John Jaeger and Dan Cohen of CB Richard Ellis’ Multi Housing-Group represented Fifield Companies and Pacific Life Insurance Co. in the deal.

Located at 353 N. Desplaines St., Echelon at K Station is 95 percent leased. A 350-unit high-rise, Echelon at K Station includes studio, one- and two-bedroom residences with one to two baths. Floor plans range in size from 572 to 1,111 square feet with rents ranging from $1,565 to $2,845 per month. 

Echelon’s full slate of luxury amenities include: a fitness center with Precor and Matrix Fitness Systems cardio and strength equipment, flat screen monitors and locker rooms; a landscaped outdoor deck with a swimming pool, barbeque area and lounge seating; game room and lounge; a business center and conference room; and a party suite, which includes a kitchen and dining area. Additional amenities include 24-hour maintenance and door staff, on-site valet dry cleaner and package receiving.

All residences at Echelon at K Station include kitchens with granite countertops and stainless steel appliances; in-home washer and dryer; and individually controlled heating and air conditioning. 

The building is part of a 2,100-unit, five-tower master-planned development called K Station, which Fifield Companies broke ground on eight years ago. The development is located just north of the Fulton River District and west of the Chicago River.

With the sale of Echelon complete, as well as an earlier tower called Left Bank at K Station, Fifield Companies is currently leasing two apartment buildings at K Station: Alta West Tower and Alta East Tower. Ground was broken in November 2011, for the fifth and final tower at the development, K2.

The initial term of the lease is 15 years. The lease terms include expansion, contraction and renewal options for Latham & Watkins consistent with those negotiated in the market for lease transactions of this size and nature.

The building that will serve as Latham’s new office was designed by architect Mies van der Rohe and completed in 1971. It was designated with landmark status by the City of Chicago in 2008. The owner of 330 N. Wabash Avenue is a joint venture between subsidiaries of Prime Group Realty Trust, a real estate investment trust headquartered in Chicago, and Five Mile Capital Partners LLC, a Connecticut-based commercial real estate and alternative investment firm. PGRT is the property manager and leasing agent for the property. Latham & Watkins was represented in its search by Scott Gamber, Todd Lippman and Kyle Kamin of CB Richard Ellis, and PGRT was represented by its Executive Vice President of Leasing Steven R. Baron.

The building has undergone and is currently undergoing a renovation that includes a new fire and life safety system, new restrooms, elevator cab modernization, updating the building’s HVAC system and asbestos abatement. Also under construction are a new 5,000-square-foot fitness center and a combined food service and conference room center.

“We are very pleased to announce that Latham & Watkins has chosen to move its Chicago office to 330 N. Wabash,” said Jeff Patterson, Prime Group Realty Trust’s president and chief executive officer. “Taken together with the recently announced American Medical Association and SmithBucklin Corp. leases, the Latham & Watkins lease brings the office portion of 330 N. Wabash Ave. to approximately 84 percent leased and results in a total of about 521,000 square feet of new leases completed at the building in the last 30 days.”  

“A combination of location, architectural significance and the high-quality original construction and renovations at 330 N. Wabash are all attractive qualities to us,” said Rick Levy, managing partner of Latham & Watkins’ Chicago office.

A new Langham Chicago Hotel on floors two through 13 of 330 N. Wabash also is scheduled to be open in the second quarter of 2013. The hotel will feature approximately 316 rooms and suites and will include a full service restaurant, meeting and conference facilities, as well as a fitness facility and the hotel’s wellness retreat, Chuan Spa.

Mell & Company has leased 21,880 square feet of warehouse space located at 6700 Touhy Ave. in Niles. Terrence O’Hara, senior vice president of Lee & Associates of Illinois LLC, represented building ownership, Mohawk Building LLC, and Peter Billmeyer of Chicagoland Commercial represented the tenant in the transaction.

Ellen Steinbrecher and CJ Kuehl, both principals of Lee & Associates of Illinois, represented National Louis University in their lease of 11,199 square feet of office space located in the Capitol Commerce Center in Wheeling. Jason Streepy of NAI Hiffman represented building ownership in the transaction.

MKD Electric has purchased a 35,150-square-foot industrial building located at 1450 McLean Boulevard in Elgin.  John Cassidy and Ken Franzese, both principals of Lee & Associates of Illinois, represented the seller, a private trust, and Bruce Granger of Grubb & Ellis represented the buyer in the transaction.

General Electric has leased 32,000 square feet located at 7521 Brush Hill Road in Burr Ridge. Brian Vanosky, principal of Lee & Associates of Illinois, represented building ownership, and Brush Hill Properties and Mike Mangan of CB Richard Ellis represented the tenant in the transaction.

Jim Planey and Jeff Janda, both principals of Lee & Associates of Illinois, represented Coated Sand Solutions in their purchase of 28.05 acres at Ritchie Road and Steward Road in Rochelle.  Planey and Janda also represented ownership, The Boyle Family, in the transaction.

Mike Plumb, vice president of Lee & Associates of Illinois, represented CM2 Properties LLC in their purchase of a 44,300-square-foot warehouse building located at 490 Windy Point Drive in Glendale Heights.

Walter Murphy, principal of Lee & Associates of Illinois, represented JMK-IIT in their lease of 86,631 square feet of industrial space located at 530 W. North Frontage Road in Bolingbrook.  Larry Johnson and Kirk Armour of CB Richard Ellis represented building ownership in the transaction.

Nick Eboli, senior associate, of Lee & Associates of Illinois, LLC represented CPS, Inc. in their lease of 34,013 square feet of manufacturing space located at 80 Internationale Boulevard in Glendale Heights.  Mike Sedjo, Chris Zubel and Anna Sedjo, of CB Richard Ellis represented building ownership, ProLogis, in the transaction.

John Cassidy and Ken Franzese, both principals, of Lee & Associates of Illinois, LLC represented Strictly FX in their leasing of 14,503 square feet of flex space located at 1400 Michael Drive in Wood Dale.  Chris Zubel of CB Richard Ellis represented building ownership, ProLogis, in the transaction.

Cassidy and Franzese also represented JAS Forwarding in their lease of 78,200 square feet of industrial space located at 1400 Algonquin Road in Mt. Prospect.  Matt Stauber of Colliers International, represented building ownership, ING/Clarion Partners, in the transaction.

Chris Nelson, principal, of Lee & Associates of Illinois, LLC represented IJS Global Inc. in the leasing of 18,834  square feet of warehouse space located at 1055 Stevenson Court in Roselle.  Brian Kling of Colliers International represented building ownership, James Campbell Company, in the transaction.

ADMO has purchased a 42,280 square feet industrial building located at 1370 Gateway Drive in Elgin.  Steve Bass of Lee & Associates of Illinois, LLC represented the seller, KNEBL, LLC, in the transaction.

Scott Anderson, vice president, of Lee & Associates of Illinois, LLC, represented building ownership, Arquilla Industries in the sale of a 40,410 square feet warehouse on 5.85 acres in Harvey, Ill. The buyer, Seefried Properties was represented by CBRE. The property, which is adjacent to the Canadian National Railroad intermodal, will serve as a distribution center for The American Bottling Company.

Anderson also represented building ownership, CenterPoint Property Trust in the sale of a 102,107-square-foot manufacturing facility on 5.8 acres in Chicago. The property is located on the south east side of Chicago, within the Ford Supplier Park. The Ford Motor Company was the buyer.

These new assignments are a significant addition to CBRE’s existing Invesco management portfolio, which consist of four industrial buildings in Lackman Business Park in Lenexa.  CBRE will now be responsible for managing more than 740,000 square feet of industrial and retail property for Invesco in the Kansas City region.

Brad Ashley, senior real estate manager for CBRE, is responsible for the Invesco industrial portfolio.

Kelly Masten will be joining CBRE as a senior real estate manager, and will head CBRE’s Hawthorne management team.

Edward Don & Company is a nationwide distributor of foodservice equipment and supplies.  The family-owned firm, celebrating its 90^th year in business, will relocate its operations and nearly 400 employees from its current facility to their new headquarters in the Fall of 2012.

The contemporary facility will feature 55,000 square feet of office space, 32’ clear height, 38 external docks, two drive-in doors and parking to accommodate 20 trailers and 380 vehicles.  The two-story office and industrial building incorporates a modern ESFR sprinkler system and numerous sustainable features such as T-5 lighting throughout the warehouse.

The State of Illinois, County of DuPage and Village of Woodridge reached agreements that enabled Edward Don & Company to more appropriately spread the costs of the relocation, new construction and increased capital expenditures across a 20-year lease commitment in Woodridge.  “

Henry Cox, executive vice president, global corporate services and Bruce McConnell, first vice president of corporate services of CB Richard Ellis represented Edward Don & Company in the 20-year lease transaction.  Brian Carroll, senior vice president and James Cummings, associate vice president of Grubb & Ellis represented owners, McShane Development Company and Gallagher and Henry.  Associated Bank is providing the financing for the project.

The design/build team of McShane Construction Company and Ware Malcomb Architects has been selected to provide the design and construction services for this sizable build-to-suit project.

The ninth building in the portfolio is located in Corona, Calif. With this acquisition, Duke Realty now owns and operates nearly 9 million square feet of bulk warehouse space in and around Chicago and more than 107,695,971 square feet nationwide.

“This acquisition is another step in Duke Realty’s strategy to increase its investment in industrial assets in key distribution markets,” said Steve Schnur, senior vice president of Duke Realty’s Chicago operations in a release. “Chicago continues to be one of the leading industrial markets in the United States, and the properties in this acquisition are all located in core submarkets, making them excellent additions to our local portfolio.”

All of the buildings in the portfolio Duke Realty acquired are 100 percent leased by either a single entity or two tenants. The purchased properties in Chicago are:

• 200 Champion Way    Northlake, Ill.    238,064 SF

• 1800 Averill Road    Geneva, Ill.    243,000 SF

• 605 Crossroads Parkway    Bolingbrook, Ill.    354,400 SF

• 370 Crossroads Parkway    Bolingbrook, Ill.    258,560 SF

• 1250 Carolina Drive    West Chicago, Ill.    150,000 SF

• 751 Expressway Drive    Itasca, Ill.    63,305 SF

• 4160 Madison Street    Hillside, Ill.    79,532 SF

• 11440 Addison Street    Franklin Park, Ill.    111,588 SF

Mike Caprile, Ted Staszak and Stephanie Park with CB Richard Ellis represented the seller in the transaction.

Duke has been an active buyer recently. In September, the firm acquired three industrial buildings—two in the Chicago area and one in Fort Worth, Texas—totaling 693,938 square feet. All three properties were 100 percent leased.

The building, which is located at 3451 S. Chicago Street (Route 53) about three miles south of I-80, is currently being leased on a short-term basis by Walmart.

Keith Stauber, Scott Duerkop, and Steve Ostrowski of Jones Lang LaSalle completed the sale as well as the lease to Walmart, which was represented in the transaction by CB Richard Ellis. Jones Lang LaSalle has been retained as leasing brokers and is actively marketing the property to prospective tenants.

Built in 2007 on a lushly landscaped 30-acre site, the facility features 136 trailer stalls, 65 exterior docks, four drive-in doors and energy efficient T-5 lighting fixtures with motion sensors. The property is located just five miles from the Burlington Northern-Santa Fe Intermodal Terminal in Elwood and only 12.5 miles from Union Pacific’s Joliet Intermodal Terminal, providing savings of 12 percent annually on transportation costs and 9 percent annually on transportation and real estate costs over other Chicago-area distribution locations, according to an independent reverse location selection study completed earlier this year.

Woodland Prime consists of four, Class-A office buildings in Menomonee Falls, Wis., with a total of 364,703 square feet on 149 acres. Woodland Prime offers a park-like setting for its tenants, and is surrounded by the Menomonee River Nature Reserve and North Hills Country Club.

The Outstanding Building of the Year (TOBY) Award is a prestigious award given out by BOMA, and is the only one of its kind in the commercial real estate industry. To win the TOBY award, the office park was toured by all judges to get a firsthand look at what the property had to offer. Judging was based on building standards, community impact, tenant relations, energy management systems, environmental and regulatory procedures, emergency preparedness and security standards and training of building personnel.

Jack Durburg

Midwest Real Estate News regularly profiles successful commercial brokers. This time we take a look at the nearly 25-year career of Jack Durburg, president of the central division of CB Richard Ellis. From his office in Chicago, Durburg explained just how much, and why, he enjoys the commercial real estate business.

Midwest Real Estate News: When did you get your start in commercial real estate?
Jack Durburg: I started in this business in May of 1988. That was quite some time ago. I’m now in my 24th year of my real estate career. Truth is, I didn’t seek real estate out. It was just an opportunity that I fell into. Clearly, it’s been good to me. I certainly didn’t plan it this way.

MWREN: Why do you think this has been such a good fit for you?
Durburg: I’ve developed a passion for the business. As you know, it’s hard to be successful at anything unless you are passionate about it. Fortunately, I developed a passion for commercial real estate. As a result, I’ve poured all of my energies into it. My career bore some fruit because of the passion and the effort.

MWREN: What do you enjoy most about this business?
Durburg: First and foremost, it is highly competitive. That is exciting. It is fun. I love to compete, and I love to win. Every day is different. There is a whole host of new challenges every day that you have to plan for. The business is exciting that way. You are constantly learning. It is a people business, too. The people that I have had the privilege of working with, both internally at CB Richard Ellis, and our clients are great people. It makes it enjoyable.

MWREN: What is the most challenging part of succeeding in this business?
Durburg: We are only limited by our own personal bandwidth. There are so many opportunities in this business. The trick is, you need to figure out how to manage your time, and pour your energy into those activities that will really move the needle for your business. With technology, it is easy to get sidetracked and make yourself busy, even though you are not really moving the needle. How do you prioritize and focus on those valuable activities that are going to push your business forward, rather than just being busy and running in place? That advice isn’t necessarily real estate-specific. I’d say that is applicable to a lot of different industries, but that is part of the magic, trying to figure that out.

MWREN: What kind of activities would you say are the ones that help move your business’ needle?
Durburg: If you are a real estate broker, you can make yourself busy completing tasks. What you really should be doing is getting on the phone with your clients. You should be calling either your existing clients or you should be prospecting for new clients. It is easy to get sidetracked by busy work. You have to figure out how to either delegate that or push it to the side and focus on your clients.

MWREN: What steps do you take to make sure that you are focusing on your clients each day?
Durburg: I don’t have it completely figured out. I’m not so sure anyone does. But I definitely have figured out a way to prioritize. What I want to do with my time is spend my time with my internal clients, our professionals here, and my external clients. I have a really good team around me to which I can delegate a lot of the tasks that you have to complete during the course of the day. So I can really focus in on clients, both internal and external.

MWREN: Has that helped you during these tough economic times?
Durburg: I think it might be the most important thing. You build loyalty and trust. And that gives you a huge advantage internally in your own organization. And it gives you a huge advantage externally. People trust that you can deliver what you promise. You have to invest in the people in order to build that trust.

MWREN: What kind of personality traits do you have that have helped you succeed in this business?
Durburg: It all starts with work ethic. That is probably the foundation for success in our industry. There isn’t a shortcut. You have to put the time in. You have to be more committed than your competitors. You have to be dedicated to excellence in service delivery, whether that is serving your internal clients or your external clients. You have to overlay it with strong core values. Integrity. Respect. Trust. Those are all foundation values that you need to have while conducting your business. You might notice that I didn’t mention that you have to be the smartest person in the world. It’d help. But all of the qualities that you need to have to be successful are there for anyone if you are dedicated. That’s a great message, frankly, to a lot of the young people in the business. You can get to wherever you want to be in this business with working hard, promoting excellence in service delivery and having a strong set of core values.