Bradford Allen Breaks Into Property Management
Roger Clark will out-snowboard you on the Colorado slopes, which we'd like to think is the reason Bradford Allen tapped him to head up its new property management division(although it may be his more than 25 years in CRE). President of Bradford Allen Management Services, Roger says clients asking the company for property management services spurred the new practice group, which covers downtown Chicago and the suburbs. The group manages three properties totaling 200k SF (two suburban offices and a downtown athletic facility--350 E 22nd St in Lombard pictured below), with a fourth suburban office coming on April 1.
Hot topics in property management include energy usage (the highest expense behind real estate taxes) and sustainability, Roger tells us. Since a building's property management often changes hands when it is bought or sold, he feels bullish on opportunities in the sector given today's loosened capital markets. Downtown trophy assets have traded hands at the very top and the movement has already trickled down to second-tier buildings (including suburban properties). "The market will make sure we're all sane in what we're doing," he adds. We just noticed Roger's copy ofMoneyball above, so you may want to avoid him (or learn from him) in fantasy baseball leagues.
What's your favorite song about real estate? We like "Little Boxes" by Malvina Reynolds. Send ideas and suggestions to marissa.oberlander@bisnow.com.
