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CRE is changing, and so are construction trends. Here’s what you need to know By Mia Goulart, Senior Staff Writer

he industry is constantly evolving—necessitated by the need to retain and draw in business. And subsequently, as the industry changes, so too do related construction trends.

For an in-depth discussion regarding these trends—past, present and future—Illinois Real Estate Journal turned to Lendlease’s Kinjal Patel and Chicago-based McHugh Construction’s Steve Wiley and Ryan Pyatenko. Illinois Real Estate Journal: What are the emerging/ current construction trends to be aware of?

Patel: The trends that we are keeping an eye on include AI design, prefabrication/modular construction, carbon reduction initiatives and scarcity of qualified labor pool. Because of our integrated model, Lendlease is able to try out innovative techniques and technologies with our own developments before exploring them as options with our third-party construction clients. One example is modular construction—a strategy that is finally starting to take shape after years of anticipation. As an example of prefabrication while building The Reed at Southbank, Lendlease’s residential tower in the South Loop, we worked with our subcontractors to prefabricate all egress

concrete stairs on an adjacent site before lifting them into place. Prefab techniques such as these have the potential to enhance project efficiency, quality and safety. Wiley: In general, and specific to the Chicago market, adaptive reuse is supplanting new construction demand when it comes to multifamily and hospitality projects. Illinois Real Estate Journal: How has the demand for sustainable and eco-friendly building materials changed CONSTRUCTION (continued on page 12)

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IS CHANGING, AND SO ARE 1 CRE CONSTRUCTION TRENDS. HERE’S WHAT YOU NEED TO KNOW

The industry is constantly evolving—necessitated by the need to retain and draw in business. And subsequently, as the industry changes, so too do related construction trends.

QUALITY REIGNS QUEEN IN CHICAGOLAND: AN ANALYSIS OF THE LOCAL OFFICE MARKETS A quick analysis

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of recent reports will reflect significant differences between the downtown office market and its suburban counterpart.

AFFORDABLE HOUSING TRENDS, CHALLENGES AND MORE, ACCORDING TO THE HABITAT COMPANY In the ever-changing real estate landscape of Chicagoland, the demand for affordable housing remains a formidable force.

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Quality reigns queen in Chicagoland: An analysis of the local office markets By Mia Goulart, Senior Staff Writer

225 W. Randolph

quick analysis of recent reports will reflect significant differences between the downtown office market and its suburban counterpart. That said, one thing stands out as consistent across the board: the continued emphasis on tenants’ flight to quality. To understand these markets better, we turned to two experts: Colliers Executive Vice President Dougal Jeppe (CBD) and Senior Vice President | Office Advisory Group Jonathon Connor (suburban). Downtown Chicago/CBD REjournals: Can you elaborate on the recent increase in available office space in the CBD? What are the primary drivers behind this trend? Dougal Jeppe: The increase is only about .4% in additional available space from the previous quarter, which equates to about 640,000 square feet. A few large blocks came available in the last quarter (available but still occupied), namely the Molson Coors spaces (132,000 square feet), Katten Muchin (204,000 square feet) Greenberg Traurig (125,000 square feet) REjournals: Despite the increase in available space, the overall vacancy rate decreased slightly. Can you explain the factors that contributed to this? Jeppe: The availability is defined as on the market for lease or sublease but still occupied while vacancy is vacant. The vacancy only by about 160,000 square feet or .1%

“Less sublease space will become available, and, in fact, may reverse as some companies rethink their remote strategies. Chicago is a world-class city with access to tremendous talent, a large airport, a diverse population, and a beautiful large body of water. Leaders who travel know this and will choose Chicago as things improve.” over the last quarter, so not enough of a decrease to equate to any particular factors.

positive absorption, particularly in Class A buildings?

REjournals: The positive net absorption in 2Q23 is a notable shift after 10 quarters of negative activity. Could you provide insights into the types of companies or industries that are driving this

Jeppe: Law firms and financial service firms are the most “office forward” industries and are the most active in the market. Although much of the headlines have been about larger firms downsizing, there are many small- to medium-sized firms

that are adding bodies and need additional space. There is a limited number of large (50,000 square feet) tenants in the market, so much of the absorption is happening below those size ranges. Additionally, there is consensus continuing to build across all OFFICE (continued on page 6)

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360 N. Green

OFFICE (continued from page 4)

industries that 100% remote work is not productive, so a thoughtful hybrid model is being adopted, thus driving a flight to quality. REjournals: How are Class B and C assets performing in comparison to Class A buildings in the current market

360 N. Green

conditions? What strategies are being implemented to address the challenges faced by these asset classes? Jeppe: If you are given a choice of staying at the Four Seasons or a Hampton Inn, what would you choose? The flight to quality is real and it’s here to stay. If companies are shedding 20-30% of their space, they can afford to stay at the Four Seasons. If the Hampton Inn (i.e., Class B/C) is located

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near a major tourist attraction, then it will probably do alright because not everyone needs a Four Seasons. The Class B/C that are in the Central and East Loop will be challenged for the foreseeable future. REjournals: With Chicago office availability reaching a record high of 28% in 2Q23, what are your projections for the remainder of 2023? Do you anticipate further increases in availability and vacancies, or are there factors that may help stabilize the market? Jeppe: I predict the remainder of 2023 to be about the same. There are fewer developments hitting the market, and the ones that are (i.e., 360 N Green and 225 W Randolph) are attracting the tenants who desire modern amenities in vibrant environments. I think less sublease space will become available, and, in fact, may reverse as some companies rethink their remote strategies. Chicago is a world-class city with access to tremendous talent, a large airport, a diverse population, and a beautiful large body of water. Leaders who travel know this and will choose Chicago as things improve. Suburban Chicago REjournals: With tenants seeking high-quality, Class A properties, what specific amenities and features are currently in high demand, and how are landlords responding to these preferences? Jonathon Connor: Companies are looking to raise the bar with respect to amenity offerings and are looking for amenities that have seen capital investment from landlords and activated common areas to help foster collaboration throughout the building or campus. Examples would be tenant lounges, fresh food offerings, fitness centers and conferencing. REjournals: The flight to quality in the suburban market seems to be benefiting smaller tenants, as well. Can you elaborate on the advantages they gain from focusing on Class A, spec spaces,

and how these spaces meet their unique requirements? Connor: Spec units allow for tenants to capitalize on the flight-to-quality trend while maintaining flexibility of shorter lease commitments. These programs also provide a convenient, quick and easy solution for small tenants to upgrade their real estate without having to sign a longterm lease or make a significant capital investment. REjournals: It’s interesting to note that small to midsize tenants are making longer lease agreements in the current market conditions. What factors are influencing their decision to commit to longer lease terms, and how are landlords accommodating their needs? Connor: Tenants are taking advantage of instability in the market and securing robust concession packages through well-capitalized landlords. The continued escalations of construction costs have also made short-term leases more challenging to complete in instances where significant improvements or modifications are needed to the office space. Longer lease term allows for higher capital investment from the landlord. REjournals: Multi-tenant inventory reductions through sales for redevelopment are expected to continue. Could you provide examples of the types of properties that are being targeted for redevelopment, and how does this effect the overall leasing dynamics? Connor: There are several factors that weigh into the potential redevelopment of an office building or site, depending on the potential future use. Location, zoning, size and shape of site, etc. Removal of these assets from the office inventory will slowly reduce the current oversupply of office product in the market. Redevelopment opportunities are found on existing Class B and C office buildings, along with other outdated buildings such as hotels and retail sites.

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100150 N. Field Drive

REjournals: With increased concessions anticipated in the second half of 2023, especially on long-term leases, what are some of the concessions impacting lease negotiations and tenant decisions? Connor: Capital. Given the high cost to construct and overall cost to relocate office space (furniture and other relocation costs), landlords that are well-capitalized and able to fund transactions will see the

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most interest from tenants evaluating market options. REjournals: The vulnerability of landlords with near-term vacancy and maturing debt is an important consideration. What measures are these landlords taking to secure financing for their properties, and how does this influence their leasing strategies?

Connor: With increased interest rates, landlords need to be proactive with their partners to negotiate extensions to loans. Many of the landlords with expiring debt will need to recapitalize, short sale or face foreclosure, as loan extensions will only work for some a small percentage of the market. Increased distress and foreclosures will continue until the market improves. REjournals: In the current suburban office market landscape, what do you see

as the most significant opportunity for tenants and investors? Connor: Tenants will be able to secure all-time high levels of concession packages with strong landlords who are positioned to fund transactions. Investors who can fund new leasing will likewise be able to take advantage of turmoil with undercapitalized competition.

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Affordable housing trends, challenges and more, according to The Habitat Company By Mia Goulart, Senior Staff Writer

43 Green, Phase I

n the ever-changing real estate landscape, the demand for affordable housing remains a formidable force. With innovative developments and a commitment to equitable practices, the industry is working to bridge the gap between demand and supply in a subsector that is undergoing significant changes. It’s a simple fact. Potential tenants aren’t prioritizing the same things as in years past, and according to The Habitat Company Vice President of Community Development David Mevis, various factors, like the

ongoing evolution of work dynamics, has ushered in a new era of housing demands. To start, the incorporation of “work from home” flexibility into housing units and common areas is a prominent trend. With remote work becoming the norm, renters now expect the convenience of remote-work capabilities—a shift in preference that has prompted developers to integrate advanced technology, such as keyless entry systems, throughout buildings, which not only enhances the resident experience, but also improves operational efficiency.

And the increasing emphasis on holistic well-being cannot be ignored, for example, the focus on wellness amenities that cater to both physical and mental health. Outdoor spaces designed for social engagement and fitness activities, including yoga classes, have become highly demanded. Simultaneously, the industry’s commitment to sustainability and green building practices has grown stronger. Equitable Transit Oriented Developments (ETOD) have gained traction, with a focus on creating inclusive projects that cater to diverse socio-economic groups.

However, with these trends comes unique challenges. Mevis said that developers are tasked with managing an expanding set of policy objectives aimed at addressing various social challenges though affordable housing. Despite these objectives, though, resources are diminishing, exposing developers to significant risks and financial exposure. Bureaucratic hurdles at various levels of review and approval further compound the complexities of the development process.

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Ogden Commons Rendering

When assessing the state of affordable housing demand and occupancy rates, Mevis emphasized the rising need for subsidized housing. “Subsidized rents have increased materially,” Mevis said, “driven by inflation

adjusted rent limits. In consideration of the demand for affordable housing units, those units earmarked for individuals and families at 60% AMI should be 100% occupied. However, the lack of efficiency in the workflow process primarily for subsidized

housing is a contributing factor for lower occupancy rates.”

nificant impact: 43 Green, OC Living and LeClaire Courts.

Habitat is one company actively contributing to the transformation of the region’s affordable housing landscape, with three projects in specific poised to make a sig-

HOUSING (continued on page 10)

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10 LeClaire Rendering

HOUSING (continued from page 9)

43 Green, which is located adjacent to the 43rd Street Green Line CTA station in Bronzeville, is the first equitable transit-oriented development (ETOD) on Chicago’s South Side. Habitat welcomed its first residents in June to the recently completed Phase I residential building, which includes 99 units, 50 of which are affordable. In addition, construction has started on the 80-unit Phase II residential building. OC Living, the residential phase of the $200 million Ogden Commons mixeduse development in Chicago’s North Lawndale neighborhood, broke ground this past spring and will welcome its first residents in early 2024. All told, the multiphase project will bring 350 mixed-income housing units to the area, more than half of which are affordable. The first phase, three-story commercial building was completed in 2021 and is

“Subsidized rents have increased materially, driven by inflation adjusted rent limits. “In consideration of the demand for affordable housing units, those units earmarked for individuals and families at 60% AMI should be 100% occupied.” now open and home to Sinai Health’s One Lawndale Community Care and Surgery Center, bringing critical outpatient services to the area, as well as Wintrust Bank and Momentum Coffee.

LeClaire Courts is in the early stages of redevelopment on the site of the former LeClaire Courts public housing complex. Last month, CHA gave the green to the residential development, which will in-

clude over 350 affordable and market-rate apartment units. Impressive developments, but they haven’t been easy, considering how financing op-

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“Without significant financial support of, and

11 Dave Mevis

technical assistance to, the targeted developers, these goals will be difficult to meet. Housing agencies must embrace flexibility, creativity and open-mindedness in the laboratory of ideas, structures and solutions to deliver on this objective.” tions and capital availability for affordable projects have evolved during the past year. COVID-19 resources have largely dried up, while construction and other development costs have inflated dramatically. Not to mention, borrowing power has been reduced due to interest rate hikes, resulting in the need to rescale to smaller development sizes with fewer units getting built. Many projects have stalled out and fewer

new projects are moving forward, as affordable housing is becoming as expensive to develop—or more so—than market rate housing. Mevis said growing regulations, policy objectives and program requirements that accompany affordable housing funding sources, however well-intentioned, work against the goal of simply producing more units of affordable housing quickly and efficiently to tackle the shortage.

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In short, affordable housing is more complex and costly than ever—and that’s not expected to reverse any time soon. At the same time, Mevis said there’s a necessary push to expand diversity and equitability in development, ownership and management of affordable housing.

Chris Mergenthaler Vice President

“Without significant financial support of, and technical assistance to, the targeted developers, these goals will be difficult to meet,” Mevis said. “Housing agencies must embrace flexibility, creativity and open-mindedness in the laboratory of ideas, structures and solutions to deliver on this objective.

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CONSTRUCTION (continued from page 1)

in the last few years, and how is it influencing construction practices? Patel: Building occupants and real estate investors alike have grown more cognizant of the need for environmentally friendly living options. You can only do so much by way of operational efficiency, which is why there has been more of a focus on how buildings are constructed. Concrete is perhaps the most ubiquitous building material in construction, but it’s also one of the most impactful, from a carbon point of view. However, we’ve seen a lot of progress in the past few years. At The Reed at Southbank, we used a lower-carbon concrete mix that swapped out a portion of the Portland cement with slag, reducing embodied carbon by over 32% compared to standard mixes. Wiley: I have not noticed a significant change in the use of sustainable materials, however, we are seeing an increased interest in photovoltaic and geothermal systems as well a shift from gas to electric as a heating energy source. Recent code changes are also requiring significant design and construction requirements for thermally isolated balconies and parapet walls which will have an impact on construction budgets.

McHugh Construction installed a geothermal heating and cooling system at Southall, a 325-acre sustainable farm resort in Franklin, Tenn., that required drilling 110 geothermal wells 400 feet deep under the adjacent parking lot and connected them to a loop of pipes within the building.

Illinois Real Estate Journal: Are there any new technologies or innovative construction methods that have gained traction recently? How do they differ from traditional approaches? Patel: There have been incredible advancements in worker safety on construction sites. For example, personal harnesses have been the industry standard to prevent injury or death from falls. They are far from foolproof, however, which is why new techniques are required. Lendlease pioneered the use of a building cocoon system that wraps the structure in screens to provide passive fall protection during concrete installation. Recently we have taken it a step further in pioneering the same concept to wrap floors for ongoing façade panel installation. Wiley: In terms of technologies, McHugh is rolling out a new state-of-the-art image capture product for our projects that gives us improved project build documentation tied to the project’s BIM model. This new tool not only benefits McHugh as the GC by more efficiently documenting construction progress and as-built conditions, but greatly benefits our clients once they occupy the new facility by providing them with imagery of constructed conditions at any location in their building by simply pulling up this information on a handheld device. The client’s building engineer will have the ability to walk to any point in the building and be able to identify the location of a shut-off valve above the ceiling, or what is inside the wall, for example.

McHugh Construction is restoring and reconstructing the historic Ramova Theater, which will include a 1,600-seat auditorium and a separate balcony-level theater that can accommodate 200 people. Illinois Real Estate Journal: What are the primary factors driving the evolution of construction standards and regulations in commercial real estate? How do they differ from those seen three-or-so years ago? Patel: Many municipalities are grappling with the climate impact of the built environment, leading to an increase in decarbonization regulations as well as standards designed to make buildings more resilient to extreme weather events and other challenges associated with climate change. In

Chicago, for example, new amendments to the Energy Code call for infrastructure that primes a building for future carbon-saving upgrades, such as solar panels and electric appliances. Coming out of the pandemic, and in the wake of recent wildfires across North America, there have been renewed calls to update building codes with regard to ventilation and indoor air quality. Wiley: Most recent construction regulation changes are energy related.

Illinois Real Estate Journal: How has the focus on wellness and employee well-being affected the design and construction of commercial properties, and what new features are being integrated to meet these demands? Patel: Our business has always prioritized the health and safety of our people and our subcontractors. As one example, Lendlease developed a modular, enclosed and climate-controlled bathroom system, the H3 Wellness Hub. It’s far cleaner and more comfortable than a portable toilet and can

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The Conservatory at Cirrus and Cascade

Ryan Pyatenko

The Reed Demonstration Kitchen Pyatenko: Over the last three to four years, we have seen a dramatic shift in the design and construction of commercial properties as it relates to wellness and employee well-being. As new developments come online along with the renovation of existing spaces, there has been an all-arms race on the amenitization of the workplace. With the change in the way people work, the infusion of hospitality and experiential design has led to this change. We are seeing the integration of indoor and outdoor programming through the introduction of biophilic design, the creation of “me” versus “we” spaces for the separation of heads down and collaboration and culture time, along with enhanced food, beverage and wellness service offerings, such as mediation rooms, on-site spa-like experiences and state-of-the-art fitness centers. Illinois Real Estate Journal: Have there been any notable changes in the materials sourcing and supply chain for projects over the past year? How have they influenced project timelines and costs?

Steve Wiley be craned into place near workers so they don’t need to take the hoist down to the ground floor, which saves time. Here in Chicago, Lendlease used the H3 Wellness Hubs while constructing Cirrus, Cascade and The Reed and the response from our employees was phenomenal. Recognizing the fact that mental health impacts construction workers more than those in most other sectors, Lendlease has made it a priority. We regularly provide employees with training and resources to educate them about mental health and suicide prevention.

Patel: While supply chain issues have eased somewhat, material lead times are still significantly longer than pre-pandemic levels. Rising costs continue to be a challenge as well. Lendlease employs a couple of tactics to keep project budgets and timelines in check. We maintain an inhouse tracker that provides a real-time assessment of material costs and availability. This allows us to advise our clients on how, and when, to make smarter procurement decisions. We also encourage our project partners—including ownership and the design team—to coordinate with us as early as possible and to consider pre-purchasing, so as to stay ahead of supply chain disruptions. Wiley: Material sourcing and supply chain issues for the most part have not changed where we source from, but rather when we source. We are putting greater emphasis on partnering with our clients and design teams to release early procurement of critical lead time components and systems. Illinois Real Estate Journal: How has the growing emphasis on adaptive reuse and repurposing of existing commercial buildings influenced construction prac-

tices and decision-making over the past year? Patel: The industry as a whole is still trying to figure out the best path forward when it comes to adaptive reuse, which we are seeing right now in Chicago with the LaSalle Reimagined initiative. Though it’s long been an office submarket, the LaSalle Street Corridor really is an ideal candidate for mixed-use conversions with its central location, wide sidewalks and existing ground-floor retail. However, multifamily buildings, for example, require different floor plate layouts, utility hookups, ame-

nities and other features, so it won’t be a simple substitution. Any property owner looking to reposition their asset should engage with an experienced contractor as early in the process as possible to assess viability and anticipate challenges that might arise during the conversion process. Wiley: Adaptive reuse has always been one of the pillars of our portfolio, but we are shifting more of our resources to focus on this market segment in response to client demands as they in turn respond to the shifts in the multifamily and hospitality market.

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900 North Michigan Shops: Defying the odds, redefining the future By Mia Goulart, Senior Staff Writer

n a landscape where many shopping centers continue to struggle, 900 North Michigan shines as a beacon of community, art and commerce. And with a blend of strategic planning, diverse retailers and a commitment to community, it’s not only defying the odds—it’s redefining the future of retail. For further insight into its success, Illinois Real Estate Journal recently spoke with 900 North Michigan Shops Director of Marketing & Business Development Taylor Stucker. Strategic Teamwork and Unpredicted Preparedness Maintaining a consistently high occupancy rate of 98% is no small feat, especially when faced with the challenges brought about by the e-commerce boom and retail consolidation. The key, according to Stucker, lies in the hard work and dedication of the entire team, from engineering to marketing, and everything in between—and a little bit of luck. 900 North Michigan underwent a renovation just a few years prior to the pandemic, inadvertently positioning itself for the unforeseen changes that lay ahead. Creating a Community Hub What sets 900 North Michigan Shops apart is its commitment to creating a sense of community and local engagement. A variety of carefully planned events play a pivotal role in fostering this communal spirit. The annual “Illuminate 900” event, for example, stands out as a holiday celebration that brings together the local community while benefitting Make A Wish Illinois. From local partnerships to unique performances, these events have woven a strong sense of togetherness within the shopping center. Retailer Diversity But of course, 900 Shops’ broad appeal lies in its diverse blend of retailers. The mall boasts a harmonious balance of local and national brands, also contributing to its identity as a true community hub. Plus, Stucker emphasized the allure for non-local visitors who can discover items that can’t be found anywhere else, making their shopping experience all the more special. “You can get items inside 900 that can’t be found anywhere else,” Stucker said. “After travel, returning home with a local treasure is always a special treat.” Aster Hall: A Gathering Space for All

Aster Hall, a luxurious 22,000-square-foot food hall, designed by AvroKO and operated by Hogsalt Hospitality, has become a pivotal gathering space within the shopping center. And with the ability to cater to remote workers throughout the day—from coffee breaks to cocktails—it emphasizes

convenience, comfort and culinary excellence all under one roof. Encouraging Art, Elevating Experience If you’ve been inside 900 Shops’ and looked up, you’ve probably noticed the 190-foot

digital tapestry known as “The Canopy” that stands as a testament to the mall’s local art community. Through exhibits like “Behind The Ceiling,” the shopping center empowers artists and offers an elevated art experience to its visitors.

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“It’s a behind the scenes look into the lives and practices of the artists that bring the canopy to life,” Stucker said. “The project is by artists, for artists, created with the intention to show the world what the regional art scene to offer. We launched the campaign with Bianca Pastel, and our next artist will be Switzerland-based 3D artist, Roman Bratschi.”

Adapting to a Shifting Retail Landscape

Fashion, Food and Art

The Quest for Human Connection

In a world where retail is ever-changing, 900 North Michigan Shops remains agile by focusing on community building and collaboration. Attention to detail is crucial, where every aspect of the shopping center is considered, ensuring an environment where all stakeholders can thrive.

One example of this is the carefully curated music, designed to create an optimal mood for shoppers. Ranging between 112 and 120 beats per minute, the music changes with the time of day, adding a unique touch to the sensory journey.

People are once more yearning for more than just convenience. They crave human connection and the immersive experience of physical spaces, where storytelling and sensory engagement thrive, surpassing the realm of e-commerce’s reach.

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Building a Team Culture Appealing for Today’s CRE Pros: Q&A with Shane Rachman, Peak Realty Chicago By Mia Goulart, Senior Staff Writer

eak Realty Chicago President Shane Rachman is dedicated to supporting every aspect of the team and helping owners create plans for their real estate assets. He loves real estate due to its tangible nature and the impact it has on people’s everyday lives. Shane earned an engineering degree from the University of Iowa, which gave him a background in problem solving and thinking logically and operationally. These skill sets allow for an effective understanding of complicated ideas and concepts that have many moving parts to be broken down into simple, repeatable steps and formulas that work almost like a playbook, for example, investing in a real estate deal. Early in his career, Shane discovered his entrepreneurial spirit and love for inspiring others to do the same. Shane puts his family first and real estate provides the perfect balance of hard work and time to be with those who matter most to him. In his free time, you can find Shane walking his dog around the many beautiful tree-lined blocks of Logan Square, and spending time with his wife Erica and two daughters, Sloane and Rafael.

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Illinois Real Estate Journal: As the president of Peak Realty, you’ve nearly doubled the staff in just one year. How do you maintain a strong company culture amidst such rapid growth, and what steps do you take to ensure new hires align with the values of the organization? Shane Rachman: This is both the exciting and challenging piece of rapid growth. We have adopted a mindset of “People First.” To us this means when we put our people first, believe in them and empower them to make decisions, good things will happen. Aligning our leadership team has been the key to success and is the foundation that will allow any further scale. We meet regularly to sync up on company-wide concepts and work hard to build a culture that thrives on respect, patience and specific feedback that truly starts with us. Illinois Real Estate Journal: Peak Realty has gained a reputation for being a sought-after workplace in the industry. Could you share some of the key best practices you employ to foster a positive and productive work environment? Rachman: This question ties into the previous one but our philosophy in the workplace stems from our core business of being sales people. We treat this as more of a lifestyle

Illinois Real Estate Journal: Building a successful team requires hiring exceptional candidates. What specific qualities and attributes do you look for when selecting new team members, and how do you assess whether they will fit into the company’s culture? Rachman: This is a business where you get in what you put out. Those candidates who aren’t scared of a startup mentality and who are excited to have autonomy and control over their own schedule are immediate fits.

Shane Rachman than a job. Now I know that is easy to say but we practice it every day. It goes back to trusting our people to do what they need to do to get things done and innovate in their own direction. Taking time to find the right people up front plays huge into this style. I would choose the right culture fit with less specific skills than the opposite 10 out of 10 times.

Illinois Real Estate Journal: With the recent expansion in Denver, how do you ensure that the company culture is effectively transmitted and maintained across different locations? How do you encourage collaboration and communication among team members in different offices? Rachman: Our team and systems are strong and able to tolerate the growth. We were lucky to have a couple of people in our office with direct connections to real estate professionals in Denver. In our business, built upon strong connectors, a strong referral is second to none. We have spent time and money bringing the Denver group into the Chicago HQ and sending our team out to the mountains as well. We work every

day to build a better bridge between the two groups and it seems to be strengthening as we grow. This makes us really excited about what this means for our future. Illinois Real Estate Journal: What role does ongoing training and professional development play in building a strong company culture, and do you support your team’s growth and advancement in their careers? Rachman: This is the key to our next evolution of growth. Jodi Dougherty joined our team eight months ago as the Director of Broker Development. Her full-time focus is getting this right, to build brighter futures for each one of our brokers. It is a chooseyour-own-adventure business, which is what makes it so fun, yet everyone needs guidance along the way. There are such brilliant minds in our office who can cover any facet of real estate, so Jodi is focused not only on building career plans for newer brokers but also organizing specific times for our team members to absorb knowledge from those who have had strong success in their specific directions. Our more senior members thrive when they are asked to speak or provide some guidance and key knowledge. We truly have a team feel pervading our group.

AU G U S T / S E P T E M B E R 2 0 2 3 I L L I N O I S R E A L E S TAT E J O U R NA L Illinois Real Estate Journal: How do you encourage innovation and creativity within your team while maintaining a focus on achieving business goals? Rachman: We believe everything is possible. This is proven to our team every day by Ari Weil, Director of Technology. A long time ago we chose to custom-build a technology solution instead of using Sales Force. Although it was a more expensive and more daunting direction at the time, we reap the benefits of this investment in original technology today. Building custom business intelligence pieces (think AI for data analytics and reporting), developing thoughtful workflow and robust data that supports our approach to sales, leasing and more. The innovation is driven by our business needs as we are real-time in the field every day collecting feedback and trying to make our people’s lives easier.

My parents have taught me how to communicate and listen so well over time. On top of that, hard lessons along the way about not quitting have paid off in the long run. Lastly, my dad has the best moral compass of anyone I know and that is something I try to emulate every day. Uncle Michael convinced me to come into real estate. He definitely cultivated an entrepreneurial part of my soul I never knew I had. I owe so much of my real estate acumen to him but almost more importantly

he taught me to push past the first answer and that if an answer doesn’t feel right in your bones, it is ok to challenge it. That has probably changed me more than anything. My wife taught me how to be more direct and decisive. Being a leader requires intense decision making and you need to keep moving. Her direct nature has inspired me to be more direct in my own approach to things. Tact is always important, but you can’t miss the mark on a message just because you are nervous to put it out there.

Greg Moyer has been a great business mentor and motivator. Also, in my earlier days he helped me shape my thoughts around company structure and simply aligning a team to get things done. There are so many more people, but these are the ones who come to mind and have been there since the early days. I genuinely learn from every person I meet along the way; some just answer my phone calls more often.

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Illinois Real Estate Journal: Every leader has a unique leadership style. Can you describe your leadership philosophy and how it influences the culture and atmosphere within Peak Realty? Rachman: For better or for worse, I am incapable of micro-managing, but I believe in strong people who strive to solve problems. I have found problems in our business over time, tried to organize them and then have found people who are better than me to innovate on top of those directions. I think that’s really the key. Being a leader who can identify people who love solving problems, and doing so in a simple way where humans are still at the wheel when automation and technology are intensely leveraged to assist. Illinois Real Estate Journal: Maintaining a positive and motivated team is essential for growth. How do you handle challenges and setbacks? Rachman: Be as direct as possible and put the cards on the table. I bought several leaders a book called Difficult Conversations that my dad once bought for me, and that is the key. It is important to remember that there are two sides to every story. If you are honest and raise topics not in an accusatory way but truly in a discovery-based approach, it is amazing what you can find out. When your team is receptive to that and takes these discussions as motivation to problem solve and get better, we all win. Setbacks are part of the game. Each time something doesn’t go our way, we learn from it and get better. It is part of that competitive spirit I think most of us have. Illinois Real Estate Journal: How did you get started on this career path? Who or what inspired you to be the leader you are today? Rachman: I have been lucky to have many great influences in my life and at the risk of sounding like someone winning an academy award I will keep it as brief and concise as possible:

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Joi Harrell Urban Innovations General Manager Joi Harrell oversees the daily operations of the portfolio of commercial properties and supervises a tight-knit team of building maintenance engineers, property managers and administrative support team members. In total, her team manages in excess of one million square feet of commercial and retail properties with modernized improvements in Chicago’s neighborhoods and Milwaukee’s ever-developing Westown. Illinois Real Estate Journal: Tell us about your background. Where did you grow up? Where did you go to school?

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Joi Harrell: I grew up in the south suburbs of Chicago, Illinois. After graduating from Bloom Trail High School and feeding my creative side at Columbia College Chicago, I attended Roosevelt University’s Heller College of Business for my graduate degree.

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Illinois Real Estate Journal: What did you aspire to be when you were young?

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Harrell: I was lucky to have parents who helped me identify my gifts and talents at an early age. I developed a love for music education and people, so I wanted to become a music teacher, which led to an internship at a local music school. I was hired on with them full-time to teach theory, voice and piano lessons to children through adults. It was humbling to help enrich my students’ lives with music education and see them pursue their goals—a few are still doing quite well for themselves. After three years of teaching, I pursued another career path.

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Illinois Real Estate Journal: How did you get your start in the industry? Harrell: I like to think that becoming a property manager found me rather than me actively seeking it out. I knew I belonged in a high-energy, team atmosphere where I could help people. A great opportunity presented itself and I was fortunate to join Urban Innovations’ property management team. Supporting our department and leading our daily operational practices ignited a strong desire to gain deeper knowledge and skills in the real estate industry. As a result, I felt called to pursue this path that allows me to interact with so many different people, helping solve issues and improve tenant satisfaction in a meaningful way. I fell in love with the industry, its opportunities, and its challenges, and made a concerted choice to learn everything I could to forge my own career path and become a future leader at Urban. Illinois Real Estate Journal: Did you have a mentor who helped you get on your feet, or is there someone you turn to now for support? Harrell: In addition to my parents, I had two mentors who guided and taught me all

what goals I want to achieve.”

about commercial real estate. Both these individuals inspired me in different ways and I soon developed a keen interest in understanding the industry better. Alfrieda Green was the head of my department and she inspired me every day through all she accomplished while at the company. She’s extremely knowledgeable about everything and encouraged me to think outside of the box, welcoming my ideas and the ability to autonomously make decisions when needed. She remains an instrumental person in my professional life and is a great sounding board when I need her. I thank her for all the high-level experiences that she exposed me to during the early parts of my career. Regina Eiland is another who showed me all the ropes when I joined Urban. She helped give me a fully immersible and fun experience. I still depend on a strong senior leadership team here for support and often defer to my network of other property managers that specialize in managing unique spaces in the downtown area. Illinois Real Estate Journal: What does a day in your life look like? Harrell: My planning for the day usually starts the night before, prioritizing what I’d like to get done in order of importance so that I don’t waste any time. Then, in the

morning, I always try to start my day with focus time. I incorporate some meditation or will listen to a CRE podcast during my commute downtown. There are a lot of moving parts involved with overseeing all aspects of one million-plus square feet of commercial office space, with an ever-growing portfolio of assignments, so no day can be described as “typical.” The variety of the day-to-day is what makes this career more engaging for me. On any given day you’ll find me working on an improvement or furnishing project, developing better streamlining or efficiency strategies, building client relationships and helping team members solve issues. Each day it’s important to me that I define and lead my team as we focus on our key purposes: being fully accessible to our valued tenant community, improving our daily operations and bringing value to ownership, coordinating preventative and repair maintenance of building equipment, and ultimately providing an ideal environment for tenants to thrive creatively and collaboratively in their workplaces. I love to host regular team meetings to hear everyone’s ideas and inspire new ways to excel in our property management services. Collaboration is key. My daily inspiration comes from interacting with my team, mar-

ket research and checking in with others operating in the same or similar spaces that we do. Illinois Real Estate Journal: What do you like most about your job? Harrell: I enjoy the people I work with— from my colleagues at Urban Innovations to our tenants, and meeting new people in this industry. There is excitement in creating new partnerships according to what goals I want to achieve. I also enjoy bridging the gap between problems and solutions. Illinois Real Estate Journal: Looking to the future, what do you hope to achieve/ work on that you haven’t already? Harrell: I hope to lead in sustainability performance, energy efficiency programming and ESG goals for our growing portfolio. I am currently partnering to achieve Green Globes building certification for our new 15-story office building currently under development which I’ve not done in my career yet, and it is quite exciting. Illinois Real Estate Journal: How do you spend your time away from the office? Harrell: Most evenings, you can find me at a workout class—I am most passionate about pilates, spin and HIIT. I enjoy spending time with family and friends. On weekends, I can be found playing golf at various courses throughout the city and suburbs with my women’s league and mentoring youth within my league’s junior golf program. I hope to start traveling to other states to play. When I want to get away, I love a vacation where a beach and warm, tropical weather are involved. Illinois Real Estate Journal: What is your favorite place that you have traveled to? Where do you hope to go next? Harrell: One of my most memorable trips was spending 11 days traveling around Europe with my cousin and friends to experience the culture and varied landscapes of some of its best cities and attractions. I enjoyed Switzerland, England and France. I hope to visit somewhere I’ve not yet been; Jamaica and South Africa are up next on my travel wish list.

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Harrison Pinkus Interra Realty Director Harrison Pinkus moved to Chicago to work in software sales before making the switch to multifamily brokerage a few years ago. In his short time at the firm, Pinkus has been involved in several notable transactions, including 1924 S. Loomis St. in Pilsen, 820-26 W. Cuyler Ave. in Buena Park and the $11 million sale of 851 W. Grand Ave. in the West Loop. Illinois Real Estate Journal: Tell us about your background. Where did you grow up? Where did you go to school?

Illinois Real Estate Journal: What do you consider to be your biggest personal or professional accomplishment thus far, and how do you measure success?

Harrison Pinkus: I was born in Chicago and lived there until I was 10. After that, I moved to Barrington, a NW suburb, and lived there until I graduated from Indiana University.

Pinkus: I think I measure success by how often I’m getting in front of people—both new clients and people I’ve met before. Getting to meet someone face to face and providing expertise in person demonstrates the value and level of commitment that I offer.

Illinois Real Estate Journal: What motivated you to transition from software sales to multifamily brokerage, and how has your background in software sales influenced your approach in the real estate industry? Pinkus: The brokerage industry is interesting to me because you’re running your own business. My previous background taught me how to sell and how to read people better, understanding why customers choose or choose not to buy something. I think that’s an underrated part of the brokerage world. Illinois Real Estate Journal: How has Interra Realty supported your growth in the multifamily brokerage sector, and what unique skills do you bring to the firm? Pinkus: Interra Realty has supported me every step of the way since I started here, from my first mentor, Joe Smazal, to two great managing brokers, David Goss and Jon Morgan, who run our office on a dayto-day basis. They’ve helped me learn the business and are constantly challenging us and teaching us on the brokerage side. I think I bring a skill set of drive and passion to not only our firm, but to the entire business. I’m persistent with clients and potential future ones as well, and very motivated by the other brokers we have in our office. Illinois Real Estate Journal: The real estate industry is constantly evolving, and technology plays a crucial role in shaping its future. How do you leverage technology and data analytics to enhance your services and decision-making as a multifamily broker, and what impact has it had on your career?

Illinois Real Estate Journal: What’s the best piece of advice you’ve ever received, and who gave it to you? Pinkus: Write a handwritten thank you note. It takes a little bit more time and provides a personal touch, both of which resonate with the recipient.

“I measure success by how often I’m getting in front of people— both new clients and people I’ve met before.” Pinkus: The industry is definitely evolving, especially in the current market environment. Data is always going to be the name of the game, whether that’s how many buildings have sold, in which particular neighborhood, sale prices and other sale metrics. I think we do a great job in talking with building owners directly to get those data points and implement them with our clients. Our goal is to constantly serve as a market resource for our clients.

Illinois Real Estate Journal: What does a day in the life look like? Pinkus: On a typical day I’ll try and work out before getting into the office. Once I’m in, I go through a checklist of things I want to get done that day. If I don’t have to put out any fires in the morning or manage something for an ongoing deal, I’ll start making calls. That will take up the majority of my morning and I’ll usually leave my afternoons open for tours. It’s never the same two days in a row, which is something I love about the business.

Illinois Real Estate Journal: Looking ahead, what are your goals and aspirations for your career? Are there any specific types of deals or projects you hope to be involved in, or areas you wish to explore further within the multifamily brokerage domain? Pinkus: I want to continue to be a highly respected broker in my space. Specifically, I’d like to grow my business year over year, something that I’ve had the opportunity to do at Interra since I started. Illinois Real Estate Journal: How do you spend your time away from the office? Pinkus: When I’m not at the office, I’m likely spending time with my wife, Amery, and our dog, Duncan, or our friends. I’m lucky that I live so close to a lot of people that I grew up with, so I try to take advantage of that as much as I can. If not that, I’m hopefully on the golf course. Illinois Real Estate Journal: If you were stranded on a deserted island and could only bring three things, what would they be? Pinkus: Hammock, fishing pole and sunscreen.

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Matt Ayo Meet Peak Realty Portfolio Manager | Broker Matt Ayo. Having been in the game for just three years, Ayo is a rising star in the industry and has effortlessly transacted over 500 deals (which have led to property closings in the millions) since 2020. Not to mention, his hard work has already garnered him the prestigious ‘Top Producer Award’ by the Chicago Association of Realtors (CAR) multiple years in a row. Illinois Real Estate Journal: Tell us a bit about your background. Where’d you grow up? Where’d you go to school? Matt Ayo: I grew up about 25 minutes from the heart of Dallas, in Coppell, Texas. After graduation, I moved to Florida to pursue music full time and was able to play music in several bands while touring the country. I received the opportunity to move to NYC, where I continued music and began my college career getting my AA degree. After looking into schools that I wanted to finish at, Columbia College in Chicago seemed like the best fit for me, so I transferred here, received my BFA and started running my own audio business. Along the way, I worked at Apple, did a brief stint in logistics, and landed organically in real estate. Illinois Real Estate Journal: What factors do you attribute to your rapid success in the commercial real estate industry, achieving over 500 deals and millions in property closings within just three years of becoming a licensed broker? Ayo: I have a naturally strong work ethic, and I have always been an over-achiever, but I wouldn’t be anywhere I am today without the mentorship and guidance of the leadership team here at Peak Realty. The opportunities that Shane Rachman, Oren Pollack and Michael Horwitz have brought into our establishment have allowed for me to really learn this business and continue to push myself into new experiences that have rounded me out to be the broker I am today. Illinois Real Estate Journal: You specialize in both buyer representation and listing properties. How do you strike a balance between these roles, and how do they complement each other in your business strategy? Ayo: They’re both very similar, yet totally different at the same time. When you’re listing a property, you want to always be realistic with your seller or owner and make sure they understand market conditions, and any recent comps that are available to them. Your goal is always to get them the best solution for what they need, which is the same scenario on the buyer or renter’s side of things. I’m always looking for ways

on the same team for a while before he left to pursue real estate, and we’d always gotten along and maintained contact after he left. Ultimately COVID hit; I was let go from the logistics job I had at the time and began to reach out to any professional contacts I had to see how things were going for them. I remember it very clearly: I was on my back deck, called him up, and he said, “The timing for this is very wild, since we were just discussing how we need to hire two more brokers.” I set up a time to come by their office to meet with Michael and Shane, and the rest is history.

to get creative with helping someone discover what their true goals are depending on the scenario. Illinois Real Estate Journal: As someone who has lived in various local neighborhoods, how has this helped you excel in your current position, especially when it comes to catering to the specific needs and preferences of your clients? Ayo: It definitely always helps to be able to say, “Oh, I used to live right around the corner from there.” Right off the bat, knowing which local holes in the wall to go to is key. Everyone loves feeling like that taqueria is “their spot” even though the same one likely serves hundred of patrons a day. Parks and recreational spaces are important to everyone, as well. My favorite in the city is either Horner Park or Welles Park. Super expansive spaces to enjoy the good weather with friends and family. With families who have younger kids, it’s always important to know about the schools in the neighborhood and what those options look like for them. Illinois Real Estate Journal: Your career change from Apple to real estate was inspired by a meeting with Ari Weil. Can you elaborate on the conversation or factors that convinced you to take the leap into commercial real estate? Ayo: Great question. I worked with Ari at Apple in sort of a top sales-meets-mentor-meets-onboarding position that the company had titled as “expert.” We were

Illinois Real Estate Journal: As someone with a background in fine arts, how do you incorporate creativity and innovation into your real estate practice, and how has this unique perspective contributed to your success in the industry? Ayo: I’d have to say that 50% of what I do is getting creative. Whether it’s with price adjustments, offering concessions, how the buildings look in our marketing ads, or how I can creatively spin a negative into a positive. It’s a daily practice that I’m still building upon, but it’s definitely something I feel I have an edge on because of my background. Illinois Real Estate Journal: Your most recent success involved achieving 100% leasing for a property while managing a gut rehab—all within six months. Can you share some insights into your approach to property management and how you effectively attract and retain tenants to maximize occupancy rates? Ayo: While I’m not directly involved in property management, our strong partnership with Peak Properties has allowed for my team and I to have a strong connection with the buildings they manage and the tenants that occupy them. I don’t think property managers get enough credit for what they do, how long their days and weeks are, or how many tenants they’re responding to or working with every day. Mike Zucker, Cory Eisenstein, and their property management team have allowed for us to transact our deals smoothly, while verifying the tenants we’re bringing in will have a great experience.

Side note: The residential coordinators at Peak Properties are also the unsung heroes. Illinois Real Estate Journal: With such a successful track record, what advice would you give aspiring real estate professionals looking to make their mark? Ayo: Just say yes. I don’t care if it’s something that sounds boring or beneath you— you will always come out a stronger broker if you just say yes to opportunity. No one owes you anything, and no one is going to hand out free commission. If you’re able to cover that open house or take that showing other people don’t want, that’s what will set you apart from the rest. That, and just work hard and be nice. Illinois Real Estate Journal: Looking ahead, what are your long-term goals, both personal and professional, and how do you plan to continue your trajectory of success? Ayo: Personally, my wife and I closed on our first single family home earlier this year. We’ve already gotten about 85% of the place built out how we wanted, but we still have some good work cut out ahead of us! Professionally, I’d just like to continue to grow…however that may look. I believe I’m seen as a leader at Peak Realty, and I’m always there for my team if they need me, but I’d love to get more involved in the larger scale investment deals that we’ve really started to bring in as of late. Like I mentioned before, I’ll continue to work hard, be nice, and say yes as much as I’m able to. Illinois Real Estate Journal: If you could own any fictional property from a movie, TV show or book, which one would it be? Ayo: This is a tough one. Does Hogwarts count? Just kidding. If I had to choose one property to own, I think it would be the estate from the Netflix series The Haunting of Hill House—minus the ghosts. This house has all the elements that I find fascinating. On the exterior, it’s a gorgeous old Tudor-style mansion, and on the inside, it has all of the woodwork and character that a house from that time period should have.

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CENTERPOINT PROPERTIES

1808 Swift Drive Oak Brook, IL 60523 P: 630.586.8000 Website: centerpoint.com Key Contacts: Nate Rexroth, Executive Vice President, Asset Management; nrexroth@ centerpoint.com; Danielle Radtke, Senior Vice President, Asset Management; dradtke@centerpoint.com Services Provided: CenterPoint Properties is an innovator in the investment, development, and management of industrial real estate and multimodal transportation infrastructure. CenterPoint acquires, develops, redevelops, manages, leases, and sells state-of-the-art warehouse, distribution, and manufacturing facilities near major transportation nodes. Our experts focus on portproximate distribution infrastructure assets near America’s major population centers. Company Profile: CenterPoint Properties continuously reimagines what’s possible by creating ingenious solutions to the most complex industrial property, logistics, and supply chain problems. With an agile team, substantial access to capital, and industry-leading expertise, we give customers a competitive edge to ensure their success — no matter how great the challenge.

FARBMAN GROUP OF CHICAGO

40 Skokie Boulevard Northbrook, IL 60062 P: 248.353.0500 Website: farbman.com Key Contacts: Andrew Farbman, CEO, afarbman@farbman.com; Andrew Gutman, President, gutman@farbman.com; Michael Kalil, COO and Director of Brokerage, kalil@farbman.com; Chris Chesney, CFO, chesney@farbman.com; Ryan Nelson, EVP, nelson@farbman.com Services Provided: Property Management, Leasing & Brokerage, Construction, Investment Sales, Asset Management, Site Selection Services, Acquisition & Disposition, Medical Real Estate Solutions, Move Management, Receivership Services, Facility Management, Net Lease Brokerage Services. Company Profile: Farbman Group of Chicago, a full-service commercial real estate company, is one of the largest and most respected names in Commercial Real Estate. Notable Properties Managed: 1535 Lake Cook Rd, Northbrook | 2250 Point Blvd, Elgin | 280 Shuman - The Atrium, Naperville | 390 Holbrook Dr, Wheeling | 25 NW Point Blvd, Elks Grove Village | 40 Skokie Blvd, Northbrook | 1120 Lake St, Oak Park | 100 N LaSalle Dr, Chicago | 401 S State St, Chicago | 600 W Jackson Blvd, Chicago

1808 Swift Drive Oak Brook, IL 60523 P: 630.586.8000 Website: centerpoint.com Key Contacts: Michael Murphy, Chief Development Officer, mmurphy@centerpoint.com; Brian McKiernan, Senior Vice President, bmckiernan@centerpoint.com Services Provided: CenterPoint Properties is an innovator in the investment, development, and management of industrial real estate and multimodal transportation infrastructure. CenterPoint acquires, develops, redevelops, manages, leases, and sells state-of-the-art warehouse, distribution, and manufacturing facilities near major transportation nodes. Our experts focus on portproximate distribution infrastructure assets near America’s major population centers. Company Profile: CenterPoint Properties continuously reimagines what’s possible by creating ingenious solutions to the most complex industrial property, logistics, and supply chain problems. With an agile team, substantial access to capital, and industry-leading expertise, we give customers a competitive edge to ensure their success — no matter how great the challenge.

CONOR COMMERCIAL REAL ESTATE

9500 W. Bryn Mawr Avenue, Suite 200 Rosemont, IL 60018 P: 847.692.8700 | F: 847.292.4313 Website: conor.com Key Contacts: David J. Friedman, President, dfriedman@conor.com; Brian Quigley, Executive Vice President, bquigley@conor.com Services Provided: Conor Commercial identifies and implements the most suitable commercial real estate strategy to yield increased returns for each real estate opportunity. With offices and seasoned real estate professionals strategically located throughout the country, the firm provides the experience and resources needed to develop and stabilize real estate developments that maximize positive returns to investors and partners. Company Profile: Conor Commercial Real Estate is the integrated real estate development firm of The McShane Companies headquartered in suburban Chicago, Illinois with regional offices located in Dallas, Houston, Irvine and Phoenix. The firm is active on a local, regional and national basis in the development of master-planned industrial and office parks, multifamily properties, medical office developments and built-to-suit projects for lease or purchase.

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HIFFMAN NATIONAL

One Oakbrook Terrace, Suite 400 Oakbrook Terrace, IL 60181 P: 833.HIFFMAN Website: hiffman.com Key Contacts: Dave Petersen, CEO, dpetersen@hiffman.com; Bob Assoian, Executive Managing Director of Management Services, bassoian@hiffman.com Company Profile: Hiffman National is one of the US’s largest independent commercial real estate property management firms, providing institutional and private clients exceptional customized solutions for property management, project management, property accounting, lease administration, marketing, and research. The firm’s comprehensive property management platform and attentive approach to service contribute to successful life-long relationships and client satisfaction. As a nationally bestowed Top Workplace, and recognized CRE award winner, Hiffman National is headquartered in suburban Chicago, with more than 250 employees nationally and an additional six hub locations and 25 satellite offices across North America. For more information, visit hiffman.com

MID-AMERICA

One Parkview Plaza 9th Floor Oakbrook Terrace, Illinois 60181 Key Contacts: Dan Hanson-Illinois, dhanson@midamericagrp.com Brad Lefkowitz-Michigan, blefkowitz@midamericagrp.com Brandon O’ Connell-Minnesota, boconnell@midamericagrp.com Jim Vaillancourt-Wisconsin, jvaillancourt@midamericagrp.com Services Provided: Mid-America provides strategic consulting services that maximize net operating income, net cash flow, and accelerate property appreciation. We provide property and construction management, leasing, due diligence, and market analysis. Additionally, we offer MA Building Services, a self-performing porter and maintenance company offering our clients cost savings and improved accountability for related services. Company Profile: Mid-America Real Estate is #1 in retail real estate services in the Midwest, with full-service offices in Illinois, Michigan, Minnesota, and Wisconsin. Our exclusive focus on retail property, combined with cutting-edge technology and unsurpassed service, distinguishes Mid-America within the industry and provides clients with a competitive edge. The total consideration value of leasing and investment sales transactions facilitated in 2021 was $2.4 billion. Mid-America leases and manages more than 60 million square feet of retail space, and represents over 270 retailers and other tenants. For more information, visit www.midamericagrp.com

MARQUETTE BANK

1628 W. Irving Park Road, Unit 1D Chicago, IL 60613 P: 708.873.8639 Website: emarquettebank.com Key Contacts: Bill Hinsberger, Executive Vice President, bhinsberger@emarquettebank.com; Patrick Tuohy, Senior Vice President, ptuohy@emarquettebank.com Services Provided: Multifamily/apartment building lending for all Chicagoland. Fast, local decision making. Dedicated local servicing staff. Simple, no-hassle paperwork. Quick close. Flexible terms. All clients enjoy ZRent – an automated, hassle-free, no-cost way to collect monthly payments from tenants. Company Profile: Marquette Bank has 20 branches, 2 loan offices and $2 billion in assets. Independently owned/operated since 1945. Offering clients full-service, banking, financing, insurance, trust and wealth management services.

MAVERICK COMMERCIAL MORTGAGE

853 N. Elston Avenue Chicago, IL 60642 P: 312.268.6000 | C: 312.953.4344 Website: mavcm.com Key Contacts: Ben Kadish, President, ben.kadish@mavcm.com; Services Provided: Maverick finances all commercial real estate properties for builders, developers, investors and owner-occupied properties. For apartment loans, Maverick has access to every multifamily program available for property owners as we are a correspondent for Fannie Mae and Freddie Mac execution along with Freddie Mac small loan program. CMBS fixed and floating rate non-recourse loans available. Bank, portfolio, and debt fund non-recourse construction and permanent financing available on a national basis. Company Profile: Maverick Commercial Mortgage, Inc. is a boutique firm focused on middle market borrowers for properties in Chicago and surrounding areas, with a focus on Illinois, Indiana, Wisconsin, Iowa, Missouri, Michigan, and Kentucky. We are a niche lending source for Manufactured Housing Community mortgages and portfolio loans across the country with fundings in excess of $80,000,000 for MHC product on an annual basis. Significant financings for 2022 include a $63,000,000 single asset mortgage on an Illinois manufactured housing community, a $14,000,000 first mortgage on a Home Depot store in Chicago and several industrial building loans on the south and northwest side of the city of Chicago. Service Territory: Midwest for general mortgage loans, and national for MHC financing.

AUGUST MARKETPLACE E C ONOM IC DE V E L OP M E N T C OR P OR AT ION S

R E A L E STAT E L AW F I R M S

VILLAGE OF HOMER GLEN ECONOMIC DEVELOPMENT

GOULD & RATNER

14240 W. 151st Street Homer Glen, IL 60491 P: 708.301.0632 Website: HomerGlenIL.org Key Contact: Janie Patch, Economic Development Director, jpatch@homerglenil.org Services: Resource center for brokers, developers, site selectors and businesses providing space and property inventory, trade area demographics, site selection assistance, custom tours, coordination through entitlement process, business opening process guidance and retention services. Demographic Info: Strategic Will County location 25 miles southwest of Chicago with two I-355 interchanges between I-55 and I-80. Average household income of $137,577. Trade area population of 83,000. Prime commercial corridors include Bell Road, 143rd Street and 159th Street (State Route 7). 159th Street is improved with 4 lanes and access to Lake Michigan water and sanitary sewer. Recent CRE Activity: The Square at Goodings Grove (106 townhomes) completing construction. The Villas of Old Oak (46 ranch duplexes) under construction. JC Licht now open. Restaurant with drive-thru position available at Homer Glen Bell Plaza with Pet Supplies Plus, Dollar Tree and Taco Bell, SWC 143rd/Bell.

ECONOMIC DEVELOPMENT CORPORATIONS MICHIGAN CITY

Two Cadence Park Plaza Michigan City, IN 46360 P: 219.873.1211 Website: edcmc.com Key Contacts: Clarence Hulse, Executive Director Economic Development Corporation Michigan City, chulse@edcmc.com; Karaline Cartegna Edwards, Economic Development Manager, kcedwards@edcmc.com Services/Demographic Info: Up-to-date inventory of commercial buildings, site selection and orientation tours. Incentives: Tax-Increment Financing, Facade Improvement Grants, Property Tax Abatements, Enterprise Zones, Revolving Loans, Job Training Programs. Recent CRE Activity: Double Track Project: $649 Million Downtown Development reducing train travel to Chicago to 60 minutes; Michigan City Central Station: $100 Million Development with Residential & Retail Space; “You Are Beautiful:” $240 Million Mixed-Use Multifamily Development with 235-room Boutique Hotel & 150 Luxury Condos; TRG: $35 Million Downtown Workforce Housing Project; Burn ‘Em Brewing: $1.6 million expansion project with 30 new jobs.

VILLAGE OF HUNTLEY

10987 Main Street Huntley, IL 60142 P: 847-515-5268 Website: huntleyfirst.com, huntley.il.us Key Contact: Melissa Stocker, Marketing & Recruitment Specialist, mstocker@huntley.il.us Services/Demographic Info: Huntley, a northwest suburban Illinois community of greater than 28,000 residents, is conveniently located at the crossroads of Interstate 90 and IL Route 47. Proximity to the interstate and to international and cargo airports in Chicago and Rockford make Huntley an ideal location for businesses looking to escape the congestion of more populated areas while reaping the benefits of a Chicago market location. Village of Huntley staff provides comprehensive services including site selection assistance and demographic resources, visit huntleyfirst.com to start the search for your new home for business. Residential construction continues with three subdivisions actively building. Huntley is home for your business, and home to the right employees for your business. Population In Primary Trade Area: 97,283 Incentives: TIF District, Fast Track permitting and development approval process CRE Activity: Huntley is home to leaders in business. Join Weber, Northwestern Medicine, Amazon and many others that chose Huntley as their home for business. Hampton Inn recently opened in Huntley. A second Amazon facility is currently under construction. E-Logistics firm headquarters are underway. Speculative development is underway near the tollway. Multiple retail strip centers are in the planning phases. With land available for custom-tailored facilities, businesses seeking sites recognize Huntley as a prime location for operations.

222 N. LaSalle St., Ste. 300 Chicago, IL 60601 P: 312.236.3003 | F: 312.236.3241 Website: gouldratner.com Key Contact: Joe Marzo, Chair, Real Estate Practice, jmarzo@gouldratner.com Services Provided: Counsel on nearly all real estate transactions, including purchase, sale and financing of office, industrial, hotel/hospitality and residential/multifamily development, as well as commercial and retail leasing, multiparcel assemblage, tax-deferred exchanges, management agreements, construction financing, litigation and environmental issues. Company Profile: Gould & Ratner lawyers translate legal knowledge and business acumen into practical solutions that work for our clients, who include entrepreneurs, family businesses, and middle-market and Fortune 500 companies in real estate and many other industries in Chicago and nationwide.

MELTZER, PURTILL & STELLE LLC

1515 Woodfield Road, Ste. 250 Schaumburg, IL 60173 P: 847.330.2400 | F: 847.330.1231 125 S. Wacker Drive, Suite 2900 Chicago, Illinois 60606 P: 312.987.9900 | F: 312.987.9854 Website: mpslaw.com Key Contact: William J. Mitchell, Managing Partner, wmitchell@mpslaw.com. Firm Profile: Meltzer, Purtill & Stelle LLC is a business-to-business law firm with exceptionally strong capabilities in all areas of real estate law. The firm provides a full range of transaction and litigation services to real estate developers, financial institutions, and businesses engaged in corporate, industrial, and retail development as well as financing, leasing, andinvestment. Services Provided: The firm provides an exceptionally wide range of real estate-related services, including commercial real estate and leasing; land use, zoning, and entitlement; construction and finance-including TIF and other development incentives and commercial litigation.

SARNOFF & BACCASH

100 N. LaSalle St., Ste. 1000 Chicago, IL 60602 P: 312.782.8310 | F: 312.782.8635 Website: sarnoffbaccash.com Key Contacts: James Sarnoff, jsarnoff@sarnoffbaccash.com; Robert Sarnoff, rsarnoff@sarnoffbaccash.com Services Provided: Sarnoff & Baccash is a leading and recognized law firm concentrating solely in the field of property taxation. We help client’s secure favorable taxes in Illinois through property tax appeals, incentives and consulting. Company Profile: Sarnoff & Baccash’s clients include Owners, Developers, Managers, REIT’s, Fortune 500 Companies, Private Equity Firms, etc., in connection with commercial property, high-rise and low-rise apartment buildings, condominium associations and single-family home portfolios.

WORSEK & VIHON, LLP

180 North LaSalle Street, Suite 3010 Chicago, IL 60601 P: 312.917.2307 P: 312.917.2312 | F: 312.596.6412 Website: wvproptax.com Key Contacts: Francis W. O’Malley, Managing Partner fomalley@wvproptax.com; Jessica L. MacLean, Partner jmaclean@wvproptax.com Services Provided: Worsek & Vihon, LLP represents tax payers in Illinois by limiting their property tax liabilities through ad valorem appeals. We have over 35 years of experience and can handle basic to the most complex assessment issues while offering the dependable, personalized attention our clients deserve. We have experience representing owners of all property types. In addition to filing thousands of appeals with the Cook County Assessor, we have been involved in numerous proceedings before various Boards of Review, the Illinois Property Tax Appeal Board, and the Circuit Court of Illinois, and have appeared before the Illinois Appellate and Supreme Courts. Company Profile: Worsek & Vihon LLP, is a team of experienced attorneys singularly focused on real estate tax law. The firm is dedicated to minimizing property tax liabilities through strategic tax portfolio management, well-researched, creative appeal preparation and aggressive advocacy.

NAPERVILLE DEVELOPMENT PARTNERSHIP

22 E. Chicago Ave., Ste. 205 Naperville, IL 60540 P: 630.305.7701 Website: www.Naper.org Key Contact: Christine D. Jeffries, President, CJeffries@Naper.org Services Provided:The Naperville Development Partnership promotes the City of Naperville and its many businesses. Whether you are an existing business looking to relocate or a new company, we will take the time to show you what Naperville has to offer. Company Profile: The Naperville Development Partnership is a public / private economic development organization that promotes business interest in the City of Naperville. Our mission is to enhance the economic vitality of Naperville and maintain its outstanding quality of life. This is achieved through the retention and expansion of existing businesses as well as attracting new business to the community.

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