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Chicago/Midwest People & Company News, week of January 2, 2025
Intersect Illinois has announced new appointments to its board of directors: Lisa C. Freeman, Northern Illinois University president; John M. Holmes, AAR Corp. chairman, president, and CEO; Michael Jacobson, Illinois Hotel & Lodging Association president and CEO; and Rashod R. Johnson, Ardmore Roderick president and CEO.
Dylan Batman has been promoted to vice president of Maverick Commercial Mortgage, Inc. Over the past five years, he has assisted in the financing of commercial mortgages andrelated transactions totaling more than $750,000,000. The firm, which has closed significantloans on multi-family, industrial, and retail, has a niche in financing mobile home parks on a national basis.
Cushman & Wakefield announced that the firm promoted Joan Firnhaber, LEED AP O&M, and Jennifer Stumm, LEED AP ID+C, to lead Twin Cities’ Project and Development Services. Firnhaber, Senior Director, will lead the overall PDS team and continue to head the team’s Investor Services group. Stumm, Director, will lead the Occupier Services PDS team, which guides tenant-representation clients through the process of defining real estate needs, aligning those need with business goals and objectives, and then delivering design and construction services.
Entre Commercial Realty completed a long term 25,000 square foot lease at 175 Prairie Lake Road in East Dundee, Illinois. The modern 45,000-square-foot facility was built in 2021 and comes equipped with four docks, four drive-in doors, floor drains, a new office buildout, and a fully air-conditioned warehouse. Mike DeSerto, Cory Kay, and Elisabeth Lazzara from Entre Commercial Realty represented the landlord and John Greene Commercial represented the tenant.
According to a recent report from Transwestern, available Chicago sublease space has declined for four consecutive quarters. In December 2024, 270 sublease spaces were available, representing 6,337,047 square feet, 3.97% of the market’s total inventory. This was in addition to the direct vacancy rate, which was 22.2% at the end of the third quarter of 2024.
