Columbus and Cleveland aren’t so different from most markets across the Midwest: These two Ohio cities are in the middle of a modest, but steady, office-market recovery.

According to the latest research from Marcus & Millichap Real Estate Investment Services, the office vacancy rate in Columbus should fall to a 10-year low in 2012. In Cleveland, office vacancy rates should fall 100 basis points this year to 20.7 percent by the end of 2012.

The news in Cleveland was less exciting, but it was still positive. Any drop in office vacancy rates, after all, represent good news. According to Marcus & Millichap’s report, Cleveland office landlords will also see a modest increase in asking rents this year to $18.47 a square foot, a jump of 0.5 percent. Effecive rents are predicted to increase 0.8 percent to $14.69 a square foot in 2012 in Cleveland.

In Columbus, office vacancy rates are expected to hit 17.7 percent by the end of 2012, a 10-year low. At the same time, office rents in Columbus are also expected to rise modestly 0.5 percent to $17.92 a square foot. Effective office rents should jump 0.7 percent to $14.28 a square foot in Columbus.

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Michael Grammatico recently joined the Detroit regional office of Colliers International as an associate vice president.

Grammatico was formerly with L. Mason Capitani.

Grammatico brings more than seven years experience in commercial real estate brokerage to his new position. He specializes in the representation of property owners and tenants in Macomb County, Mich.

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Renner Corporate Center

Kansas City-based Block Real Estate Services recently won a TOBY — The Outstanding Building of the Year — award for its work on the Renner Corporate Center office building in Lenexa, Kan.

Lisa Randall, of Block Real Estate Services, acepted the TOBY award at the BOMA luncheon in mid-April.

The TOBY awards recognize quality and innovation in commercial real estate buildings.

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Lydia Lui

Attorney Lydia Lui has joined Leonard, Street and Deinard as an associate in the firm’s Real Estate and Banking and Financial Services practices. She works with commercial clients, lenders and bankers, focusing on commercial real estate transactions and real estate finance, and is based in the firm’s Minneapolis office.

Prior to joining the firm, Lui was a law clerk for the Honorable Dyanna Street at the Anoka County District Court and interned with both the Honorable Ellen Maas at the Anoka County District Court and the Honorable Arthur Boylan at the U.S. District Court.

Lui earned her J.D., magna cum laude, from William Mitchell College of Law in 2009. She is a member of the National Asian Pacific American Bar Association and Minnesota Women Lawyers and is admitted to practice in California and Minnesota.

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The Missner Group is underway on a base-building retrofit and tenant build-out at the Wilmette Medical Office Building. The project is estimated at $3 million and is located at 521 Green Bay Road in Wilmette.

The retrofit and demolition of the property, which was previously used by a furniture store, is currently underway by The Missner Group on behalf of property owner/developer GVA Williams. The work includes the demolition of a portion of the building and its docks, the construction of parking space behind the property as well as an additional area for covered parking. The Missner Group construction team will be led by Project Executive Glen Missner, Senior Project Manager Drue Stoehr and Project Manager Jack Sbertoli.

The 18,000-square-foot build-out phase of the project will include the addition of an MRI suite and procedure room on the first floor of the property as well as multiple exam rooms and reception areas on the second floor. Additionally, The Missner Group will construct a large open-area space dedicated for PT and OT orthopedic services. Construction of the project is scheduled for completion in July 2012. Stephen Rankin & Associates is providing the architectural services, and Larry Deb of GVA Williams was responsible for the lease negotiations.

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Morgan/Harbour Construction has completed a 4,000-square-foot office build-out for Burns & Wilcox located within 155 N. Wacker Drive in Chicago.

Burns & Wilcox is an independent wholesale broker and underwriting manager with 37 offices nationwide and one in London. The firm is located within Chicago’s 155 N. Wacker Drive, a 1.3 million- square-foot, 46-story LEED Gold office building. Developed and managed by The John Buck Company, the building is located in Chicago’s West Loop at the intersection of Wacker Drive and Randolph Street.

Morgan/Harbour Construction was contracted by The John Buck Company to complete the office build-out for Burns & Wilcox who recently selected the property for its new location. Construction included the build-out of multiple private offices, open work spaces and reception areas. Morgan/Harbour also constructed a state-of-the-art conference room and break room. The project featured extensive millwork and high-end materials.

Ben Warriner, vice president of construction, was the project executive and Josh Peters was the project manager leading the construction team for Morgan/Harbour. Steve Bulger was the project superintendent for the firm. Architectural services were provided by Mekustanager.

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Foresite Realty Partners has announced the sale of 4801 Southwick Boulevard, a 73,000-square-foot suburban office building located in the south suburbs of the Chicago MSA.      

The buyer was a private local investor that invests in value-add office properties.  

4801 Southwick Boulevard is a six-story, 73,000-square-foot office building constructed in 1989 located in the south suburban office market of Chicago within Matteson. Donald Shapiro, Greg Nieder and Ryan Nelson of Foresite Realty Partners represented the seller in the transaction. The sale price was undisclosed.

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Andrew Jameson

Colliers International in the Greater Columbus Region recently announced that Andrew Jameson has earned the SIOR designation.

Awarded by the Society of Industrial and Office REALTORS, the SIOR designation is achieved by completing at least five years of creditable experience in office real estate, meeting stringent education requirements and demonstrating professional ability, competency, ethical conduct and personal integrity.

“We’re proud of Andy’s achievement and proud to add another SIOR to our roster,” says Richard Schuen, chief executive officer and principal of the Columbus office. “One of Colliers’ four core values is expertise, and Andy is embodying our desire to continue professional growth and our commitment to education. Andy has worked hard to continue to offer his clients unparalleled service through his expertise.”

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Meridian Capital Group, LLC, recently negotiated $127 million in mortgage financing on behalf of Harbor Group International for its class-A office building located at 200 Public Square in Cleveland, Ohio.

The 10-year CMBS loan was provided by J.P. Morgan Chase and features a highly competitive interest rate. The proceeds of the loan were used to refinance the property’s existing CMBS financing. Meridian executive vice president Aaron Birnbaum and managing director Ronnie Levine, both based in the company’s New York City headquarters, negotiated the transaction.

The 45-story, 1.2-million-square-foot office tower is located in downtown Cleveland at 200 Public Square, where it occupies the full block between Superior and Euclid Avenues at Fifth Street. The property spans 2.75 acres and features an eight-story atrium and 757-space adjacent parking facility.

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The Columbus, Ohio, office of Cassidy Turley Commercial Real Estate Services recently closed an industrial lease at the Rickenbacker II industrial park in Groveport, Ohio.

Rick Trott and Mike Hurd with Cassidy Turley helped close the deal. Innotrac Corporation is now leasing 434,120 square feet from the landlord 6360 Port, LLC.

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