This Week’s Chicago Deal Sheet: JLL Makes More Cuts To Chicagoland Office Space

JLL is further reducing its footprint in the Chicago area, putting more than 20% of a 67K SF building in the suburb of Westmont up for sublease. 

The commercial real estate titan has been the anchor tenant of the building since 2019 and occupies nearly three-quarters of it, with the space leased through 2030.

“Just as we’re helping clients with their workplace transformations, we continuously do the same at our own JLL offices — ensuring they are properly positioned as the central hub of where our people work each day,” a JLL spokesperson told The Real Deal. 

The sublease came to light after the lender for Sidra Capital’s $14.7M loan on the property put the building on a watchlist, TRD reports. 

Last July, the firm announced plans to sublease almost one-third of its space in its Aon Center headquarters. 

PEOPLE

Akrete, a CRE public relations firm based in the Chicago area, appointed Nicole Stenclik to the newly created role of president. Stenclik will work with founder and CEO Margy Sweeney to lead the agency. Her role will focus on delivering client service across the portfolio, managing Akrete’s team of 30 professionals across the country, daily operations and forging new client partnerships in financial services, commercial real estate, cannabis and professional services. Stenclik has been a member of Akrete for six years as both a vice president and managing consultant.

SALES

Mid-America Real Estate Corp.’s Investment Sales Group recently brokered the sale of Spoerlein Commons, a mixed-use asset in Buffalo Grove. CRE Pro bought the 41K SF center. Mid-America Real Estate Corp. principal Rick Drogosz, Vice President Emily Gadomski and Senior Vice President George Ghattas were the exclusive brokers in the transaction on behalf of an institutional seller.

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Interra Realty brokered the $4.6M sale of a 10-unit apartment building at 1220 N. Bosworth Ave. in Wicker Park. Interra Senior Managing Partner Brad Feldman represented the seller, a real estate operator for whom Feldman brokered the original acquisition in 2021. Feldman also sourced and represented the buyer, a Chicago-based investment group that assumed the existing loan as part of the deal. The building was constructed in 2020 and fully occupied at the time of sale.

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Interra Realty also facilitated the $10.4M sale of reVerb Century Station, a mixed-use property at 3200 S. Oak Park Ave. in Berwyn. An undisclosed investment group purchased the 52-unit apartment building with 11K SF of ground-floor commercial space. Interra Senior Managing Partner Joe Smazal, Managing Partner Patrick Kennelly and Managing Director Paul Waterloo represented the confidential seller and the buyer. 

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Marcus & Millichap brokered the sale of 200 E. Marquardt Drive, a 30K SF industrial property in Wheeling for $1.9M. Dylan Hyde and Peter Doughty, investment specialists in Marcus & Millichap’s Chicago office, had the exclusive listing to market the property on behalf of the seller, a private investor. 

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Marcus & Millichap also facilitated the sale of Northfield Meadows Apartment Homes, a 26-unit apartment property in Bourbonnais, for an undisclosed price. Senior Managing Director Ryan Engle, Senior Vice President Andrean Angelov and Associate Zack Mahoney had the exclusive listing to market the property on behalf of the seller, a private investor. The three also secured and represented the buyer, also a private investor.

THIS AND THAT

Essex Realty Group launched Essex Capital Markets, which will provide tailored debt and equity solutions to clients in the midmarket and institutional space for all property types. Darragh Griffin, who worked for Wintrust for the past 10 years, will lead Essex Capital as its key principal.