MB Real Estate's 2012 3rd Quarter Chicago Market Overview Submarket Snapshots

C O M P I L E D B Y M B R E A L E S T A T E

T H I R DQ U A R T E R

2012 CHICAGOSUBMARKET SNAPSHOTS

CHICAGO

THIRD QUARTER

2012SUBMARKET SNAPSHOTS

TABLE OF CONTENTS

SECTION THREE

ABOUT MB REAL ESTATE

SECTION ONE

CHICAGO CENTRAL BUSINESS DISTRICT

13 Company Overview

The Chicago Market Overv iew is publ ished quar ter ly by MB Real Estate.

To obta in addi t iona l copies or for fur ther in format ion, p lease contact :

JACK GAVINSenior Research Coord inator

181 West Madison Street , Su i te 4700 Chicago, I l l ino is 60602

(312) 726-1700

w w w . m b r e s . c o m

SECTION TWO

SUBURBAN CHICAGO

SUBURBAN SUBMARKET SNAPSHOTS

08 Suburban Map09 East-West10 North11 Northwest12 O’Hare

CBD SUBMARKET SNAPSHOTS

01 Central Business District Map02 Central Loop03 East Loop04 North Michigan Avenue05 River North06 South Loop07 West Loop

CE

NTR

AL B

US

INE

SS

DIS

TRIC

T

1

SU

BM

AR

KE

T SN

AP

SH

OTS

CENTRAL BUSINESS DISTRICT MAP

T H I R D Q U A R T E R 2 0 1 2 | C H I C A G O S U B M A R K E T S N A P S H O T S

CE

NTR

AL B

US

INE

SS

DIS

TRIC

T

2

SU

BM

AR

KE

T SN

AP

SH

OTS

CENTRAL LOOPClass B and C properties see increased occupancy

CENTRAL LOOP SUBMARKET HISTORICAL DIRECT VACANCY

The Central Loop experienced 249,000 square feet of net positiveabsorption, which was the most of any submarket during the third quarter.Class B and C properties each saw occupancy increases totaling 110,000square feet. The direct vacancy rate in Class A buildings fell to 9.4percent, which is the lowest of any Class A segment in the CBD.

Citadel signed the largest lease transaction during the quarter byrenewing 225,000 square feet at 131 South Dearborn. However, therestructured lease results in a one-third reduction from its current space.GSA Army Corp of Engineers will relocate from 111 North Canal and into64,000 square feet at 231 South LaSalle. ThyssenKrupp leased 25,000square feet at 111 West Jackson as they opened a new, North Americanregional headquarters.

Although direct vacancy in Class A buildings continues to fall, subleaseavailability is over 4.5 percent of inventory. This figure is nearly double thepercentage of sublease space to inventory seen in the overall market.

LARGEST BLOCKS OF DIRECT AVAILABILITYBuilding Address Size (sf) Building Class

222 N LaSalle St * 199,132 B

200 N LaSalle St 164,586 B

11 S LaSalle St 150,166 C

10 S Dearborn St * 139,165 A

161 N Clark St * 116 964 A161 N Clark St * 116,964 A

1 N Dearborn St 97,261 B

120 S LaSalle St 94,995 B

175 W Jackson Blvd 68,539 B

175 W Jackson Blvd 67,725 B

77 W Wacker Dr 67,342 A

CENTRAL LOOP SUMMARY A B C Total

Inventory (square feet) 13,571,480 14,215,057 8,626,430 36,412,967

Year to Date Absorption (square feet) 31,952 98,849 46,683 177,484

Direct Vacancy Rate 9.4% 15.8% 16.4% 13.6%

Total Vacancy Rate (Direct + Sublease) 14.0% 18.4% 16.8% 16.4%

The main contributor to sublease availability is United Airlines’ 240,000 square foot block at 77 West Wacker.

No buildings traded during the quarter, but two new listings hit the market. After leasing 59,000 square feet to GrubHub and expandingTribeca Flashpoint Media Arts Academy, Harbor Group International is seeking $100 million for 111 West Washington. CanadianImperial Bank of Commerce is looking to sell the 79,000 square foot 123 West Madison.

The Central Loop’s boundaries are the Chicago River (North), Wells Street (West), State Street (East), and Van Buren Street (South).

*Indicates future available space


CE

NTR

AL B

US

INE

SS

DIS

TRIC

T

3

SU

BM

AR

KE

T SN

AP

SH

OTS

EAST LOOPNet quarterly absorption continues to be minimal

EAST LOOP SUBMARKET HISTORICAL DIRECT VACANCY

For the third straight quarter occupancy was relatively unchanged inthe East Loop. Class A and B buildings experienced slight upticks invacancy. KPMG moved into 260,000 square feet at 200 EastRandolph (AON Center). But the accounting firm vacated 303 EastWacker, so the net effect on absorption within the East Loop wasminimal. The East Loop has a 20.0 percent vacancy rate and hashistorically trailed other submarkets due to its distance fromcommuter rail stations.

Two tenants signed large leases to expand in their current buildings.Walgreens e-Commerce institute expanded by 68,000 square feetat 33 South State. Advertising agency BBDO signed a long-termlease and will expand by 52,000 square feet at 225 North Michigan.

The East Loop continues to be saturated with large blocks. Eightcontiguous direct blocks of at least 100,000 square feet areavailable, including a 341,000 square foot block at the AON Center.

EAST LOOP SUMMARY A B C Total


Year to Date Absorption (square feet) 85,071 76,928 (138,832) 23,166




200 E Randolph St 340,959 A

130 E Randolph St * 256,720 B

303 E Wacker Dr 182,782 B


130 E Randolph St * 155 829 B130 E Randolph St * 155,829 B

333 S Wabash Ave 140,000 B

130 E Randolph St 128,948 B

401 S State St 110,898 C

33 S State St 70,107 C


No buildings were sold, but four buildings are actively being marketed for sale. Ivor Braka is looking to sell both 122 South Michiganand 332 South Michigan. Bentley Forbes is continuing to search for a buyer of a partial stake in 130 East Randolph and 180 NorthStetson.

The East Loop is bordered by the Chicago River (North), State Street (West), Lake Shore Drive (East), and Van Buren Street (South). Itis inhabited mostly by advertising and media firms and corporate tenants.

Numbers in parentheses are negative

* Indicates future available space


CE

NTR

AL B

US

INE

SS

DIS

TRIC

T

4

SU

BM

AR

KE

T SN

AP

SH

OTS

NORTH MICHIGAN AVENUEJohn Hancock Center deal leads to first quarterly occupancy increase in two years

NORTH MICHIGAN AVENUE SUBMARKET HISTORICAL DIRECT VACANCY

After eight consecutive quarters of negative absorption, the NorthMichigan Avenue submarket finally experienced positive demand. Muchof the new demand stems from Interpublic Group’s GolinHarris, whooccupied roughly 70,000 square feet at 875 North Michigan (JohnHancock Center) during the quarter after moving from 111 East Wacker.Despite the positive quarter, direct vacancy is still well above 20 percent.

The John Hancock Center was also home to one of the largest new leasetransactions in the CBD. Advertising agency Draft FCB signed a 15-yearlease for 185,000 square feet and will occupy the new space in early2014. While they are relocating from two locations within the submarket,Northwestern University’s Feinberg School of Medicine has already signeda 62,000 square feet lease to backfill Draft FCB’s current space at 633North Saint Clair.

North Michigan Avenue has failed to generate enough new demand tooffset companies who have cut their space requirements or vacated the

NORTH MICHIGAN AVENUE SUMMARY A B C Total


Year to Date Absorption (square feet) 95,122 30,625 (309,531) (183,785)




515 N State St * 350,906 A

101 E Erie St * 217,569 A

410 N Michigan Ave * 213,054 B

401-465 E Illinois St 210,000 C

435 445 N Michigan Ave 129 947 C435-445 N Michigan Ave 129,947 C

401 N Michigan Ave * 104,726 B

455 N Cityfront Plaza Dr 89,854 A

740 N Rush St 77,394 C

360 N Michigan Ave 76,855 C

980 N Michigan Ave 62,384 A

submarket. Future prospects could increase significantly if a 351,000 square foot block at 515 North State, which will be vacated bythe American Medical Association, can be leased to one of the largest tenants in the market. However, this space is in competitionwith three other contiguous, Class A blocks greater than 300,000 square feet in other submarkets and numerous proposed newdevelopments.

The North Michigan Avenue submarket is home to retailers, hotels, restaurants, entertainment venues, advertising and marketingagencies, and the large Northwestern Memorial Hospital campus. Its borders include Division Street (North), State Street (West), LakeMichigan (East), and the Chicago River (South).


* Indicates future available spaceItalicized addresses indicate new blocks this quarter


RIVER NORTH SUMMARY A B C Total





CE

NTR

AL B

US

INE

SS

DIS

TRIC

T

5

SU

BM

AR

KE

T SN

AP

SH

OTS

RIVER NORTHGoogle finalizes lease, establishes themselves as Chicago’s tech anchor

RIVER NORTH SUBMARKET HISTORICAL DIRECT VACANCY

River North continues to be the best performing submarket in the CBD asit experienced 60,000 square feet of positive absorption. Direct vacancyfell to just 9.4 percent. The submarket has become a hotbed fortechnology firms due to its accessibility to city residents and itsabundance of creative space.

The major highlight this quarter was Google’s 15-year, 572,000 squarefoot lease at The Merchandise Mart. Google, who acquired MotorolaMobility, will occupy the top four floors and roof beginning next year. Thecompany will relocate 3,000 employees from Motorola’s corporatecampus in suburban Libertyville. The new lease solidifies River North asChicago’s technology hub.


350 W Mart Ctr * 130,380 B

350 W Mart Ctr 87,393 B

350 W Mart Ctr 64,661 B

222 Merchandise Mart Plz 63,193 B

321 N Clark St 61,431 A

Joining Google in River North next year will be Salesforce, who leased 116,000 square feet at 111 West Illinois. In addition numeroustechnology firms based in River North announced plans to expand their workforces by 2015. The explosion of leasing activity andcommitments to add jobs suggests that River North will be a tight submarket for years to come.

Investment activity cooled during the quarter, but two buildings are being marketed for sale. KBS REIT 2 is selling up to a 49 percentstake in 300 North LaSalle, which could fetch upwards of $600 per square foot. Additionally, Joseph Lagoa has placed 540 NorthLaSalle up for sale with a $10 million asking price.

The borders of the River North submarket are defined as Division Street (North), Racine Avenue (West), State Street (East), and FultonStreet and the Chicago River (South). It has historically been home to small, older buildings catering to art galleries, furniture studios,and small businesses but has seen new development, which has brought law firms and financial institutions to the submarket.



CE

NTR

AL B

US

INE

SS

DIS

TRIC

T

6

SU

BM

AR

KE

T SN

AP

SH

OTS

SOUTH LOOPLittle activity in the CBD’s smallest submarket

SOUTH LOOP SUBMARKET HISTORICAL DIRECT VACANCY

Comprised of just over 2.2 million square feet, the South Loop is subjectto large swings in vacancy rates if a large tenant enters or exits thesubmarket. Last quarter MF Global vacated 77,000 square feet at 440South LaSalle (One Financial Place), causing vacancy to rise 8.4 percentin the building and 3.7 percent in the submarket. At 26.2 percent, theCBD’s smallest submarket has the highest direct vacancy rate.

As a result of MF Global’s dissolution, smaller tenant move-outs, andrestacking within the building, three contiguous blocks ranging from52,000 to 67,000 square feet are now available at One Financial Place.The building has traditionally been home to trading firms and financialinstitutions, but may look to diversify due to its high availability.

The South Loop, while farther from the major commuter train stationsthan the West Loop and Central Loop, has direct access to the CTA trains.It is also closest to the residential area of the South Loop, an up and

SOUTH LOOP SUMMARY A C Total

Inventory (square feet) 1,019,325 1,185,970 2,205,295

Year to Date Absorption (square feet) (82,285) (38,499) (120,784)

Direct Vacancy Rate 28.8% 24.0% 26.2%

Total Vacancy Rate (Direct + Sublease) 29.8% 24.2% 26.8%

LARGEST BLOCK OF DIRECT AVAILABILITYBuilding Address Size (sf) Building Class

440 S LaSalle St * 159,539 A

619 S LaSalle St 89,000 C

440 S LaSalle St * 67,322 A

440 S LaSalle St * 53,143 A

coming location for young professionals. Its location is a benefit, but with only one Class A and no Class B buildings, it will trail therecovery. As tenants have been upgrading their office space to take advantage of attractive rents, the South Loop will continue to lagbecause of its limited options.

The boundaries of the South Loop include Van Buren Street (North), I-90/I-94 (West), Lakeshore Drive (East), and 16th Street (South).The South Loop is populated primarily with education, small businesses, and converted residential properties.




CE

NTR

AL B

US

INE

SS

DIS

TRIC

T

7

SU

BM

AR

KE

T SN

AP

SH

OTS

WEST LOOPClass B in high demand as market for Class A begins to cool

WEST LOOP SUBMARKET HISTORICAL DIRECT VACANCY

The CBD’s largest submarket experienced a modest 55,000 square feetof net positive absorption. Occupancy has increased in nine of the pastten quarters. The West Loop has been one of the most desirablesubmarkets in recent years due to its access to commuter trains, Chicagopublic transit, as well as its inventory of some of the newest buildings inthe CBD.

Class B buildings were in high demand this quarter, as 158,000 squarefeet was newly occupied. In contrast, Class A buildings lost 94,000square feet of occupancy. This was due to large tenants such as UBSgiving back significant amounts of space and “right-sizing” upon leaseexpiration.

United Airlines expanded by 205,000 square feet and extended theirlease at Willis Tower through 2028. United now leases a total of 830,000square feet at Willis Tower, and is now trying to sublease 240,000 squarefeet of its space at 77 West Wacker. AIG will relocate within the WestLoop as they will vacate 300 South Riverside and lease 75,000 square


500 W Monroe St 392,063 A

233 S Wacker Dr 293,706 A

309-311 W Monroe St * 214,490 C

227 W Monroe St * 139,883 A

300 S Riverside Plz * 128,948 B

233 S Wacker Dr * 125,553 A



540 W Madison St 84,031 A

333 W Wacker Dr 80,736 A



WEST LOOP SUMMARY A B C Total


Year to Date Absorption (square feet) (145,784) 289,976 (29,562) 114,630



feet at 500 West Madison.

Investors continue to pursue the West Loop as four buildings were sold during the quarter. GE Pension Trust sold 230 West Monroeto a joint venture of Lincoln Property and Pimco for $146 per square foot and 200 West Monroe to a joint venture of the FarbmanGroup and LubertAdler Funds for $130 per square foot. Alliance Partners acquired 300 West Adams from Sterling Bay for $202 persquare foot. Sterling Bay was active on the acquisition side as well, placing 111 North Canal under contract for approximately $108per square foot. 1 South Wacker is currently under contract to Harbor Group International for approximately $192 per square foot.

The West Loop’s borders are defined as the Chicago River (North), I-94/I-90 (West), Wells Street (East), and Van Buren Street (South).


SU

BU

RB

AN

CH

ICA

GO

8

SU

BM

AR

KE

T SN

AP

SH

OTS

SUBURBAN MAP


EAST-WEST SUMMARY A B C Total


Year to Date Absorption (square feet) 22,563 (55,674) (2,850) (35,961)



SU

BU

RB

AN

CH

ICA

GO

9

SU

BM

AR

KE

T SN

AP

SH

OTS

EAST-WESTLarge tenant move-outs cause vacancy rates to jump

After being the best performing Suburban submarket in thefirst half of the year, vacancy rates rose across all buildingclasses during the third quarter. The East-West submarketexperienced over 318,000 square feet of negativeabsorption, which can be attributed to large users exitingthe submarket. Catamaran is vacating 110,000 square feetat 2441 Warrenville Road in Lisle and relocating toBannockburn, while TCF Bank vacated 78,000 square feetat 500 Joliet Road in Willowbrook.

Asking rental rates are down 2.2 percent on a year-over-year basis. Landlords have been aggressive in retainingexisting and attracting new tenants since a number of largeusers such as Sara Lee are vacating the submarket andrelocating to the CBD. Large tenants continue to have amultitude of options, with 28 direct and 7 sublease blocksgreater than 50,000 square feet available for lease.

EAST-WEST SUBMARKET HISTORICAL DIRECT VACANCY

LARGEST BLOCKS OF DIRECT AVAILABILITYBuilding Address City Size (sf) Building Class

700 Oakmont Ln Westmont 256,767 A

3075 Highland Pky * Downers Grove 241,519 A

2400 Cabot Dr Lisle 217,718 A

747 E 22nd St Lombard 209,557 B

28100 Torch Pky Warrenville 100,830 A

4343 Commerce Ct * Lisle 81,097 A

500 Joliet Rd Willowbrook 78,400 B

2000 S Finley Rd ** Lombard 78,300 B

2655 Warrenville Rd Downers Grove 76,691 A

2245 Sequoia Dr * Aurora 76,126 A

EN Engineering signed the largest lease during the quarter and will occupy 84,000 square feet at the newly-renovated 28100 TorchParkway in Warrenville. The firm, which designs oil and gas pipelines, has benefitted from a domestic energy boom and has outgrownthe 53,000 square feet it leases in Woodridge. After merging with Minnesota-based Farley Sathers Candy, Ferrara Candy Co. signeda new 39,000 square foot lease at 1 Tower Lane in Oakbrook Terrace.

Investors continued to favor well-leased, core properties. U.S. Equities purchased the Class A, 94 percent leased property at 2056Westings Avenue in Naperville for $140 per square foot. Wells Core Office Income REIT acquired 2275 Cabot Drive in Lisle for $188per square foot. The property is fully leased to McCain Foods through May 2021.

The East-West submarket encompasses Cook, DuPage, Kane, Kendall, and Will Counties, with major cities including Downers Grove,Lisle, Naperville, and Oak Brook.

* Indicates future available space** Indicates space available in current quarter


SU

BU

RB

AN

CH

ICA

GO

10

SU

BM

AR

KE

T SN

AP

SH

OTS

NORTHClass A occupancy, rents fall

NORTH SUBMARKET HISTORICAL DIRECT VACANCY

The North submarket’s direct vacancy rate rose 90 basispoints during the third quarter due to 260,000 squarefeet of negative absorption experienced in Class Abuildings. To combat lost occupancy, landlords have cutasking rental rates by an average of 4.2 percent in orderto fill the nearly 1 million square feet of occupied spacelost from 2010 to 2011.

One positive development this quarter was the reductionof available sublease space. While 1.1 million square feetof Class A space was available for sublease last quarter,only 854,000 square feet was on the market at the endof the third quarter. This helps aid the direct leasingmarket as tenants have fewer competitive sublet options.However, sublease availability in Class A buildings is still5.1 percent of the total stock, compared to 3.1 percent


1 Corporate Dr Long Grove 251,877 A

544 Lakeview Pky Vernon Hills 144,999 B

1 Overlook Pt Lincolnshire 117,798 A

2355 Waukegan Rd Bannockburn 106,495 A

75 Tri State International * Lincolnshire 79,449 A

2-4-6 Genesee St Waukegan 75,996 C

333 Knightsbridge Pky Lincolnshire 74,728 A

2100 Sanders Rd Northbrook 67,681 A

4201 Lake Cook Rd Northbrook 66,000 A

2 Corporate Dr Long Grove 64,871 A

in the overall Suburban market.

Aon Hewitt signed the largest lease transaction in the Suburbs in the past four years. The insurance company extended its lease of818,000 square feet spanning the entire building at 4 Overlook Point in Lincolnshire. As a result Retail Properties of America ismarketing the building for sale and hopes to attract bids upwards of $200 per square foot.

Cole Real Estate Investments closed on its purchase of 555-557 Aptakisic Road in Lincolnshire for $305 per square foot. The 163,000square foot building is fully leased to Sysmex through November of 2026.

The North submarket is located within portions of Cook and Lake Counties, with major cities including Bannockburn, Deerfield,Evanston, Glenview, Highland Park, Lake Forest, Northbrook, and Vernon Hills.



NORTH SUMMARY A B C Total


Year to Date Absorption (square feet) (218,286) 50,172 (25,395) (193,509)




NORTHWEST SUMMARY A B C Total





SU

BU

RB

AN

CH

ICA

GO

11

SU

BM

AR

KE

T SN

AP

SH

OTS

NORTHWESTDistressed submarket shows signs of recovery

NORTHWEST SUBMARKET HISTORICAL DIRECT VACANCY

In 2011 the Northwest submarket lost over 1 millionsquare feet of occupancy, driving direct vacancy up to astaggering 27.7 percent. Much to the relief of landlords,this year has been a different story. The submarket hasexperienced 475,000 square feet of positive absorptionthis year, which is the most of any Suburban submarket.But at 25.8 percent, the Northwest submarket continuesto have the highest direct vacancy rate in the Suburbanmarket.

Due to this high vacancy rate, tenants have and willcontinue to have the upper-hand in lease negotiations.Asking rental rates are down 1.3 percent on a year-over-year basis. There are 25 direct contiguous blocks of atleast 50,000 square feet available for lease; 12 of whichare greater than 100,000 square feet.


21440 Lake Cook Rd Deer Park 351,425 A

1299 Algonquin Rd Schaumburg 195,393 C

5550 Prairie Stone Pky * Hoffman Estates 193,601 A

3501 Algonquin Rd Rolling Meadows 186,432 C

1701 Golf Rd Rolling Meadows 183,506 A

3890 Salem Lake Dr Long Grove 150,000 B

3333 Beverly Rd Hoffman Estates 129,000 A

2895 Greenspoint Pky Hoffman Estates 127,941 A

700 N Wood Dale Rd Wood Dale 125,328 B

2850 W Golf Rd Rolling Meadows 110,941 B


Providing the occupancy boost during the third quarter was Catamaran, who leased the entire 301,000 square foot building at 1600McConnor Parkway in Schaumburg. The company, formerly known as SXC Health Solutions, consolidated offices in the North and East-West submarkets. Capital One signed the second largest lease in the suburbs: a 150,000 square foot new lease at 3800 Golf Roadin Rolling Meadows. The company will occupy the space in the first quarter of 2013 and will vacate its current facility in Elmhurst.

Investment sales activity was quiet compared to the previous quarter, but two new portfolio listings from the Multi Employer PropertyTrust are now on the market. The pension fund is seeking bids for the four building, 500,000 square foot Greenspoint Office Park inHoffman Estates. They also are looking to sell 2349 West Lake Street and 2250 West Pinehurst Boulevard in Addison.

The Northwest submarket is located within the portions of Cook, Kane, Lake, and McHenry Counties, with major cities includingArlington Heights, Itasca, Rolling Meadows, and Schaumburg.


SU

BU

RB

AN

CH

ICA

GO

12

SU

BM

AR

KE

T SN

AP

SH

OTS

O’HAREActivity muted as divide between Class A and Class B product grows

O’HARE SUBMARKET HISTORICAL DIRECT VACANCY

O'HARE SUMMARY A B C Total





Suburban Chicago’s smallest submarket saw minimalchanges in occupancy across all building classes. O’Harecontinues to have the greatest disparity in vacancyamong its building classes. Direct vacancy among ClassA buildings is 19.1 percent, making it one of the tightestsegments in Suburban Chicago. However, direct vacancycontinues to be well above 30 percent in Class B andClass C buildings.

Asking rental rates have held steady, falling just 0.5percent on a year-over-year basis. O’Hare has had thesmallest rent decline of the Suburban markets, signalingthat landlords, at least in Class A properties, may be ableto raise rents in the near future. However, leasing activitymust pick up after a relatively inactive third quarter.

While several new large lease transactions were signed


2350-2360 E Devon Ave Des Plaines 142,596 B

8420 W Bryn Mawr Ave Chicago 104,164 A

4242 N Harlem Ave Norridge 93,155 B

9801 W Higgins Rd Rosemont 91,614 B

5100 River Rd * Schiller Park 74,988 A

1350 E Touhy Ave Des Plaines 71,367 B

9500 W Bryn Mawr Ave Rosemont 69,701 A

10255 W Higgins Rd Rosemont 69,695 A

999 E Touhy Ave Des Plaines 59,710 B

9525 W Bryn Mawr Ave Rosemont 55,040 A

last quarter, no new leases over 20,000 square feet were recorded this quarter.

O’Hare was home to the largest sale transaction on a size and price basis. CBRE Global Investors acquired the 380,000 square footbuilding at 6250 North River Road in Rosemont from GLL Real Estate Partners for $67 million. The property was 94 percent leasedat the time of sale, and further demonstrates investors’ desire for core office properties in the Chicago Suburban market.

The O’Hare submarket is located in northwestern Cook County surrounding O’Hare International Airport, with major cities includingnorthwestern Chicago, Elk Grove Village, and Rosemont.



MB

RE

AL E

STATE

13

ABOUT MB REAL ESTATEOur mission is to provide clients and investors with extraordinary real estate value and unlimited support

MB REAL ESTATE HEADQUARTERS181 West Madison, Suite 4700Chicago, Illinois 60602phone: 312.726.1700fax: 312.807.3853

EAST COAST REGIONAL HEADQUARTERS335 Madison Avenue, 14th FloorNew York, New York 10017phone: 212.350.2300fax: 212.350.2301

COMPANY LEADERSHIPPETER E. RICKERChairman & CEO

JOHN T. MURPHYPresident

DEPARTMENT LEADERSHIP

PATRICIA ALUISIChief Administrative Officer

MARK A. BUTH Executive Vice President & Managing Director of Leasing Services

ANDREW J. DAVIDSON Executive Vice President & Managing Director of Corporate Services & Tenant Advisory

GARY A. DENENBERG Executive Vice President & Managing Director of Leasing Services

DAVID R. GRAFF Senior Vice President of Project Services

MAUREEN G. GROVE Vice President & Managing Director of Accounting Services

DANIEL J. NIKITAS Executive Vice President of Corporate Services & Tenant Advisory Services

KEV IN M. PURCELL Executive Vice President & Chief Operating Officer

PETER J. WESTMEYER Senior Vice President & Managing Director of Investment Services

At MB Real Estate, our corporate mission is to maximize the value of our clients’real estate by creating timely and innovative solutions that meet their unique needsand objectives.

We offer the highest level of real estate support with our team of committed, results-driven experts in asset and facilities management, leasing, tenant representation,development, project management, and investment services.

Supported by dedicated accounting, marketing, human resources, and informationtechnology teams, our unique full-service firm is an industry leader in local and national corporate real estate.


Documents

MB Real Estate's 2012 3rd Quarter Chicago Market Overview Submarket Snapshots