CHICAGO, April 18, 2018 /PRNewswire/ -- Holly Duran Real Estate Partners LLC (HDREP) announced that the firm has recently relocated to the landmark 141 W. Jackson, the historic Chicago Board of Trading Building at LaSalle and Jackson, vacating the CME Center for the first time in 35 years.
HDREP has been the global real estate advisor to CME Group for over three decades and has a long business history with both buildings. The boutique firm exclusively represents commercial tenants and specializes in negotiating office space, operations and data center transactions for entities associated with the financial markets, including exchanges, clearing organizations, brokerage, legal and trading firms, and financial technology (fintech) companies. As one of the last independent boutiques providing commercial real estate advisory services in Chicago, HDREP was recently approached for acquisition but chose to maintain its independence and its focus on tenant-only representation.
Holly Duran, principal of the firm, said: "This is a logical move for us and a reaffirmation of our commitment to the financial services community. We're very excited to operate out of this iconic building that blends the rich history of Chicago and its markets with great modern amenities. Since HDREP was involved in the sale of the building in 2012, the area has exploded with over $10 billion of fresh capital committed to office, residential, education and retail development in the South, Central and East Loop. We view 141 West Jackson as truly the gateway to the South Loop, Chicago's last great frontier for urban real estate expansion. I'm hoping our presence here can contribute in some small way to its continued growth and innovation."
The new wave of investment in the South Loop (see map) can be attributed in part to its wealth of students and abundance of development opportunities. Student housing in the South Loop alone accounts for 30 percent of all accommodations across the entire Chicago metropolitan area. Over 58,000 students attend school in the South Loop, representing an economic impact of $3.2 billion every year. Due to the current economic cycle, further compressed cap rates resulting in higher sales prices in the near future should continue to produce future investment, Duran predicted.
Jeff Newcom, a partner at the firm, said: "It is an exciting time to be a part of the transition taking place in the South Loop. My family effectively grew up on the trading floors, where true entrepreneurship was born in Chicago dating back to its very founding in 1848. The City has seen the birth of a whole new ecosystem of startups, technology firms and entrepreneurs across different industries evolve from the open outcry trading floor, and we've been thrilled to partner strategically with our clients to help them forge new opportunities in the changing marketplace."
In addition to CME Group, HDREP's global financial services clients include OCC, Optiver US, ED&F Man Capital Markets Inc., Rosenthal Collins Group, Geneva Trading and COFCO Americas, along with Chicago-based legal and family offices Sperling & Slater, P.C., Goldberg Kohn and Levy Family.
Duran said: "We're proud to represent some of the biggest names in finance and truly honored that we've been courted by some of the real estate industry's most recognized players, yet we remain committed to our entrepreneurial team approach. We have the freedom to forge independent partnerships in markets all over the world with best-in-class real estate experts who can help us serve our clients' needs, wherever they may locate."
Based in Chicago, Holly Duran Real Estate Partners LLC (www.hdrealestate.com) is a global real estate services firm dedicated to providing innovative, cost-efficient solutions to commercial tenants. The firm has negotiated over 17 million square feet of office, industrial and data center leases in over 65 cities, 36 states and 10 countries, managing transactions and lease portfolios for clients ranging from small professional firms to large multi-national organizations. For more than 35 years, HDREP has built its reputation on long-standing relationships, including an extensive track record of successfully representing industry leaders in the financial and technology space. HDREP provides a full scope of real estate services, including brokerage, site selection, strategic advisory and consulting, investment sales, acquisitions and dispositions, development, real estate finance and analysis, real estate valuation and project management.
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SOURCE Holly Duran Real Estate Partners