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Real estate services firm Transwestern acquiring Chicago’s MBRE

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The deal marks Transwestern’s already substantial growth in Chicago, where MBRE is best known for overseeing the leasing of downtown office properties, including Michigan Plaza, 181 W. Madison Street and 550 W. Washington Blvd. It expands your footprint. MBRE also manages several downtown office properties and has multiple brokers negotiating office leases on behalf of tenants.

Transwestern’s Chicago team has leased prominent downtown office towers, including The National at 77 W. Wacker Drive, 191 N. Wacker Drive, 125 S. Clark St., and NBC Tower.

Bringing MBRE’s portfolio and management team under Transwestern’s umbrella is in line with the broader consolidation movement across commercial real estate in recent years. With the growth of well-financed global investors owning a greater share of real estate worldwide, a comprehensive service provider to manage, lease and sell real estate rather than outsourcing these needs separately there is an increasing demand for

This trend is driving the expansion of major companies such as Chicago-based Jones Lang LaSalle, Cushman & Wakefield, and Dallas-based CBRE. Transwestern Real Estate Services, his division of Transwestern focused on office leasing and management, and tenant representation, is one of the nation’s largest providers of these services.

A spokeswoman for Transwestern did not provide comment, and a spokeswoman for MBRE did not respond to a request for comment.

MBRE has its origins in Chicago commercial real estate firm Miglin-Beitler Management, which founded in 1982 and has grown to become one of Chicago’s most influential commercial real estate firms, and real estate investors Howard and Edward Milstein. dates back to a 1998 merger with a New York venture firm. A town in the 1990s. Chicago real estate developer and broker Paul Beitler included an office tower at 181 West Madison in a development project with co-founder Lee Miglin, and eventually milled stakes in his joint venture in 2001. Sold to the Stein family. In 2002 he rebranded his company to MB Real Estate.

More recently, MBRE’s Chicago operations have been scaled back. Chicago developer John Murphy announced in late 2019 that he would step down as MBRE’s president and vice chairman, and in October 2020, he would step down as MBRE’s managing his principal, Peter Westmeyer. did. announced a spin-off of the company’s healthcare division, now known as Remedy Medical Properties. That same month, MBRE’s longest-serving president of leasing and managed services, Kevin Purcell, resigned. departed after more than 20 years He will be Director of Asset Management for Hilco Global’s development division based in Northbrook.

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