit of development and acquisition opportunities throughout the Midwest. Along with Senior Vice President Tim Lobner, Senior Associate Jason Olt and Project Coordinator Kelly Schmidt, Hamilton will also oversee TCC’s existing projects, including leading development efforts for the 1 million square foot Class A office development at 301 S. Wacker Drive.

9/6/2011

Mark A. Saturno has joined McShane Development Company as Chief Operating Officer (COO).  Saturno will office in the firm’s headquarters in Rosemont, Ill, and provide management of the operations, finances, acquisition, leasing and disposition activities throughout the organization including its regional offices in Austin, Texas; Phoenix, Arizona; and Irvine, California.

Saturno is a 25-year veteran of the real estate development industry.   Prior to joining McShane Development, Saturno served as managing director, Central Region at AMB Property Corporation.  He managed the markets of Chicago, Minneapolis, Dallas, Houston and Seattle and oversaw 37 million square feet of space consisting of 320 buildings and 1,200 tenants.  Saturno also served as a Senior Investment Officer/Regional Director for First Industrial Realty Trust, Inc. and as Vice President – Investment Sales/Asset Management at The Balcor Company.

Saturno earned a Bachelor of Science in Accountancy from the University of Illinois and holds a Master in Management from the J.L. Kellogg Graduate School of Management.

8/23/2011

Clayco Inc.,  has announced that Kurt Jaeger has assumed the role of Vice President of Preconstruction in its St. Louis office.  Jaeger, a twelve-year veteran of Clayco, will oversee company wide preconstruction and estimating services.

Jaeger has been influential in the development of several high-profile projects including the P-882 and P-1212 Dining Facilities and U.S. Army Reserve Center at Camp Lejeune, North Carolina; two processing and distribution facility projects for the United States Postal Service; a 728,000-square-foot distribution center for The Children’s Place and Disney Store; a 300,000-square-foot distribution center for  Famous Footwear; a two-phase 800,000-square-foot distribution facility and expansion for Payless ShoeSource Inc.; interior design and construction for Fluor Corporation’s headquarters in Irving, Texas; interior design and construction for the Chevron Gulf of Mexico operations in Covington, LA; the construction of two Detroit distribution centers for Chrysler totaling over 670,000 square feet; and core and shell construction on the 300,000-square-foot Troy Concept Center, a three-building office complex for Collins & Aikman.

8/23/2011

Magellan Development Group has announced the appointment of Steven L. Mandell as vice president of business development and operations of recently established affiliate Magellan Project Services.  Project Services is a consulting firm created to assist financial institutions and other organizations holding or in the process of receiving distressed properties.

Mandell has been director of acquisitions and operations at Jameson Development LLC for the past eight years and previously held posts as a principal of Hoffman Development and director of operations at Rezmar Corp.

A licensed real estate broker, Mandell is a board member of the Anti-Defamation League.

8/22/2011

Cushman & Wakefield of Illinois, Inc. has announced the addition of Shawn Mobley as Executive Vice President, Market Leader. He is responsible for managing and leading C&W’s Chicago offices located in downtown Chicago and Rosemont. Along with day-to-day operations, Mr. Mobley will also guide the continued growth of the firm’s services in the Chicago area.

Mr. Mobley brings more than 20 years of experience to C&W. He was most recently President of Brokerage Services for the US with responsibility for more than 100 offices nationwide. Previously, Mr. Mobley served as Senior Vice President in the Corporate Solutions Group at Jones Lang LaSalle.

Mr. Mobley earned a Bachelor’s Degree from the University of Arizona in Tucson and a Master of Business Administration from the University of Chicago. He is active in many industry and civic organizations including CoreNet, National Association of Industrial and Office Properties and the University of Chicago Booth School of Business. Mr. Mobley is also a frequent speaker at local real estate events and served on the Economic Advisors Panel for the City of Chicago Department of Planning and Development. He completed the Chartered Financial Analysts program in 1997 and is a licensed real estate salesperson in the State of Illinois.

8/16/2011

Jacob Marquardt has joined Cawley Chicago Commercial Real Estate.  After receiving his Bachelor’s Degree from Ohio State University in 2009, Jacob began working for EBI Biomet as spine and trauma parts sales representative.His interest in commercial real estate then led him to Cawley Chicago Commercial Real Estate

Jacob represents property owners and tenants in southern cook county and the south suburbs of Chicago in acquisitions and leasing of industrial real estate assets. Jacob works with Rich Weber Industrial associate at Cawley Chicago on assorted industrial and commercial transactions focusing primarily in the I-88 corridor.

8/10/2011

Durburg

CB Richard Ellis Group, Inc. has announced that Jack Durburg has been promoted to President of the company’s newly formed Central Division, and Chris Connelly has been promoted to succeed Mr. Durburg as Executive Managing Director and Chicago area market leader.  The appointments are effective immediately.

In his new role, Mr. Durburg will direct a new geographical division encompassing more than 25 offices in nine states, with responsibility for all lines of business.  Durburg joined CBRE in June 2001 as a Managing Director and member of the Chicago leadership team. He was named Senior Managing Director and Chicago market leader in July 2003 and promoted to Executive Managing Director in December 2007. As Chicago market leader, Mr. Durburg oversaw the highly successful integration of the local Insignia/ESG operations, which CBRE acquired in 2003, and the Trammell Crow Company operations, which CBRE acquired in 2006.  Prior to joining CBRE, he spent six

Connelly

years at Jones Lang LaSalle.

Mr. Connelly joined CBRE as Managing Director of the Schaumburg office and the Chicago suburban office brokerage group in January 2004. He was promoted to Senior Managing Director with responsibility for the downtown Chicago office and the Occupier practice in October 2008.  Prior to joining CBRE, he spent seven years at Jones Lang LaSalle.

CBRE’s new Central Division will comprise offices in the following local market areas: Chicago, Detroit, Indianapolis, Kansas City, Milwaukee, Minneapolis, Ohio (all markets), Pittsburg, St. Louis and Texas (all markets) as well as affiliate offices throughout the region.  The company’s East Division – encompassing markets from New England through Florida – will continue to be led by Jim Reid, President, Eastern Division.

7/13/2011

Opus Development Corporation announced today that Sean Spellman will join its Chicago office as vice president and general manager. In this position, he will be responsible for pursuing commercial real estate development, third-party construction and investment opportunities as well as leading the overall operations of the office.

With 15 years of commercial real estate industry experience, Spellman joins Opus Development Corporation from Northern Builders, Inc., where he had served as vice president and was responsible for the overall sales and marketing of Northern Builders’ business.

Spellman earned a bachelor’s degree in civil engineering from Purdue University. He is actively involved in NAIOP, the Commercial Real Estate Development Association, the Society of Industrial and Office Realtors (SIOR), the Association of Industrial Real Estate Brokers (AIRE), the American Society of Civil Engineers (ASCE), and the Builders Association of Greater Chicago (BAGC)

7/6/2011

Douglas A. Kiersey, Jr., has been named President of Dermody Properties/DP Partners. He is responsible for the company’s capital, acquisition, development and property management activities nationwide, and chairs the company’s executive committee.

Kiersey brings more than 27 years of experience in development, land and building acquisition, and management and marketing of distribution properties, with extensive experience in 14 U.S. markets.

He joins Dermody Properties after 17 years in various positions with ProLogis, including his most recent role as Senior Vice President/Midwest Regional Director, based in Chicago, Ill. During that time he had responsibility for the business unit consisting of 84 million square feet in nine markets (Chicago, Cincinnati, Columbus, Indianapolis, Louisville, Memphis, Nashville, St. Louis and Toronto

He earned his MBA from the Kellogg School of Management, where he is a member of the Kellogg Real Estate Advisory Board, and his bachelor’s degree in business administration from Oregon State University

6/28/2011

Jeffery Hoffenberg and David Pritzker have been named associates in the Real Estate & Finance Practice Group of Levenfeld Pearlstein LLC.

Hoffenberg

Hoffenberg represents purchasers and sellers in a wide range of commercial real estate matters, including acquisitions, dispositions, mortgage financings, and commercial, industrial and retail leasing transactions. As a former General Counsel for the Cook County Treasurer’s Office, he drafted new legislation and amendments to existing Illinois Statutes and Cook County Ordinances affecting the Treasurer’s Office for proposal to the Illinois Legislature and Cook County Board of Commissioners. He earned his B.A. from the University of Michigan and his J.D. from the University of Chicago Law School.

Pritzker represents clients ranging from retail, commercial, and industrial property owners and developers in a broad range of real estate transactions including acquisitions and dispositions leasing, and financing matters. he earned his B.B.A. from  the Goizueta Business School at Emory University and his J.D. from Loyola University Chicago School of Law.

6/17/2011

David A. Petersen,  chief operating officer of NAI Hiffman will assume the role of CEO of the parent company effective July 1, 2011, while continuing to serve as head of its asset management division. He will succeed Dennis Hiffman who has served as both chairman and CEO since founding the company in 2000. Hiffman will retain the role of chairman.

Petersen has held the role of CEO of the asset management group since 2006, assuming the additional role of chief operating officer of NAI Hiffman in 2008. Prior to joining NAI Hiffman, Petersen spent his 25 year career in a wide range of management, development and operations positions, leading teams and executing new business for regional, national and international real estate firms

Hiffman indicated that, “This move will further position the company for its growth into the next phase of our business development strategy.  Dave’s vision and leadership have helped us further align our interests with those of our clients, with a continued expansion of our real estate services platform.”

6/10/2011

Lou Hal has rejoined Cushman & Wakefield of Illinois, Inc. (C&W) as a senior director. Mr. Hall most recently worked for Grubb & Ellis as a senior vice president in their Tenant Advisory Group.

Mr. Hall specializes in developing, evaluating, and implementing tenant solutions. At Grubb & Ellis, Mr. Hall was a consistent top professional nationally and a Circle of Excellence winner. Significant client relationships included Morgan Stanley (regionally), ACCO Brands (nationally), and Access Community Health Network (regionally).

Mr. Hall has 18 years of experience in the commercial real estate and financial services industries. Other professional positions have included Managing Director/Founder of National Corporate Real Estate Services at Katherine Blair Group, LLC; Director at C&W; and a full member at the Chicago Board of Trade.
Mr. Hall received his B.A. in Liberal Arts and his M.B.A. (cum laude) from the University of Notre Dame.

5/18/2011

Adam J. Simon has joined Grubb & Ellis as vice president, Private Capital Markets.  He brings more than six years of experience in investment sales, specializing in multifamily and mixed-use properties and joins the Chicago Multi Housing team of Brian Pohl, senior vice president, and Symeon Stavrakas, senior associate.

While leading the Simon Group, which he founded in 2008, Simon provided disposition advisory services, third-party acquisitions, equity placement and structured financing for investment clients throughout the Midwest.  Previously, he spent a year as an associate director in Cushman & Wakefield’s investment sales division after serving as a founding co-partner and managing broker of C.B. Commercial Inc., a commercial real estate brokerage firm he founded in 2005.  Under his leadership, the firm facilitated in excess of $600 million in property transactions from 2005 to 2008.

He earned his M.B.A. from DePaul University and bachelor’s degree from Wake Forest University

5/17/11

Dan Sullivan  has joined Clayco’s downtown Chicago office. Sullivan will serve as vice president of Clayco and as principal/executive vice president of Forum Studio, its architectural design and engineering subsidiary.

He will focus on expanding Clayco and Forum’s growth in Chicago and across the country, with an emphasis on the higher education, health care and commercial sectors.

Sullivan brings more than 25 years success in the corporate, institutional, civic, aviation and mixed-use practice areas from firms like OWPP and Gensler. He is a member of the American Institute of Architects, Urban Land Institute, CoreNet Global and Greater North Michigan Avenue Association. He is also a board member of the Advocate Health Care Foundation, co-president of the Chicago Real Estate Council for City of Hope and a committee chair of The Economic Club of Chicago.

4/25/11

Interra Realty has expanded and added four members to its staff.

Christian Arai, Jason Macklin, and Rob Kocmond have all been named directors.

Arai comes to Interra from Conlon Real Estate where he was a commercial broker specializing in apartment and retail brokerage. He started his career

Arai

in the real estate industry as a commercial appraiser in 2003. His client base includes but is not limited to property owners, banks, individual investors and investment groups.

Macklin joins Interra after working as a commercial developer and broker in Phoenix, Arizona. Jason spent over six years working with a commercial real estate development company in Phoenix, AZ managing the acquisition and development for a Fortune 25 retailer throughout Arizona, Nevada, and New Mexico. He specialized in identifying new development opportunities and negotiating various acquisition, site operation, and development agreements. Prior to moving to

Kocmond

Chicago, Jason also worked as a real estate licensee with DPR Realty and was a principal in small real estate investment venture.

Kocmond joins Interra from Keller Williams Realty Partners where he was a multifamily and retail broker. He started his real estate career in 2002 with Zifkin Realty & Development where he was a commercial broker for over 6 years. Kocmond specializes in multifamily brokerage in the Chicago metropolitan area.

Also, Ben Chukerman has been named associate for the firm. Chukerman joins Interra as an associate with the primary responsibility of servicing client relationships of the Managing Principals.

4/4/11

Trammell Crow Company (TCC) has appointed Danny Queenan chief executive officer, effective immediately. Queenan will report to Bob Sulentic, who previously held this role for 11 years and now serves as President of CB Richard Ellis, TCC’s parent company.

Queenan joined TCC in early 2010 as President of the firm’s Central Operations, overseeing TCC’s offices in Austin, Chicago, Dallas and Houston, as well as the firm’s Acquisitions team and Healthcare Initiative.

Prior to joining TCC, Queenan served as president and chief executive officer of Opus North Corporation, which is now Opus Holding, Inc. Queenan serves on the board of the Chicago chapter of National Association of Industrial and Office Properties (NAIOP) and is a past president. He is also a member of the Urban Land Institute.

3/15/11

Daniel J. Marszewski has joined J.C. Anderson, Inc., as Project Executive to lead the firm’s large-scale construction projects.

In his new capacity with J.C. Anderson, Marszewski will utilize his expertise in large-scale, high-profile construction projects to enhance J.C. Anderson Inc.’s existing service capabilities as well as attract new potential business to the firm.

Marszewski has 20 years of experience in the construction industry and was previously employed with Turner Construction as a senior project manager. While at Turner, Marszewski worked on projects including the Chicago Mercantile Exchange redevelopment, the Millennium Park Footbridge at the Art Institute, and Provena St. Joseph Hospital. He received his Bachelor of Science degree in Building Construction and Contracting from Purdue University.

3/2/11

Colliers International | Chicago has promoted Jonathan D. Kohn to vice president.

Kohn was promoted from senior associate to vice president within the Industrial Advisory Group of Colliers International | Chicago. This is his second consecutive promotion. Kohn represents the interests of institutions, corporations and small businesses in the buying, sell and leasing of industrial property primarily in the O’Hare market. In 2010, Kohn completed several notable transactions including a 91,000-square-foot lease at 1120-1140 Ellis Avenue in Bensenville, Ill. to PODS. Kohn also represented Multi-Pack Solutions in its 175,000-square-foot headquarters relocation to 1800 Central Avenue in Mt. Prospect.

Kohn received a MBA from the University of Texas (Austin) and is a current resident of Chicago.

2/28/11

KBS Capital Markets Group (KBS-CMG), an affiliate of KBS Capital Advisors and KBS Realty Advisors, has recruited Andrew C. Schenk as its new Lower Midwest regional vice president to oversee southern Illinois, eastern Missouri, Arkansas and western Tennessee. In his new position, Schenk will be responsible for developing and managing broker/dealer and registered investment advisor relationships on behalf of KBS-CMG for KBS Real Estate Investment Trusts (REITs).

Schenk brings 22 years of securities product sales and trading experience to KBS, most recently as regional marketing director at the Lincoln Financial Distributors in St. Louis. There he managed the Eastern Missouri-Southern Illinois Territory for Lincoln Financial’s independent and Edward Jones channels, focusing on the sale of the American Legacy variable annuity. Previously, Schenk was with Claymore Securities in St. Louis for two years.

Schenk received his bachelor’s degree from Denison University in Granville, Ohio.

2/22/11

Ann Carey has joined Mortenson Construction as business development executive for its Chicago office.

Carey previously was senior manager and market lead for Ernst and Young’s Construction and Real Estate Practice working with clients including Caterpillar and Goodyear.  Prior to that, Carey worked with Jones Lang LaSalle as national director of their Project Development and Services team where she managed projects for Cisco, RIC, Chicago Children’s Museum, Hewitt, Hyatt, Yum Brands, Amtrak, Ritz, Sprint and Chicago’s 2016 Olympic bid.  Two major construction projects she oversaw included the U-505 Submarine exhibit at the Museum of Science and Industry and the new Midwest Headquarters for HSBC.

Carey is a graduate of the University of Michigan.

2/14/11

Anthony Giannini has joined Bradford Allen Capital as senior vice president. Giannini is leading the firm’s efforts to originate lending opportunities and develop creative structures for its unique loan programs that are specifically tailored to meet the needs of borrowers in today’s complex lending environment.

Gianni has completed the firm’s first transaction with Dukes Bridge LLC, a joint-venture between Bridge Development Partners, LLC and Blue Vista Capital Partners, LLC. The $9.5 million, three-year loan was secured by a multi-tenant, single-story office property located in Elmhurst, Ill.

Giannini has more than 20 years of experience in debt origination and portfolio/asset management, restructuring debt, loan sales, acquisition analysis, and equity placement. Prior to joining Bradford Allen Capital, Giannini served as vice president for the Royal Bank of Canada-Capital Markets, where he was responsible for the creation and operation of the U.S. Midwest region’s CMBS lending operation. He also led the Real Estate Finance Group-Midwest Region for Manulife Financial Life Insurance Company; was an assistant vice president at The Tokai Bank; and was a Financial Analyst for The Balcor Company.

Giannini graduated from Elmhurst College with a Bachelor of Science Degree in Finance and received his M.B.A. in Finance from Loyola University.

2/14/11

Paul Cawthon and Angelo Labriola have joined Sperry Van Ness as senior advisors.  Cawthon and Labriola join the national real estate firm bringing

Labriola

with them a combined 15 years of commercial real estate experience.

Prior to joining SVN, Labriola and Cawthon served as the last two commercial agents at the downtown Chicago office of Inland Real Estate Brokerage that is based out of Oak Brook, Ill.

The veterans to the commercial real estate industry will work as a team at SVN specializing in the sales and leasing of retail, multi-family, and industrial property.

Sperry Van Ness LLC is a full service commercial real estate advisory firm located at 112 S. Sangamon in downtown, Chicago

2/2/11

Minneapolis-based Ryan Companies US, Inc. has announced the promotions of Jeff Smith to executive vice president at the corporate level and Tim Hennelly to president of the Great Lakes Region.

Tim Hennelly

As executive vice president, Smith will be responsible for overseeing all of Ryan’s regional hubs and for driving business in key industry segments. Ryan has offices in Minneapolis, Chicago, San Diego, Tampa, Phoenix, Cedar Rapids, Davenport and Des Moines. Its new framework will consolidate these offices into five regional hubs: Midwest, Southeast, Southwest, Southcentral and Great Lakes. Smith will be based in Minneapolis.

As part of the restructuring that will move Smith to Minneapolis, Hennelly assumes the role of president of the newly named Great Lakes Region. From offices in Naperville, Hennelly has responsibility for executing strategy and managing activities in Illinois, Wisconsin, Michigan, Ohio and Indiana.

1/31/11

Suzanne Martinez, a 14-year Capital Markets veteran of Jones Lang LaSalle, has joined Avison Young as a Principal and Senior Vice-President in the Capital Markets Group. She will be based in Chicago.

Effective immediately, Martinez will focus on expanding Avison Young’s regional investment sales and financial advisory capabilities. Having completed more than $3 billion of real estate transactions during her career, Martinez has assisted corporate clients, institutional clients and private clients in maximizing their real estate values.

Martinez holds an MBA from the Kellogg School of Management at Northwestern University and a Bachelor of Arts degree from the University of Illinois Urbana-Champaign.

1/27/11

CB Richard Ellis Group, Inc. has promoted Todd Caruso to lead the company’s Retail Agency practice for Brokerage and Asset Services in the Americas. In Mr. Caruso’s new role, he will focus on growing CBRE’s leasing, management and marketing of quality retail properties throughout the Americas.

Mr. Caruso is a CBRE veteran with more than 27 years of experience with the firm. During the past eight years, primarily in the East, Mr. Caruso has assisted CBRE sales professionals in securing new clients while helping local markets recruit and retain the top retail talent in the industry. CBRE’s managed retail portfolio is approximately 69 million sq. ft., and the company has exclusive mandates to lease more than 250 million sq. ft. of retail properties in the United States alone.

Mr. Caruso’s previous experience includes Retail Sales and Leasing, leading two of the company’s Chicago offices and also handling Midwest Regional Retail oversight.

Mr. Caruso is a graduate of the University of Arizona and has a Bachelor of Arts.

1/26/11

Jones Lang LaSalle has hired Keith Largay as a Senior Vice President for its Real Estate Investment Banking practice in Chicago. Largay specializes in the placement of both debt and equity for institutional and private real estate owners.

Largay is a 10-year veteran of the commercial real estate business and has been directly involved in the financing of more than $2.5 billion in real estate. His financing experience includes office, multifamily, retail, industrial, hospitality and condominiums. He has also completed transactions in first mortgages, mezzanine debt, entity-level equity investment, B-notes, joint ventures and loan sales. Prior to joining the firm, Largay served as a director at a competing brokerage firm and prior to that he acted as a vice president at NorthMarq Capital. He earned his bachelor of science degree in economics from the Wharton School of the University of Pennsylvania, with concentrations in finance and strategic management.

1/11/11

Walker & Dunlop, LLC has announced that Joel M. Kaplan has joined the company as vice president of the Multifamily Finance group in the company’s Chicago, Illinois office. Mr. Kaplan will be responsible for new loan originations, focusing on conventional multifamily loan originations through Fannie Mae, Freddie Mac and HUD executions.

Kaplan was previously a senior vice president for Inland Commercial Mortgage Corporation based in Oak Brook, Ill. In his real estate lending career, Kaplan has financed over $2 billion in commercial real estate debt. He received his Bachelor of Arts from Indiana University.

12/29/10

Carmen Caringella, a specialist in residential mortgage financing has been appointed director of Magellan Project Services.  The Magellan Development Group affiliate has been established by the  developer as a problem-solving consultant service focusing on distressed urban multifamily developments and underperforming assets.

An active member and sponsor of the National Association of Home Builders, Home Builders Association of Illinois and Home Builders Association of Greater Chicago, Caringella has more than a decade of residential mortgage financing experience.
He was most recently an area sales manager for Prime Lending and Wachovia, a branch manager for Countrywide and a loan officer and branch manager for ABN/AMRO.  In these posts he specialized in construction to perm and structuring loans that fit developers’ needs.

11/29/2010

Joe Grimes has joined Meridian Design Build as Vice President.

Grimes worked in the construction department at Opus North Corporation in Rosemont for almost 19 years, and has extensive experience managing design-build projects from the due diligence and proposal stage through to facility turnover.  While at Opus, Joe coordinated a number of large industrial, retail, and redevelopment projects.  He worked for 3+ years at ProLogis in the capacity of Vice President – Project Management and most recently coordinated design efforts on a large civil defense project in Doha, Qatar.

Joe, a LEED Accredited Professional, graduated from Marquette University with a Bachelor of Science degree in Civil Engineering in 1989.

11/10/2010

Steinco Inc. has hired Anthony L. Onagan as vice president of strategic planning. A licensed commercial real estate broker, Onagan brings 15 years of experience as an architect and real estate broker, and will assist commercial real estate tenants evaluate space needs and find ways to better utilize space efficiencies through strategic real estate transactions.

A LEED AP, Onagan, 41, has been involved in designing more than 4.5 million square feet of corporate office space, including 1 million square feet for professional services firms. Throughout his career, he has specialized in corporate interiors, strategic workplace intelligence and sustainable building services.

Onagan previously was a senior project manager in Grubb & Ellis’ Corporate Services and Corporate Tenant Representation Group.

He graduated from the University of Illinois at Chicago’s College of Architecture with a graduate degree in architectural design

10/25/2010

Jeffrey Hyman has joined Grubb & Ellis Co. as senior vice president and a member of the company’s Senior Housing practice group.

In this role, Hyman will be responsible for representing owners and operators of senior housing facilities in the Chicago area and regionally, further enhancing Grubb & Ellis’ capabilities in this sector.

Most recently, Hyman was vice president of real estate acquisition for a privately held development firm, where he was responsible for all aspects of land acquisition including site selection, site planning and development for senior lifestyle communities.  Prior to assuming this role in 2006, Hyman was director of land acquisition and entitlement for five years at Burnside Construction and Management. He received his bachelor’s degree from Northern Illinois University.

10/19/2010

Cushman & Wakefield today announced Gregory S. Vorwaller has joined the firm as Global Head of Capital Markets.  He joins Cushman & Wakefield from CB Richard Ellis, where he was Chief Operating Officer of Capital Markets and President of its Investment Properties Group.  He will be based in Chicago.

Mr. Vorwaller has nearly 30 years of experience in the financial services and real estate industries, with an emphasis on advising institutional investors on real estate investment strategies, structured finance, real estate securitization and property sales.  For more than a decade at CB Richard Ellis he oversaw its Investment Properties Group.

At Cushman & Wakefield, Mr. Vorwaller will be responsible for the division of the firm that specializes in representing third-party investors in the acquisition, disposition, financing and recapitalization of commercial real estate worldwide.

Mr. Vorwaller graduated from the University of Wisconsin with a bachelor’s degree in International Socioeconomic History.

10/14/2010

David R. Kahnweiler, chairman and chief executive officer of Colliers International │Chicago, has announced that Drew Nieman has been hired as principal to lead the firm’s downtown Chicago leasing practice. Nieman spent the past 27 years establishing a prolific career at The John Buck Company, with the last 17 of those years as principal. While leading that firm’s leasing group, he oversaw more than 6.5 million square feet of office transactions.

In 2008 Mr. Nieman accepted a position with John Buck International and relocated to Abu Dhabi, UAE where he has since served as executive director of leasing for two million square feet of office space at Sowwah Square, Abu Dhabi’s new CBD. Mr. Nieman is returning from his assignment in the Middle East and is expected to begin his new position at Colliers’ downtown Chicago office in January 2011.

Mr. Nieman earned a dual Bachelor of Science degree in Environmental Design (architecture) and Urban and Regional Planning from Miami University in Miami, Ohio.

10/13/2010

Garry Weiss has joined Jones Lang LaSalle as a Managing Director and will focus on the industrial investment sales sector.

Weiss brings more than 26 years of experience within the industrial supply chain of the commercial real estate industry to the firm, including more than 18 years as an Instructor with the Society of Industrial and Office Realtors and 13 years as a Senior Instructor with the Certified Commercial Investment Member Institute. Most recently, he was a Managing Principal at GSW Ventures, Ltd., a value-add real estate investment and operating company focused upon the acquisition and (re)development of sustainable commercial and multi-family properties.

Weiss earned his Bachelor of Arts degree in Real Estate Finance at the University of Illinois at Urbana-Champaign.

10/11/2010

Cohen Financial, a national real estate capital services firm, has announced the appointment of Ted Wright as Managing Director in the Loan Administration department with a focus on asset management. Mr. Wright brings 17 years experience in asset management, mortgage origination, financial analysis and operations management to Cohen Financial’s loan administration platform.

He is located in the firm’s Kansas City area office. Mr. Wright holds an MBA in International Finance from The Thunderbird School of Global Management in Glendale, Arizona and a BA in Business Administration and History from Principia College in Elsah, Illinois. He is a member of the Mortgage Bankers Association’s Origination Counsel.

10/11/2010

CB Richard Ellis has announced that commercial real estate executive Tom McClayton has joined the firm’s Chicago Capital Markets – Investment Properties Group as Executive Vice President. McClayton will focus on the sale and recapitalization of large office buildings for institutional clients in the CBD and major suburban markets in Chicago.

McClayton will partner with CBRE’s Mike Vesper, Executive Vice President, and Mike Caprile, Vice Chairman, creating a Institutional Office Capital Markets team in Chicago.

McClayton joins CB Richard Ellis after spending eight years as a Principal at Fulcrum Asset Advisors. Fulcrum, a privately owned real estate investment and operating company, has closed on real estate assets totaling more than $1.1 billion in the last eight years. McClayton has been involved in all facets of the firm and brings this experience and knowledge to CBRE and its clients. Previously, he was a Managing Director of Jones Lang LaSalle’s Capital Markets Group and LaSalle Investment Management.

McClayton received a Bachelor of Science in Finance from the University of Illinois and a Masters of Business Administration from the Kellogg Graduate School of Management at Northwestern University.

9/28/2010

ARCO/Murray National Construction Company, nationwide design builder recently hired Tom Vandivier as their newest Project Superintendent.

Brad Dannegger, principal of ARCO/Murray said in a statement, “Tom is a really great hire for us. He has been a foreman or superintendent for various subcontractors and general contractors – providing a wide range of building experience and expertise spanning over his career. Additionally, he has a proven history of building great relationships with clients by providing excellent service. His track record really speaks for itself. We are excited to have him on board.”

Vandivier brings with more than 35 years of experience in the construction industry including 10 years of traveling experience. Prior to joining ARCO/Murray, Tom was a superintendent for Lauth Construction.

9/22/2010

Trammell Crow Company announces that Grady Hamilton, 35, has joined the company’s Chicago Business Unit as Principal. He will be responsible for industrial and office development and acquisitions throughout the Chicago suburban market, expanding Trammell Crow Company’s land control throughout the Chicago suburbs and new business development in Minneapolis.

A 13-year veteran, Hamilton previously served as Vice President, General Manager of Opus North in Chicago, responsible for managing the firm’s office development and leasing strategies in the Chicago market. During his five-year tenure, Hamilton completed more than 650,000 square feet of office space covering speculative and build-to-suit projects.

Hamilton graduated from Miami University with a bachelor’s of science degree in engineering management. He serves as a board member of the Chicago chapter of National Association of Industrial and Office Properties.

9/21/2010

KTR Capital Partners (“KTR”) has announced that Ryan Stoller has been promoted to vice president of investments.

Ryan Stoller will now be responsible for the firm’s investment activities in the Midwest region. Ryan has been with KTR for the last three years, most recently in charge of the firm’s Asset Management effort in Chicago. Prior, he was an investment analyst for KTR supporting acquisition and development deals in multiple markets across the country. He will remain based in KTR’s Chicago office.

9/21/2010

John Hauser has joined Avison Young as a Principal and will continue his industrial practice in the northern suburbs of Chicago and Southern Wisconsin. He was most recently a Senior Director, Industrial Brokerage Services with Cushman & Wakefield in Chicago.

Hauser joined Cushman & Wakefield in 2003 and, over the next seven years, was a top performer in his market. In 2007, he was named the number one industrial performer in the Chicago and Rosemont offices. Hauser has negotiated more than 200 transactions valued at $400 million.

Prior to joining Cushman & Wakefield, Hauser was a Managing Director and Industrial Specialist with Insignia/ESG between 1990-2003.

9/15/2010

Associated Banc-Corp has announced that Breck Hanson has been named executive vice president, head of Commercial Real Estate.

Hanson brings more than 30 years of banking experience to Associated, including over 20 years of leadership responsibility within the CRE segment. Most recently, he was executive vice president, Commercial Real Estate with Bank of America, where he was responsible for all levels of business in the Midwest CRE Group, which included 370 employees and seven CRE business lines. He spent over two decades in CRE leadership roles with LaSalle Bank prior to its merger with Bank of America.

Hanson received an MBA from Michigan State University and a Bachelor of Science degree from Purdue University. His primary office will be in Associated’s offices in downtown Chicago.

Tim Gallagher has joined Cushman & Wakefield of Illinois, Inc., as a director in the industrial brokerage practice.

Gallagher will be based in C&W’s Rosemont office and brings extensive experience across all phases of the real estate lifecycle; including leasing, acquisition, disposition, asset management, brokerage, and investment sales, on both a local and national basis.

Mr. Gallagher comes to C&W after spending the last seven years as president of his own company, Gallagher Realty Inc., which focused on the acquisition, development, ownership and management of industrial and office property.

“Tim’s wealth of experience, great reputation, extensive relationships and passion for this business make him is a perfect match for Cushman & Wakefield.” said Jim Dieter, executive vice president and head of C&W’s U.S. industrial practice. “As we continue to grow our industrial platform, Tim represents the high caliber professional we will actively pursue.”

Gallagher is a graduate of the University of Wisconsin.

9/2/2010

Meghan Marschall has joined Jones Lang LaSalle oversee business development for the Project & Development Services group in the Midwest.

Jones Lang LaSalle’s Project & Development Services group manages new construction and real estate projects for clients locally and globally.

Marschall comes to Jones Lang LaSalle from architecture and design firm HOK, where she served as director of business development in the firm’s Chicago office.

Marschall is a graduate of Purdue University.

8/25/2010

Rob Bagguley, President – Midwest Region at Transwestern, announced the promotion of Lou Jacobsohn from associate to senior associate with the firm’s Tenant Advisory Services Group.

Based at the company’s downtown Chicago office, Jacobsohn specializes in tenant representation, handling lease, acquisition and disposition assignments. Clients include The Chicago School of Professional Psychology, Millennium Counseling Center and Gameday Housing.

Jacobsohn is a graduate of Indiana University’s Kelley School of Business.

8/10/2010

Turner joins the firm as vice president, while Siegrist joins as an associate. They will work in tandem with Managing Director David Matthews, applying his high-level strategic planning and large transaction expertise to Turner and Siegrist’s targeted markets in Chicago.

7/12/2010

Dan O’Neill has joined Cawley Chicago Commercial Real Estate as a senior vice president, where he will focus on medical, office and industrial leasing and sales. O’Neill has more than fifteen years of commercial real estate experience.

Throughout his career Dan has been involved in negotiating over 400 lease agreements and sales contracts.

7/6/2010

Gary Nussbaum has rejoined Transwestern as a managing director with
the firm’s Investment Services Group, announced Rob Bagguley, president – Midwest region.

Nussbaum will join with his former partner, managing Director Tom Gorman, to originate, structure and execute office and industrial
investment sales transactions for institutional, corporate and private investors.

Nussbaum returns to Transwestern after serving 10 months as a managing director at Eastdil Secured and cites the advantage of having a real estate company with leasing and management expertise as a main driver for his return.

“I am thrilled to be coming back to a company whose culture and platform I admire,” said Mr. Nussbaum.

Mr. Nussbaum was a member of the Transwestern team from 1999-09.

6/22/2010

Colliers Bennett & Kahnweiler LLC (Colliers B&K) has added Scott R. Marshall as Executive Managing Director in the firm’s Rosemont office.  Marshall will be managing the strategy and development of the suburban office and industrial groups, composed of approximately 40 brokerage professionals.

Marshall previously spent six years with Duke Realty Corporation, first as a senior leasing representative within the firm’s Chicago office group, and later as vice president of the Chicago industrial group.

Before Duke,  Marshall spent four years with Avgeris and Associates where he was vice president of real estate operations and three years with Cole Taylor Bank where he was an assistant vice president and commercial lending officer.

He received a Bachelor of Arts degree in business administration from Bradley University in Peoria, Ill.

6/16/2010

Paul Lakin has been promoted to vice president and managing director of Faithful+Gould’s Chicago office.

He joins the Faithful+Gould Chicago team from Faithful+Gould Minneapolis.  Since starting his career in the U.K. over 20 years ago, he has worked on three continents in sectors ranging from petrochemical and nuclear to food and beverage and hospitality.  His service expertise is in: project management, owner’s representation, project controls, quantity surveying and cost management.

6/7/2010

Podolsky Northstar CORFAC International has added Joshua D. Altman as an associate in the firm’s Brokerage Division. Altman brings six years of diversified sales and business development experience to his position at Podolsky Northstar, having worked in the real estate, freight forwarding and telecommunications industries.

At Podolsky Northstar, Altman will be partnered with Randy D. Podolsky, managing principal, and Adam J. Tarantur, assistant vice president, working with both tenants and landlords to meet their real estate and related business objectives.

Altman is a graduate of Indiana University, where he earned a Bachelor of Arts & Sciences Degree.

5/17/2010

Jones Lang LaSalle announced today that Brenda Crisp has joined the firm as Senior Vice President and leader of the firm’s Midwest Industrial Property Management practice. With more than 25 years of experience in full-service property management, Crisp will focus on expanding the firm’s Midwest industrial property management platform as well as continue to enhance its robust full-service solutions for clients across the Midwest.

Crisp will report directly to Steve Zsigray, Managing Director, Property Management at Jones Lang LaSalle. She will also partner with Keith Stauber, who recently joined the firm as Regional Managing Director to lead the firm’s Midwest Industrial Services team and guide the integrated platform.

5/3/2010

Grubb & Ellis Co. has announced that John Clark and Robert Lundin have joined the company as senior vice presidents, Office Group.  The hires, which are effective immediately, are part of the company’s overall strategy to significantly enhance its Investor Services platform.

In this role Clark  and Lundin will help to further build Grubb & Ellis’ agency landlord representation presence in the suburban Chicago market.  The team joins from Jones Lang LaSalle and includes Jesse Slack as associate vice president.

5/3/2010

Keith Stauber has joined Jones Lang LaSalle as a Regional Managing Director of the firm’s Midwest Industrial Services practice. As the new lead of Jones Lang LaSalle’s Midwest Industrial team, Stauber will focus on developing strategic client relationships to help expand the firm’s industrial platform in the Midwest.

Stauber joins Jones Lang LaSalle from First Industrial Realty Trust where he was Senior Regional Director of the firm’s Chicago/Milwaukee region overseeing acquisitions and performance of the company’s portfolio.  During his tenure there he also  oversaw the completion of 2.8 million square feet of build-to-suits. Throughout his career, Stauber has focused on developing real estate solutions for corporate customers nationwide, including some of the most well-recognized industrial occupiers and institutional owners.

4/27/2010
Dean Vlahos has joined Newmark Knight Frank as an associate director in the firm’s Chicago office, where he will be working with a retail advisory team lead by Greg Kirsch, principal, providing strategic tenant representation services to various retailers throughout the Chicago region. Prior to joining Newmark Knight Frank, Vlahos served as an associate of Affinity Commercial Real Estate in Arlington Heights, where his focus was on lease negotiation for both in-line strip center space and free-standing buildings, as well as exclusive tenant representation for Chiro One Wellness Center suburban site

4/27/2010
Bob Peterson has joined Grubb & Ellis Co. as managing director, corporate services. He will oversee the company’s corporate services offerings in Chicago by providing “single-point-of-contact” delivery of multi-market tenant representation, disposition and real estate consulting solutions to corporate accounts. Peterson was most recently an executive vice president with NAI Hiffman. Peterson is president of the Chicago Office Leasing Brokers Association. He is also on the board of directors of Chicago Youth Centers’ Fellowship House and New Foundation Center Associates. He received his bachelor’s degree from Miami University.

4/27/2010
Britt Casey has been promoted from senior director to executive director at Cushman & Wakefield. He joined the firm in 2002. In 2008, he was the No. 1 overall producer for both Cushman & Wakefield’s Chicago offices and was among the firm’s top 25 producers nationally. He has been nominated twice as Industrial Broker of the Year by the Crain’s Chicago Business Commercial Real Estate Awards program and won this prestigious award once

New board members include Brian Graham, chapter president, with Colliers International; Josh Gerth, chapter vice president with Jones Lang Lasalle; Denice Hertlein, chapter treasurer with Clark Schaefer Hackett; and Jerry O’Connell, chapter secretary with Graydon Head.

The chapter’s 2012 trustees are Kevin Smith, Adam Hemmer, Steve Brandt, Charlie Pond, Rich Hughes, Jerry Royce, James Devanney, Vanessa Wong and Shaun Bond.

Golfsmith plans to open a 19,900-square-foot store in the spring of 2012 adjacent to OfficeMax at the Harvard Park shopping center in Warrensville Heights, Ohio. Sogoloff and Solomon are currently reviewing additional Northeastern Ohio locations with Golfsmith.

Golfsmith International Holdings, Inc. is a 44-year-old specialty retailer of golf and tennis equipment, apparel and accessories.

Paul Fisher

We may be on the verge of seeing the commonly understood expectation of the scope of liability under so-called “bad boy” guaranties in real estate loans being blown apart, with enormous implications to all parties in the real estate business.

There are two recent cases decided in Michigan that have held that one of the events triggering full recourse liability to the guarantor, based on the express terms of the loan documents, is the failure of the borrowing entity to remain solvent and to pay its debts as they become due. The cases are Wells Fargo Bank v. Cherryland Mall and David Schostak, decided by a Michigan state appellate court, and 51382 Gratiot Avenue Holdings v. Chesterfield Development Company and John D’Amico, decided by the Federal District Court, Eastern District.

The provisions in the loan documents in these cases are virtually identical to the triggering language in almost all CMBS loans and real estate loans that are made to “single purpose entities” (SPEs). These loans are likely in the hundreds of billions of dollars and they touch virtually every major developer and lender in the United States, as well as the attorneys representing them and loan originators and others.

One of the essential elements of CMBS loans and loans to SPEs is that the mortgaged asset is isolated from all other endeavors, creditors and liens other than nominal trade debt. Thus the loan documents in these loans will typically require that the borrowing entity be, at all times a “single purpose entity.” This is generally known as the separatedness covenant. Another essential element is that recourse against the guarantor is limited so that only in the case of specific acts and events will there be recourse liability. In a subset of these acts and events, liability for the entire debt (as opposed to just the damage caused by the act or event) will be triggered. As the term “bad boy guaranty” suggests, some type of bad act is commonly thought to be necessary as the trigger. Beware though what is commonly thought!

One of these triggering events in these loans is typically the failure of the borrower to remain an SPE. The standard definition of a single purpose entity used in CMBS loans and approved by the rating agencies is that the borrower must remain solvent and that it must pay its debts as they come due from its own assets. Note that, despite conventional thinking to the contrary, this standard definition does not say that the failure to remain solvent must be caused by some act or omission of the borrower or the guarantor or anyone associated with them. With a dramatic decline in real estate values, a substantial number of real estate borrowers are now insolvent. Likewise, despite conventional thinking to the contrary, the standard definition does not exclude the very mortgage debt that was the subject of the guaranty from the debts to be paid as they become due. As we know, a substantial number of real estate borrowers have not and will not pay their mortgage loans because the value of the property is now less than the mortgage debt. The conventional thinking has been that if a non-recourse loan was not paid but the borrower either voluntarily gave the lender a deed or didn’t resist a foreclosure and the borrower did not do some bad act to thwart the lender’s right to the property and the income from it, such as file a bankruptcy or collusively assist a bankruptcy filing, the guarantor would avoid the trigger and would not be liable. The holding in these cases directly contradicts that conventional thinking.

In the Cherryland case, the borrower stopped making mortgage payment and the lender foreclosed by advertisement or non-judicially. The borrower made no attempt to stop or interfere with the foreclosure sale. The day after the sale, the lender filed suit for a deficiency against the guarantor citing the trigger based on failure to remain an SPE, which in turn required that the borrower remain solvent and pay its debts as they become due. The guarantor claimed that neither the borrower nor guarantor had taken money improperly out of the project or done any other bad act. The Court, however, said it is unambiguous that no bad act is required in determining whether the borrower is solvent and whether it has paid its debts as they become due.  The Court said “[W]e recognize that our interpretation seems incongruent with the perceived nature of a nonrecourse debt and are cognizant of the [Commercial Mortgage Security Association’s] arguments and calculations that, if accurate, indicate economic disaster for the business community …” However, unambiguous language in a contract is enforced as it is written and words are taken in their common meaning, not as a party claims they were intended to be interpreted. The guarantor and Commercial Mortgage Security Association also said it would violate public policy to come to a conclusion that would upend the common understanding that the trigger required a bad act. The Court said public policy is made by the Legislature and not the Courts, and there is no evidence that enforcing this contract language as written is against a public policy of the Legislature.

In the Chesterfield case, after the borrower stopped making payments on the loan, the lender filed a foreclosure action that included a separate claim under the guaranty for the deficiency based on the trigger that the borrower must remain solvent and pay its debts as they become due. The guarantor said that surely this very mortgage debt can’t be one of the debts that was meant by this provision because to do so would defeat the purpose of the non-recourse provisions and nature of the loan. The Court however said there is nothing ambiguous about the term “its debts” and nothing to support excluding this mortgage debt from the term. The guarantor further argued that the effect of holding that the trigger had occurred would be that the exception to the non-recourse provisions would swallow the rule. The Court rejected the argument. As an indication of the certainty that the guarantor and its lawyers had that the Court could not possibly interpret the language to mean what it says, they argued that the result was “extremely absurd,” “ridiculous” and “draconian.”

Barring a reversal on appeal, what do these cases mean to you? Since they are the first reported cases interpreting these specific provisions defining an SPE by reference to the borrower remaining solvent and paying its debts as they come due, they are likely to be followed widely. One result is that a huge volume of these loans would be in default and the guarantors who previously expected not to have personal liability would in fact have personal liability for the entire debt. Not only would this be the case with loans that have not yet been foreclosed, but even the guaranties on those loans previously foreclosed or where a deed in lieu had been given could be pursued unless the lender had given a broad release in favor of the guarantor.

In some cases it might be better for a guarantor exposed in this fashion to inject equity into the borrower to avoid the insolvency and allow the borrower to continue to make payments, although that may just be making the death a bit slower. In many cases, parties who signed these guaranties signed them on many transactions, so some guarantors may find themselves insolvent as a result of recourse liability being triggered. All of the guarantors affected would have to restate financial statements, which might possibly trigger other defaults for misrepresenting their financial position. Lawyers will have to counsel their clients (where they are lenders) that they may have guaranty claims whether or not they expected to have them and (where they are borrowers/guarantors) that they might have exposure where they expected not to have exposure and in many cases were advised by their lawyers that they wouldn’t have exposure unless they committed a bad act. There would also potentially be no incentive for a borrower and guarantor to cooperate in a foreclosure or to make a voluntary deed to the lender unless the lender agreed to give a release to the guarantor. Where a guarantor has substantial assets, it might be a better strategy for the lender to refuse to give a release and deal with the contested foreclosure or bankruptcy filing but in response it might also be a reason for the borrower and guarantor to divert funds from the project or otherwise commit bad acts since full recourse would already exist.

If these decisions stand on appeal and are followed generally, the CMBS market, already weak, and a large part of the real estate finance market beyond the CMBS market would be upended. All transactions in the future would require specific negotiation and revised language to avoid the results discussed here and the revised language and structure would (in the case of the CMBS loans) require rating agency blessing that in turn would require that they can get a legal opinion that the new provisions in the SPE definition replacing or modifying the provisions that the borrower remain solvent and pay its debts as they come due would not diminish the benefits in a bankruptcy proceeding of having an SPE borrower.

It would be a good idea for all parties potentially affected by this development to go back and read their documents. While the language discussed is widespread, you can only determine how it affects you by checking your documents.

Paul Fisher is a partner with Chicago law firm McGuireWoods LLP. He can be reached at 312-849-8244 or by e-mail at pfisher@mcquirewoods.com.

Piers Pritchard

Like most Midwest cities, St. Louis suffered through its share of pain during the Great Recession and its painfully slow recovery. Today, though, the city appears to be on the rebound. And that includes its commercial real estate market. Midwest Real Estate News recently spoke with Piers Pritchard, a vice president and principal at the St. Louis office of Cassidy Turley. Pritchard had plenty of positive news to share regarding this Midwest city’s commercial real estate market.

Midwest Real Estate News: This is a pretty broad question, but are you seeing things getting better in the commercial real estate market these days in St. Louis?
Piers Pritchard: Yes. We saw some good momentum at the end of 2011. In the second half of this year, that momentum has continued. Some of the good news comes from our local companies. We have several local companies, from recent start-ups to our Fortune 500 companies, who are adding jobs and committing to additional space. These companies are furthering their commitment to the St. Louis metro area.

MWREN: It’s good to see that commitment from local companies.
Pritchard: It is. We won’t see that absorption until 2012. That’s when we’ll see the space actually being occupied. But we are seeing good momentum in St. Louis right now. The total square footage that those tenants are looking for is 11 percent more space than they currently occupy. That’s a good formula. We are feeling good and optimistic about 2012.

MWREN: Why do you think you’re seeing these improvements now.
Pritchard: I think St. Louis is a pretty fundamentally sound city. We do not have the boom/bust of the bigger cities on the coasts. We don’t’ see the highest of highs or the lowest of lows. When we are seeing a recovery, as we are now across the country, St. Louis is almost always positioned well to recover because we don’t have the big swings like some of the bigger cities. We also have a good foundation of corporate citizens. Some of our largest employers are adding jobs and more space.

MWREN: What commercial sectors are performing better than others?
Pritchard: The big thing everyone is talking about is healthcare. St Louis is actually pretty heavy on healthcare. That’s a good thing from our perspective. It’s one of those segments that hasn’t slowed during the recession. We’ve seen growth. We think that will accelerate.

MWREN: What other property types are doing well right now?
Pritchard: Some property types seem to be in the last stages of the downfall. Others seem to be in the first stages of recovery. Industrial has seen the most significant recovery so far. The St. Louis area has seen a couple of large deals. Walgreen’s occupied 500,000 square feet last year. Procter & Gamble expanded in the area. There has also been a strong demand for rental units. It’s hard to purchase a home because of stricter lending standards. The multi-family market coast to coast is doing well. That is the case here in St. Louis as well.

MWREN: Multi-family seems to be doing well in all the Midwest markets that we cover.
Pritchard: From an investment perspective, there are two product types doing well now. One is core, well-leased, good-credit-tenant big retail projects that are grocery anchored. Big retail centers of that kind are doing well. And the multi-family segment is also doing well.

MWREN: What about retail? How is that segment performing today?
Pritchard: Retail is slow and steady. We have optimism going forward. What we’ve seen in the last couple of years has been a flight to quality from lesser B- and C-class properties to Class-A properties on the retail side. Those B and C type properties have been vacated or have been converted to different types of uses. An old retail center could become a church or a school or very inexpensive office space. The owners of lesser-quality retail space have had to be creative in attracting tenants, in recouping that income from tenants that have vacated.

MWREN: Since the start of the recession, we’ve seen plenty of these creative re-uses across the Midwest.
Pritchard: It is a trend that we have seen. And it’s not just on retail. You’ll also see light industrial, flex spaces and office/warehouse spaces that may have had more of a typical type of use that are now being converted into something different. From a landlord’s perspective, they just want their space leased.

MWREN: Looking ahead, what do you see occurring in the world that might actually derail the recoveries we are seeing in most Midwest markets?
Pritchard: Everyone is still on edge. We are still optimistic and we do believe that the momentum we’ve seen can carry us in the right direction. But recent history has everyone a little nervous. Everyone is very cautious in their optimism. We have political issues and the presidential election in November to worry about. There are a lot of things that are teetering in Washington. Who will be president is one of them. This could all have an impact on what happens nationally.

MWREN: Do you think the recovery in St. Louis will continue in 2012 and beyond?
Pritchard: Our economy here is pretty diverse. We are not completely dependent on any one industry. Healthcare is a growing trend in St. Louis, but we are not completely dependent on healthcare. We have manufacturing. We have IT companies here. We have a strong market with lawyers and accountants and other professionals. We are not dependent on one segment of the market. That will help our recovery. We are all about slow and steady. St. Louis is about not hitting the high highs or low lows.

J.C. Anderson was selected to remodel the new office space for the Civic Committee of The Commercial Club of Chicago to accommodate their relocation from the 31^st and 25^th floors within the Chase Tower to the 43^rd floor. The project included the construction of a new conference room, which featured a center divider as well as wood and glass windows. Wood and glass office fronts were also incorporated into the design, which used high-end millwork. The firm’s Thomas A. Raveret oversaw the entire project. Lena Kitson and Mireye Bond of Gensler were the project architects and Bill Rogers with Jones Lang LaSalle represented the tenant. 

The Civic Committee of The Commercial Club of Chicago is the civic arm of The Commercial Club of Chicago which is one of the oldest organizations representing the business, professional, educational and cultural leaders of the Chicago region. The Civic Committee is comprised of senior executives in the Chicago region’s leading institutions and is dedicated to improving Chicago as a place to live, work, and conduct business.

According to Mark Heffron, senior project manager of Summit Design + Build, the 2,000-square-foot restaurant/bar is situated in a historic building and features custom millwork and high-end finishes throughout. Summit Design + Build’s Matt Piekarz, project engineer, was responsible for the on-site construction of Wild Monk. Simeone Deary Design Group and Byrne Design LLC provided architectural services for the project.