MB Real Estate Completes Lease for First Midwest Bank
Chicago | February 06, 2017
CHICAGO, February 6, 2017 – MB Real Estate (MBRE) is pleased to announce that Andrew Davidson, Jay Beadle, and David Burkards of the firm’s Corporate Services & Tenant Advisory division have completed an 80,000 square foot lease on behalf of First Midwest Bancorp, Inc. (First Midwest). The deal represents First Midwest’s headquarters’ relocation from Itasca, Illinois to the Northwest Side of Chicago. Building ownership was represented by Newmark Grubb Knight Frank (NGKF).
According to First Midwest’s president and chief executive officer, Michael L. Scudder, the decision to move was informed by a desire to be more centrally located, improve internal collaboration and help retain and attract top talent, and accommodate the bank’s growth strategies. “Our expanding presence across the region and optimism about future growth opportunities caused us to look for a more centralized location,” said Scudder. “This new headquarters will offer greater accessibility and collaboration opportunities for our colleagues, allowing us to continue to retain and attract the best talent to serve our clients, while also providing flexibility to facilitate our corporate expansion strategies.”
MBRE’s Corporate Services & Tenant Advisory team helped First Midwest evaluate different office spaces that could address these goals, eventually landing on the Triangle Plaza, located at 8750 West Bryn Mawr Avenue, in Chicago’s O’Hare corridor.
Executive vice president and managing director of MBRE’s Corporate Services & Tenant Advisory team, Andrew Davidson, said there were many factors that influenced First Midwest’s choice to move to Triangle Plaza, but the convenient location for both suburban and downtown employees, along with the opportunity for signage along I-90, played especially important roles in the bank’s decision.
Mayor Rahm Emanuel weighed in on First Midwest’s planned move, citing Chicago’s large professional talent pool, efficient transportation system, and economic diversity as additional benefits to the company. “Chicago’s talent, transportation networks, and economic diversity provide an environment that benefits a company like First Midwest and supports its continued growth for years to come,” stated Mayor Emanuel. “I welcome First Midwest and look forward to cutting the ribbon on their new office in their new home in the city of Chicago.”
MBRE’s Project Services team is providing full project management for the new headquarters, set to be complete by the spring of 2018. The office will be home to over 300 First Midwest employees.
About MB Real Estate Services Inc.
Founded in 1982, MB Real Estate is a full-service real estate organization that provides multifaceted expertise in Asset/Facilities Management; Leasing Services; Project/Construction Management; Tenant Representation and Investment Services. Separately, MBRE Healthcare and its independent affiliate fund manager, ROA Holdings, are a full-service real estate entity that acquires, develops, leases, and manages healthcare facilities across the United States. MBRE Healthcare is headquartered in Chicago, with regional offices in New York, Atlanta, Columbus, Orlando, Dallas and Denver. For more information, visit www.mbres.com or www.mbrehealthcare.com.