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GOODNEWS
TW - WIRE
Midwest President, Mike Watts, talks about the new Experience Extraordinary national marketing rollout, and what makes Transwestern unique.
THE RELEASE OF THE NEW NATIONAL MARKETING CAMPAIGN
EXPERIENCE EXTRAORDINARY
Transwestern’s specialists are collaborative entrepre-neurs raising the bar on what it means to provide a higher level of service.
We’re as hyper-focused on building relationships as we are on enhancing value over the life of a client’s project. No matter how much we grow our global resources and market intelligence capabilities, our time-tested ap-proach to agency leasing will always be people-driven and client-focused.
>>>VIEW THE NEW AD CAMPAIGN<<<
Taylor Johnson, our new public relations firm that has been hired to service our Chicago and Rosemont offices to assist with our media relations efforts. Taylor Johnson has repre-sented public and private real estate companies for 35 years in residential development and brokerage; commercial (of-fice/retail/industrial) development and brokerage; hospital-ity; mixed-use; multi-family; property management; architec-ture and design; real estate finance; institutional investments; and real estate auctions. We are excited to have them as a part of our marketing efforts at Transwestern.
WELCOME!
MIDWEST HEADLINES AND HIGHLIGHTS SUMMER 2015
2015 SUMMER INTERNSHIP PROGRAM
Once again, Transwestern had the privilege of welcoming a new group of summer interns. We were lucky enough to have three Chicago natives, all active and engaged in their academic and social lives. Adam Seidenberg is a rising senior at the University of Michigan studying economics and computer science. Leonard Lacson, also a rising senior, attends DePaul University, studying finance and economics. Margeaux Wysockey, who just finished her junior year studying abroad in London, goes to the University of Illinois and majors in Communications.
We decided to alter our internship program this summer, switching to a rotational program where the interns spent one or two weeks working with each of Transwestern’s unique departments. During their 8 weeks, the interns familiarized themselves with the CBD office and industrial markets, canvassed buildings, shadowed property tours and meetings, and even completed a mock pitch for a potential tech client downtown. We were all so pleased at the level of commitment, worth ethic, and quality of work they produced throughout the summer.
Adam, Leonard and Margeaux left a lasting impression on our entire office and we hope we did the same, sparking a long and fruitful career in the real estate industry. The 8 week program flew by and we are all sad to see them go – but jealous they get to return to another fun filled year at school. We are already planning and looking forward to improving our program to make for an even better experience next summer!
Internship Program Team LeaderKate CohenAgency Leasing | Associate
A special thanks to Kate Cohen for all her hard work in putting together a successful internship program.
FAOQ(Frequently Asked Office Questions)
How do I set my away message?
Did you know ??
TW - HELP WIRE
OFFICE TIP BY SASHA WARRENExecutive Assistant | Chicago Office Licensed Broker
Katie Clark is a standout in the Minneapolis property management community. She consistently receives accolades from tenants, owners, vendors and fellow Transwestern team members. Her attention to detail, professionalism and strong work ethic make Katie a true Transwestern asset.
Katie has recently been promoted to a new account where she will office on-site at the historic Colonial Warehouse in Minneapolis’ North Loop and manage that property along with 3 other buildings throughout the metro. Katie will continue to provide management oversight to her previous portfolio.
Katie was also named Property Management Professional of the Year at the Midwest Awards Ceremony held earlier this year.
KATIE CLARKProperty Manager
FAVORITE THINGS TO DO: Some of my favorite things to do are to spend time on the lake with family and friends, run, bike and shoot my bow.
WHAT GOALS DO YOU HAVE FOR TRANSWESTERN? Retain and grow our talented, well respected team, continue to win business by being the best at serving our clients, and maintain the work environment that makes coming to work enjoyable.
FAVORITE APP: Garmin Connect, Pintrest and Zillow.
MinneapolisTW SPOTLIGHT
WELCOME!NEW KIDS ON THE BLOCK
BOB GYLLINGTenant Advisor AssociateChicago
KATE FOROTHERTenant AdvisorSenior AssociateChicago
CAREER HIGHLIGHTSPrior to joining Transwestern, Bob was an influential leader on the sales team at MillerCoors, concentrating on the north side of Chicago. He was responsible for managing the highest volume producing accounts and worked diligently with owners to identify strategic product and pricing opportunities, implement promotional events, and properly train employees; resulting in sustainable growth and over $80 million in annual sales. Prior to MillerCoors, Bob spent lead multiple sales and marketing teams in the startup world.
PROFESSIONAL AFFILIATIONS/RECOGNITIONYREP Chicago (Young Real Estate Professionals Chicago) – memberPhi Delta Theta at Miami University, Oxford, OH – alumni
EDUCATIONBob received his Bachelor of Science (BS) in Marketing and a minor in Interactive Media Studies from Miami University, Oxford, OH, and was a proud member of the inaugural class of AIMS Digital Innovation Center in San Francisco, CA. He is a licensed real estate broker in the State of Illinois.
CAREER HIGHLIGHTSKate has spent the last 10 years working in sales and employs a strong background in solution selling in multiple areas. Prior to joining Transwestern, Kate specialized in strategic consulting for Fortune 500 companies. In putting the client first, she has consistently been successful in helping clients strengthen their businesses. Kate has built and maintained strong and lasting relationships throughout her career by aligning their business objectives with proactive cost reducing strategies.
PROFESSIONAL AFFILIATIONS/RECOGNITIONGreater O’Hare Chamber of Commerce
EDUCATIONKate graduated from North Central College with a Bachelor’s in Communications.
WELCOME!NEW KIDS ON THE BLOCK
BOB GYLLINGTenant Advisor AssociateChicago
KATE FOROTHERTenant AdvisorSenior AssociateChicago
WELCOME!NEW KIDS ON THE BLOCK
NICK CINQUERANELLIAssociateDetroit
CAREER HIGHLIGHTSI joined Transwestern in April of 2015, and it’s been a blast being on a team with such experience and reputation in our market. Directly out of Michigan State University I worked in California for a major marketing firm and transitioned back to Detroit, and the commercial real estate industry. I enjoy most being part of companies’ integral decision making process in finding the optimum work space by using the optimum real estate solutions.
EXTRASWhen not working, I stay active with athletic competitions, hockey, squash and enjoying the outdoors with fishing and hunting.
EDUCATIONNick graduated from Michigan State University.
CAREER HIGHLIGHTSAt Transwestern, Lindsay is part of a dynamic suburban agency leasing team where she handles leasing negotiations, transactions and tenant services for building landlords. Lindsay Borkan came to Transwestern from Chicagoland Commerical Real Estate where she gained almost five years of commerical real estate transaction experience as a Leasing and Investment Specialist in both agency leasing and tenant representation services. Her largest transaction in her short tenure was an impressive 41,030 for TWE Chicago
PROFESSIONAL AFFILIATIONS/RECOGNITION�� Pennsylvania State University Women’s Gymnastics �� Scholar Athlete Award�� 2006 Big Ten Athlete of the Month�� Jr. Olympic National Gymnastics Champion in 2001 and 2003�� Class of 2009 College of Lake County Athletic Hall of Fame
EDUCATIONLindsay graduated from Pennsylvania State University where she was a four year scholarship recipient and is a licensed real estate broker in the State of Illinois.
LINDSAY BORKANSuburban Agency LeasingSenior AssociateChicago
WELCOME!NEW KIDS ON THE BLOCK
TIM JARZEMBOWSKISenior Vice President Detroit
CAREER HIGHLIGHTSTim, formerly with DTZ, joined Transwestern in July, 2015, bringing with him over 20 years of commercial real estate experience. He has served such clients as Eaton Corporation, Kelly Services, Pfizer, and State of Michigan. Major transactions include aiding the first real estate outsource contract with the State of Michigan and being a member of the team responsible for the disposition of the 2.2M sq.ft. Pfizer Campus in Ann Arbor, MI.
EXTRASMy two hobbies are ski racing in the winter and motocross racing in the summer.
EDUCATION Wayne State University
CAREER HIGHLIGHTSI started working with Transwestern in May of 2015 at the Southfield Town Center and I could not be happier. I came from the automotive industry before stepping into commercial real estate. I made the move to real estate because of the freedom and the opportunity to make a difference in helping companies find their perfect work environment.
EXTRASOutside of work I am an avid golfer and also enjoy playing basketball and softball.
EDUCATIONI graduated from Northwood University in 2012 and completed my MBA from the DeVos Graduate School of Management in 2013.
NICHOLAS PROKOPAgency Leasing | AssociateDetroit
WELCOME! TRANSWESTERN’S OPERATIONS TEAM MEMBERS
Rachael Wogsland Chicago | Receptionist
Justin Hop Minnesota | Assistant Chief Engineer
SENIOR ASSOCIATE TO VICE PRESIDENT
Courtney has been promoted from a senior associate to a vice president with the Chicago CBD agency leasing team. Courtney’s innovative approach to leasing has attracted technology and creative companies to the portfolio, ultimately raising the occupancy level at 200 West Madison to 93.2% occupied. She has implemented numerous marketing programs, identified and leased a variety of challenging vacant suites and actively assisted in the completion of two lobby remodels and full amenity programs earning her the title of vice president at Transwestern.COURTNEY BARATZ
Agency Leasing | ChicagoVice President
SENIOR ASSOCIATE TO VICE PRESIDENT
Jeff has been promoted from a senior associate to a vice president with the Chicago CBD agency leasing team. Jeff Dowdell started his career at CBRE as a landlord broker and spent the last three years at DTZ(formerly UGL Equis) exclusively advising commercial tenants in Chicago and across the country. Jeff uses his unique experience to deliver exceptional results for clients in less time with less risk. He recently secured an undisclosed client at One North State for 51,462 SF.
JEFF DOWDELLAgency Leasing | ChicagoVice President
CONGRATULATIONS! TRANSWESTERN PROMOTIONS
SENIOR VICE PRESIDENT TO EXECUTIVE VICE PRESIDENT
John is an active member of Transwestern’s National Private Equityand Higher Education Practice Groups. He specializes in developing real estate due-diligence work to assist strategic planning while managing transactions for clients and portfolio companies in the private equity, financial services, education, business services and healthcare sectors. His background in commercial real estate, marketing and sales management makes him an important team member in Chicago’s Tenant Advisory Group.JOHN MARQUARDT
Tenant Rep | ChicagoExecutive Vice President
ASSOCIATE HR BUSINESS PARTNER TO HR BUSINESS PARTNER
Adair has been promoted to a HR Business Partner supporting the Midwest and Southeast Regions. Adair has been with TW for 12 years and brings tremendous experience in recruitment, internships and performance management. With 15 plus years of experience in Human Resources, Adair has been a member of the Transwestern team since 2003. While at Transwestern, she spearheaded the creation and implementation of automating the new team member performance management portal, My Goals. In addition, Adair has a strong background in talent management and has partnered with teams to develop recruitment strategies within the company.
ADAIR BRYANHuman Resources Midwest Region
VICE PRESIDENT TO PRINCIPAL
Mike has been promoted from vice president to principal to assist with Minneapolis operations by serving as Transwestern Liaison and promote client relations. An industry leader, Mike Honsa focuses his work on the development of new business along with the marketing of third party brokerage and tenant representation accounts. Mike provides Transwestern with a strong business background and a teamwork driven approach which is essential to exceeding the expectations of his clients. During his career, Mike has worked on transactions totaling over seven million square feet. His client list includes Equus, Wrigleys, Interstate Partners, Opus Northwest, Ryan Companies, McGough Construction, Fiserv, IRET and CSM.
MIKE HONSAAngency Leasing MinneapolisPrincipal
VICE PRESIDENT TO PRINCIPAL
Reed joined Transwestern in 2014 to spearhead the growth of Transwestern’s Minneapolis CBD office portfolio. A top producer, Reed is a Minneapolis CBD expert who has worked on transactions totaling over 18 million square feet. Along with his office team, he is pioneering the workplace strategies movement in Minneapolis and working on building transformations at both 100 Washington Square and Baker Center. His client list includes HanesBrands, URS Engineering, Tressler Law, Shapiro Law & Integrated Healthcare Strategies. REED CHRISTIANSON
Agency Leasing MinneapolisPrincipal
THE TW INSIDERS SAVVY SANDY MCDONALD
THE TW INSIDERS SAVVY SANDY MCDONALD
Chicago Office and Industrial MarketMajor absorption increases and vacancy ticking down
The Chicago office market showed 915,872 SF of positive absorption in 2Q15. Surprisingly, nearly 80% of the absorption occurred in suburban outliers with 720,661 SF positive overall. CBD absorption ended the quarter at positive 195,211 SF, a threefold increase quarter over quarter. Tenant occupationsincreased across Class B properties in the CBD and Class A properties in suburban areas. Prime CBD Class A rental pricing is rapidly increasing, which has pushed tenants looking for value to Class B in the CBD. Investment activity is strong as borrowing rates are low. An increase in office building sales prices show that investors are competing for assets as they are confident about return on investment.
Industrial real estate sales prices posted steady gains over the last few quarters.The average sales price per square foot increased 3% to $54.79 quarter overquarter. Improving occupancies, rent increases, and low interest rates continueto support increases in property sales pricing. In the last few quarters, there has been an aggressive increase in industrialdemand in the Chicago area as properties are trading more quickly. Even with the high level of speculative development going on in the region, many tenants are seeing value in build-to-suit projects as well.
SANDY MCDONALDDirector of Market Research,Chicago & Midwest Region
Suggested Articles:Industry Week50 Best Manufacturers
Market Report Links
Detroit Metro Office Market Overview 1Q2015
Minneapolis/St. Paul Market Report
Chicago Industrial Market 2Q2015
Chicago Office Market 2Q2015
St. Louis Industrial Market 2Q2015
The CoStar Office Report St. Louis
THE MANUFACTURING MELTDOWN
According to the Governor Rauner’s office there appears to be no end to the budget stalemate in the near future. This is quite problematic for the State’s Department of Commerce and Economic Opportunity (DCEO) as they have for all intents and purposes shut down, and have not provided assistance to companies looking to create jobs and more importantly retain jobs. Based on public announcements in the month of July, it has been reported that a total of 2800 jobs leaving Illinois:
�� Mondelez International will lay off 600 manufacturing
workers from its South Side facilities
�� Mitsubishi Motors will close down production facilities in Normal, Illinois, jeopardizing 918 automotive manufacturing jobs.
�� General Mills that it will shut down its manufacturing plant in West Chicago, Illinois, laying off 500 workers
�� Bunge North America that it will shut down its plant in Bradley, Illinois, laying off 210 workers
�� DE-STA-CO that it will move 100 manufacturing jobs from Wheeling, Illinois, to Nashville, Tennessee
�� An as-yet-unnamed manufacturer that it will move up to 500 jobs from the Chicago area to East Chicago, Indiana.
July was not the only month that was bad as well. According to the bureau of labor statistics and Illinois Policy, Illinois has lost 7300 manufacturing jobs in the first half of 2015. The 7300 jobs that are identified are not just the total jobs that will be lost. Based on most economic impact models for every manufacturing job that is created there are likely an additional 1.25 jobs created because of them, so based on that assumption the loss of jobs in the first half of 2015 amount to an additional 9125 jobs totaling in my opinion equating to potentially a real loss of 16,425 jobs lost.
To put that in context in 2013 individual income tax accounted for 42.7% of the state’s general fund. To solve our budget problem we need more jobs and more companies coming to Illinois or there will be an increase in taxes.
THE TW INSIDERS BRAD MIGDAL
BRAD MIGDALExecutive Managing Director
Economic Incentives Site Selection Expert
THE DEAL MAKERS
3 Pine TreePAUL BARILEDirector
JANICE SELLISDirector
The Village of Blaine is a high-quality 221,239-square-foot center anchored by Cub Foods and located in suburban Minneapolis, Minnesota. Janice Sellis and Paul Barile represented the seller, MEPT, and its real estate advisor, Bentall Kennedy. The purchaser of the property was Pine Tree Commercial Realty.
Sales 221,239 SF
2 LITCHFIELD CAVO LLP, Chicago, IL STACEY BIRNDORFExecutive Vice President
Litchfield Cavo called upon Transwestern for Tenant Representation since its in-ception in 1998. That initial requirement allowed for just eight weeks to search, to negotiate and relocate the firm into 10,000 square feet of ready-built sublease space for eighteen attorneys plus staff.
READ FULL CASE STUDY
303 West MadisonExpansion and Renewal
39,956 SF
1 CAREERBUILER, Atlanta BuckheadVINEET SAHGALExecutive Vice PresidentManaging Director
CareerBuilder achieved a market leading occupancy density and ground breaking tenant improvement package in addition to allowing a signage package that fea-tures building top signage on two facades of the building.
READ FULL CASE STUDY
3445 Peachtree Road, New Lease 57,621 SF
CHICAGO HEAVY HITTERSTOP DEALS
Deals Transaction Size Broker(s)America’s Styrenics 28,793 SF Irv Gilner
One North State 51,462 SF Michael Lirtzman, Jeff Dowdell, Katie Steele
Gerding Edlen Green Cities Fund
56,000 SF David Downey, Larry Serota
Brennan Investment Group
445,892 SF Gary Nussbaum, David Mathias
2 The Orthopedic Center of St. Louis
MIKE DONOVANVice President | Agency Leasing
STEVE BROWNVice President | Agency Leasing
Location Term Square Footage
Undisclosed 10 year 31,538 SF
3 Building Sale: 1809 Clarkson Avenue
STEVE STRADELVice President | Tenant Advisory
Sold Owner
$3.4 MillionMissouri
Torah Institute
ST. LOUIS HEAVY HITTERSTOP DEALS
1 Charter Spectrum, St. Louis, MO
PAM HINDSVice President | Agency Leasing
TIM LAWLORVice President | Agency Leasing
Location Square Footage
Confidential 135,000 SF
Client Type
Undisclosed
Client Type
Health/Medical
MINNESOTA HEAVY HITTERSTOP DEALS
1 BUNZL
JOHN THOMPSON, SOIR,Executive Vice PresidentIndustrial
DUANE POPPEVice PresidentIndustrial
BARON ALEXANDER Sales & Leasing Associate, Industrial
Location Square Footage
Maple Grove, MN 155,712 SF
Client Type
Distribution/Logistics
Client Type
Manufacturing
2 Minnesota Flexible Corp.
MICHAEL SALMENManaging Principal | Agency Leasing
MIKE HONSAPrincipal | Agency Leasing
Location Square Footage
South St. Paul, MN 52,356 SF
3 JAMF Software
REED CHRISTIANSONPrincipal | Agency Leasing
ERIN WENDORFVice President | Agency Leasing
Location Square Footage
Minneapolis, MN 52,084
Client Type
Technology/Hardware/Consulting
3 Staples
BILL HARVEYExecutive Vice President | Agency Leasing
CHUCK HOWARD Principal | Agency Leasing
Location Square Footage
Laurel Office Park II Livonia, MI 22,774 SF
DETROIT HEAVY HITTERSTOP DEALS
1 CW Professional Services
BILL HARVEYExecutive Vice President | Agency Leasing
CHUCK HOWARD Principal | Agency Leasing
Location Square Footage
150 West Jefferson 48,915 SF
Client Type
Technology
2 Hello World, Inc.
CLARENCE GLEESONSenior Vice President | Agency Leasing
BILL HARVEYExecutive Vice President | Agency Leasing
Location Square Footage
3000 Town Center, Southfield, MI 43,530 SF
Client Type
Communications, Marketing
Client Type
Retail