Mr. Larry Debb

Lawrence A. Debb

Larry Debb, a 25-year industry veteran, brings diverse experience to the firm that includes leasing and investment as well as construction and development projects totaling more than $1 billion.At GlenStar, Mr. Debb leads the firm's development and construction activities.

Mr. Debb began his career in appraisal with the Marling Group, later directing the firm's brokerage and development divisions.He went on to lead suburban leasing and development activity at Rubloff Inc.He also served as a managing director at Mesirow Realty Brokerage, overseeing that company's investment and development group.Mr. Debb is a founding principal of the Chicago office of GVA Williams.

Soon Rand Diamond and Larry Debb, both top industry professionals and Chicago area veterans, were preparing to go under contract for the Cumberland Centre, a 321,500 square foot office complex near O'Hare.

"We said, 'Here's what we're willing to pay,'" recalls Debb.The two investors had a keen sense of the property's real value, and they weren't prepared to enter a bidding war with other potential buyers.

The seller pointed out that Debb and Diamond were third in the bidding order and invited the two men to bump up their bid.They refused.

"We know what the value is to us," Debb explains."This is the price we believe it's worth."

The Cumberland Centre went under contract with the first bidder, and the sale promptly fell apart.Again the REIT invited Debb and Diamond to up their offer, and again the pair refused to go higher, adamantly sticking to the firm value they'd already placed on the property.

The second bidder went under contract, and still the deal failed to materialize.After seeing two potential sales disintegrate before their eyes, the REIT's brokers returned to Debb and Diamond, who were only too happy to close on the deal - for their price.The Cumberland Centre remains in their portfolio today and is an example of the patient, disciplined market approach this development team brings to the Chicago region.

A spin-off ideaThe story of GlenStar Properties LLC goes back to 1997, when Diamond and Debb left their respective companies to join GVA Williams as principal brokers.The duo had been college roommates, friends and partners for years, and their ambition naturally led them to dabble in investment and development around Chicagoland.Diamond ran GVA William's downtown office, and Debb worked the suburban submarkets with partner John Kosich.
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At the same time, it was clear both Diamond and Debb wanted to pursue the development business full-time.
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But before the development arm could spin off completely, Diamond and Debb recognized the need to bring in a third partner - someone with proven capabilities and a keen track record for closing deals.
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"There's two kinds of buyers," Debb says.
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"We're the decision makers," Debb affirms.
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But the suggested repair price was far lower than what Diamond, Debb and Klein assessed in their due diligence prior to the bid.
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"They said it was a $1 million problem," Debb says.

Larry Debb, Executive Managing Director, GVA Williams, represented building ownership.

Larry Debb , managing director for GVA Williams , says the location of the property and the amenities gave the firm confidence that it could turn the property around quickly.

I think the location at the four-way interchange with the Kennedy with great access to [ Interstate ] 294 in either direction and the train station essentially right at the building were important , Debb says.Cumberland Centre's probably a B-plus building that competes with other newer buildings as far as amenities are concerned and at a better price.There are newer buildings coming on-line at rates of about $20 without as good a location or amenity package..

The complex features easy highway access , a pedway connecting to the CTA Blue Line , a 43 , 000 square foot Bally Total Fitness Center and food service in the south building and on-site security

These features , along with additional parking added by the owners were influential in the Océ-USA decision.
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The parking expansion will feature a 1-story underground garage with at-grade parking above in the front of the buildings and an expansion of the rear parking area that will accommodate an additional 300 cars when completed , Debb says.

It's critical to add to the parking capacity , he says.If you know the buildings around Bryn Mawr , they were built with the idea of everyone taking the train..

The ease and familiarity of the commute for Océ's 500 local employees also played into the decision.

[ Océ ] considered the fact that they have hundreds of people that are accustomed to that commute and the proximity to O'Hare , the el and other transportation , Ward says.The lease at Cumberland Centre gave Océ the efficiencies it sought , not only financially , but in bringing staff together under one roof to take advantage of adjacencies.
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We're back-filling the space vacated by Océ , Debb says.We'll be making some other common area improvements and have seen interest from all types of firms from engineering to law firms and corporations.

While the suburban markets are seeing a lag in the leasing of new construction , we are finding a solid core of tenants who appreciate the advantages of properties like Cumberland Centre..

Cumberland Centre is GVA Williams' second quick growth investment in the O'Hare market.The purchase and redevelopment of International Tower , 8550 Bryn Mawr Ave. , an 11-story , 300 , 000 square foot building , paid off achieving a 90 percent occupancy in about two years.

Larry Debb, managing director for GVA Williams, says the location of the property and the amenities gave the firm confidence that it could turn the property around quickly.

"I think the location at the four-way interchange with the Kennedy with great access to [Interstate] 294 in either direction and the train station essentially right at the building were important," Debb says."Cumberland Centre's probably a B-plus building that competes with other newer buildings as far as amenities are concerned and at a better price.There are newer buildings coming on-line at rates of about $20 without as good a location or amenity package."

The complex features easy highway access, a pedway connecting to the CTA Blue Line, a 43,000 square foot Bally Total Fitness Center and food service in the south building and on-site security.

These features, along with additional parking added by the owners were influential in the Océ-USA decision.
...
The parking expansion will feature a 1-story underground garage with at-grade parking above in the front of the buildings and an expansion of the rear parking area that will accommodate an additional 300 cars when completed, Debb says.

"It's critical to add to the parking capacity," he says."If you know the buildings around Bryn Mawr, they were built with the idea of everyone taking the train."

The ease and familiarity of the commute for Océ's 500 local employees also played into the decision.

"[Océ] considered the fact that they have hundreds of people that are accustomed to that commute and the proximity to O'Hare, the el and other transportation," Ward says."The lease at Cumberland Centre gave Océ the efficiencies it sought, not only financially, but in bringing staff together under one roof to take advantage of adjacencies.
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"We're back-filling the space vacated by Océ," Debb says."We'll be making some other common area improvements and have seen interest from all types of firms from engineering to law firms and corporations.

"While the suburban markets are seeing a lag in the leasing of new construction, we are finding a solid core of tenants who appreciate the advantages of properties like Cumberland Centre."

Cumberland Centre is GVA Williams' second quick growth investment in the O'Hare market.The purchase and redevelopment of International Tower, 8550 Bryn Mawr Ave., an 11-story, 300,000 square foot building, paid off achieving a 90 percent occupancy in about two years.