Tenant Advisory Group: Services, Fees and How It Works

What is Tenant Advisory Group?

Tenant Advisory Group, LLC is a commercial real estate brokerage in the Chicago Loop. Its core business is tenant representation: acting for the business that needs space, rather than for the building owner. Its team page puts it plainly: "Tenant Advisory Group represents tenants and buyers only, never landlords." The firm's tagline is "Your Foundation For Real Estate Success."

The work falls into four service lines, each with its own page on the site:

• Leasing: new leases, renewals, renegotiations and expansions.
• Acquisition and sales: helping a business buy commercial property, or sell property it owns.
• Sale-leaseback: selling a building the business occupies to an investor and leasing it back.
• Strategic advisory: research, project management and cost-benefit analysis of leasing, buying, relocating or renewing.

The company describes itself as a business advisor that "quarterbacks" the whole real estate process, from search through negotiation, build-out and move-in. It says its clients are mostly small and midsize firms in professional services, manufacturing and distribution, technology and medical practice. Its "Who we are" page makes a specific point about that market: large brokerages often pass on smaller tenants because the commission does not cover their overhead, and TAG says it aims to give smaller businesses the same level of expertise.

Who owns and runs TAG?

The site names William "Bill" Himmelstein as Founder, CEO and Managing Broker. His profile says he has been a tenant representative broker for more than 26 years, worked at several large Chicago commercial real estate firms first, and started Tenant Advisory Group in July 2008. It lists a BSBA in marketing and management, with a minor in psychology, from Washington University in St. Louis (2000). The company says he has completed more than $1.5 billion in commercial transactions, has been a guest lecturer at UIC, DePaul and Columbia College, and previously served on the boards of the Mid-America Club, the Metropolitan Club and Go Civic. His typical clients, per the site, are professional service firms, technology businesses, manufacturers and private-practice physicians.

The rest of the team, as listed on the team page:

Four of the seven, Bill, Diana, Tina and Sandy, are licensed brokers. The other three are marketing and administrative staff.

Is Tenant Advisory Group legit?

For a brokerage, the most useful check is the state license record. Here is what can be confirmed:

• The firm is licensed. Illinois's Department of Financial and Professional Regulation (IDFPR) lists Tenant Advisory Group LLC as a licensed real estate limited liability firm, license 481011542, status active, Chicago 60606, expiring 31 October 2028.
• The brokers are licensed. The same IDFPR records show active licenses matching the numbers TAG publishes: William D. Himmelstein, Managing Broker, 471003992 (expires 30 April 2027); Diana Himmelstein, Broker, 475163730; Christina (Tina) Kearney, Broker, 475167935; and Sandy K. Macaluso, Broker, 475136506 (each expires 30 April 2028).
• A real office and phone line. The firm publishes a street address at 150 S. Wacker Dr., Suite 2400, a phone number (312-775-4040) and an email address on every page.
• Named clients in their own words. The testimonials page carries 142 client stories, many signed with a person's name and title, and links out to the firm's Google reviews.
• Outside recognition you can look up. Bill Himmelstein appears among the 2025 Titan 100 Chicago honorees, and the Illinois Real Estate Journal's 2026 awards page lists him in the Broker of the Year (Leasing) category and the firm in the Brokerage Firm of the Year (Regional) category, as finalists rather than winners.

We checked the licenses through the State of Illinois open data portal, which publishes IDFPR's professional license records. You can run the same check in IDFPR's own license lookup.

What does a tenant representative broker do?

In a commercial lease, the building owner almost always has its own leasing agent. A tenant representative is a broker who works for the other side: the company that will occupy the space. TAG's team members explain the case for one in their published answers:

• The landlord already has an advocate. Diana Himmelstein writes that even if a tenant negotiates directly, the landlord still pays a full commission to its in-house brokers, who "just get to keep the entire fee."
• Time. Sandy Macaluso frames it as a question for the business owner: do you want to spend your time negotiating a real estate deal, or running your business?
• More than rent. Bill Himmelstein lists terms beyond the rental rate that can be negotiated: annual escalations, free rent (abatement), tenant improvement allowance, the security deposit, renewal, expansion and termination rights, and sometimes parking, signage and after-hours HVAC costs.

The renewals page also cites Illinois law, 225 ILCS 454/15-10, which presumes that the licensee you work with is your designated agent unless a written agreement says otherwise. TAG's point is that putting your representation in writing makes that protection clear. This guide is not legal advice; ask a real estate attorney how the rules apply to your deal.

Leasing services, one by one

Leasing is the largest part of the site. Each of the four leasing services has its own page, and all four list the same space types: office, industrial, warehouse, clinical, flex space and entire buildings.

New leases. The page describes four steps: get to know the business, find the right space, negotiate the lease, then build out and move in. It covers everything from industrial space to high-rise offices.

Renegotiations. This page makes the most specific claims. It says many people treat a lease as fixed until a few months before it expires, but "leases are more fluid than you think." Most landlords, it says, will renegotiate if you commit to more years. The approach rests on three ideas: long relationships with leasing agents and landlords, competing offers from other buildings to show current market rates, and time. It recommends at least 12 months of lead time, or 18 months if you lease more than 10,000 rentable square feet.

Renewals and expansions. Both pages lean on deal volume. The company says more than 500 completed transactions mean it knows which leasing agents move, on what terms, and sometimes hears about expansion space before it reaches the market.

Buying and selling commercial property

Buying. For a business that wants to own its space, the buying page describes four steps: understand the business and its logistics, set the location, timeline and budget, find listed and off-market properties and do the due diligence, then negotiate the price. The company says it has experience with both build-to-suits and purchase negotiations, and a network of owners, investors and advisors that helps it find off-market property.

Selling. For a business selling a property, the steps are: discuss when and why you need to sell, identify likely buyers and set the asking price from market comparables, prepare marketing materials and place the property on commercial listing platforms and in front of brokers, investors, attorneys and bankers, then negotiate the sale. The page covers office, medical, industrial and other commercial property.

Sale-leasebacks

A sale-leaseback is when a business sells the building it occupies to an investor and signs a long-term lease to stay. The company says businesses use it to free up the cash tied up in their property, for example to pay down debt or reinvest in operations, and presents it as an alternative way to raise capital compared with a loan.

TAG's published process has four steps:

1. Understand your goals: financial goals, operating needs and future plans.
2. Evaluate the property: location, condition, market value and appreciation potential, to judge whether a sale-leaseback is workable and set a fair price.
3. Negotiate the agreement: sale price, lease terms and other conditions.
4. Close: finalize the sale and the lease, transfer title and set up rent payments.

Diana Himmelstein's profile adds that in several cases TAG has introduced the owner to the investor who bought the property. The firm also publishes a Sale-Leaseback Resource Center of 60 guides, grouped for owners who are just learning the idea, comparing alternatives and tax questions to take to a CPA, or ready to go to market. Accounting and tax treatment of a sale-leaseback depends on your situation, so this guide is not financial or tax advice; talk to your CPA and a real estate attorney before you act.

Strategic advisory and the partner network

The strategic advisory page is about planning ahead rather than reacting to a lease date. TAG says it will interview your leadership to understand goals, help you plan where you want to be in two, five or ten years, and run market analysis and cost-benefit comparisons of leasing, buying, relocating or renewing. It lists two consulting areas: real estate research (comparing asking prices with competing offers) and project management.

The "Our Amazing Partners" page lists the kinds of outside specialists TAG refers clients to:

• Architects matched to your industry
• A business advisory firm for small-business growth planning
• General contractors for build-outs
• Energy brokers and consultants
• Furniture vendors (the site says it narrowed the field to two firms)
• Managed service providers and IT consultants
• A project management firm
• Real estate attorneys (the company says it has vetted more than 80 and works with a handful)

If you already have a provider, TAG says it will work with them.

Who TAG works with: office, clinical, industrial and tech

The site groups its clients into four sectors.

• Office: professional services, financial and legal firms, tech companies and startups, marketing and advertising, architecture, engineering and not-for-profits.
• Clinical: private practices, medical centers and group practices, and dental practices including orthodontists and endodontists. The company says it has completed more than 65 healthcare transactions and helps practices plan build-out costs and patient flow.
• Industrial: warehouses and distribution centers, manufacturing and flex space. The company says its brokers have secured more than 5 million square feet of industrial and warehouse space, and that it advises on power, ceiling heights, dock count, transportation access and safety.
• AI and tech companies: a dedicated page covers office space for software teams and flex, R&D or light industrial space for hardware and robotics. It lists lease terms these companies often need: expansion and early-exit rights, sublease rights, server rooms and 24/7 cooling, electrical capacity, security deposit and letter-of-credit structures, and assignment language that survives an acquisition. The page says that when a requirement really belongs in a data center, TAG will say so. It names technology clients such as 8th Light, Label Insight, OAO and BridgePoint Technologies, each linked to that client's testimonial. A separate AI and Tech Resource Center has 80 guides.

How much does TAG cost?

TAG does not publish a fee schedule. What the site does say about fees:

• Tenants on a standard lease: "In a standard commercial lease the landlord pays the brokerage commission, so tenants typically engage Tenant Advisory Group at no direct cost. We confirm the fee structure in writing before any engagement begins."
• Why the landlord pays: Diana Himmelstein compares it to a home sale where the seller pays both agents. The landlord pays its own leasing agent and the tenant's broker; if the tenant has no broker, she says, the landlord's agent keeps the whole fee.
• An agreement is required: asked whether you need to sign an exclusive representation agreement, the site's answer is "Yes."

The site does not publish fees for buying, selling, sale-leasebacks or advisory work, and those deals do not necessarily follow the landlord-pays model. Ask for the fee structure in writing for your specific deal.

What a lease itself costs is a separate question, and TAG does not publish market rates. Its Square Footage Calculator page says an updated version that prices space against verified Class A, B and C rates for Chicago and the suburbs is coming, and that until those rates are confirmed it "would rather give you no number than the wrong one." In the meantime, a TAG advisor will size the space and price it against real availabilities. Bill Himmelstein's published answer on hidden costs is a useful checklist: even in a gross lease, expect possible utility, phone and data, parking, after-hours HVAC and janitorial costs, plus moving, furniture, wiring, design and construction (if you pay for the build-out) and some form of upfront security.

What happens step by step

Pieced together from the leasing, new lease and AI and tech pages, a typical tenant engagement looks like this:

1. First conversation. Call, email or use the contact form. The contact page says "a short conversation is usually enough for us to tell you where the leverage is," and a broker follows up. Bill Himmelstein's profile also offers a link to book a 30-minute call.
2. Agreement. You sign an exclusive representation agreement, and the fee structure is confirmed in writing.
3. Needs analysis. Budget, location, size, space quality, headcount plans and timing, sorted (on the tech page) into must-have, want and nice-to-have.
4. Market survey and tours. TAG presents listed, off-market, sublease and spec suite options and tours the ones you like with you.
5. Competing proposals. TAG sends RFPs to several landlords, runs a financial analysis of each response and counters until it reaches your goals.
6. Lease review. TAG refers a real estate attorney to review the lease and handle the legal negotiation.
7. Build-out and move. TAG coordinates architects, contractors, furniture, movers, phone and data and insurance brokers.
8. After the move. Sandy Macaluso writes that her involvement continues through construction and later when you weigh an expansion, contraction, relocation or renewal.

When to start, and how much space you need

Timing. The renegotiations page recommends starting to research the market at least 12 months before your lease decision, or 18 months above 10,000 rentable square feet, because "time provides you with leverage." The AI and tech page adds that larger or more technical requirements need more lead time, and that starting early leaves time for build-out.

Space per person. Tina Kearney's published answer gives a rule of thumb that varies by industry: about 150 square feet per person for a tech firm, 200 to 250 for a typical professional office, and as much as 350 for a traditional law firm. She adds that headcount growth, how often people are in the office and how you use the space all change the answer, and a test fit is the way to check it.

Room sizes. The calculator page lists the planning sizes TAG uses:

The rooms add up to usable square feet, which is then grossed up by the building's common area factor to give the rentable square feet you would actually sign for.

Property listings

TAG keeps a small featured listings page, sorted into office, clinical and industrial. When we checked, it showed:

• An industrial sublease at 2443 W 16th St., Chicago: 26,678 square feet in a brick-and-timber building, mostly warehouse with built-out office, dock and drive-in doors and a freight elevator.
• An office sublease, Suite 2315 at 141 W Jackson Blvd. (the Chicago Board of Trade Building): 4,652 square feet, described as a new spec suite.
• A medical sublease at 30 N Michigan Ave.: 14,000 square feet, divisible to 7,000, fully built out and furnished with exam, procedure and consult rooms.
• A fully furnished office sublease at 730 N Franklin, Suite 301.
• Land for restaurant or retail development in Elkhorn, Wisconsin.

Asking rents are listed as negotiable. The page itself notes that most spaces TAG places clients in "never reaches a public listing site," so the listings are a sample rather than the full search. Check the live page for current availability.

Where is TAG, and what areas does it serve?

The office is at 150 S. Wacker Dr., Suite 2400, Chicago, IL 60606, in the Loop. The contact page includes a map and directions. Office hours are not posted on the site's pages, so call 312-775-4040 before visiting.

On service area, the site says TAG represents businesses "across downtown Chicago and the surrounding market," and also that "we represent clients nationally, wherever their business needs space." The AI and tech page says it brings options "in Chicago or any U.S. market." One testimonial, from 8th Light, mentions working with Bill's team "a few times before in other cities." If your space is outside the Chicago area, ask how TAG would handle a search there.

Track record, testimonials and recognition

The company's figures. The home page shows $1.5B+ in transactions, 500+ transactions to date, $350M+ in total savings for clients, and 40+ speaking engagements, podcasts, radio interviews and news features. These are the company's own numbers.

Testimonials. The testimonials page shows 142 client stories across office, clinical and industrial space, with a link to the firm's Google reviews. Several give specific deal terms in the client's own words. For example, the president of Alper Services credits TAG with a deal at the Wrigley Building that the client says produced more than $3.5 million in savings, and an actuarial firm's principal says its renewal came in $3 per square foot below other tenants in the building. Many stories begin with a referral from an existing client or adviser, which the company says is how most of its work arrives. These are the clients' accounts as published by TAG, and every deal is different.

Recognition. The site lists several awards and finalist placings for Bill and the firm. Two we confirmed on the issuers' own pages: Bill Himmelstein is listed among the 2025 Titan 100 Chicago honorees, and the Illinois Real Estate Journal 2026 awards list him as a Broker of the Year (Leasing) finalist and the firm as a Brokerage Firm of the Year (Regional) finalist. TAG's own pages are careful to call the Illinois Real Estate Journal placings finalist placings, not wins.

How TAG compares with other options

Who it suits, and who should look elsewhere

Questions to ask before you sign

• Who exactly will work on my deal day to day, and what is their license number?
• How is your fee paid on my deal, and will you put that in the representation agreement?
• How long does the representation agreement last, and how do I end it?
• Do you represent any landlord or owner involved in buildings you would show me?
• How many deals like mine (size, property type, market) have you closed recently?
• If my space is outside the Chicago area, who handles the local search?
• Which real estate attorney would you refer, and do they have any relationship with you?
• When should I start, given my lease expiration and size?

How to get started

1. Read the services overview and the page for your situation (new lease, renewal, renegotiation, expansion, buying, selling or sale-leaseback).
2. Look at the team page to see who handles which kinds of clients.
3. Note your lease expiration date, headcount plan and must-haves.
4. Call 312-775-4040, email info@tagcommercialbroker.com, or send the form on the contact page.
5. Ask for the representation agreement and fee terms in writing before the search starts.

Visit Tenant Advisory Group

Terms you'll see on the site

• Tenant representative (tenant rep): a broker who represents the business leasing space, not the building owner.
• RSF and USF: rentable square feet (what you pay rent on, including a share of common areas) and usable square feet (the space you actually occupy).
• Common area factor (load factor): the gross-up from usable to rentable square feet.
• Gross lease: one rent payment; the landlord covers taxes, insurance and maintenance out of it. In a modified gross lease, some utilities may not be included.
• Triple net (NNN) lease: the tenant pays net rent plus its share of taxes, insurance and maintenance. In a single net (N) lease, the tenant typically pays base rent plus taxes.
• Abatement: months of free rent.
• Tenant improvement (TI) allowance: money the landlord contributes toward building out your space.
• Spec suite: a space the landlord has built out in advance, ready to lease.
• Sublease: renting space from an existing tenant rather than from the landlord.
• RFP: request for proposal, sent to landlords to get competing offers.
• Sale-leaseback: selling a property you occupy and leasing it back from the buyer.

Frequently asked questions

Sources

All pages checked on 22 October 2026.

1. Home page: tagcommercialbroker.com
2. Who We Are: tagcommercialbroker.com/who-we-are
3. Team: tagcommercialbroker.com/team
4. Bill Himmelstein profile: tagcommercialbroker.com/team/william-himmelstein
5. Diana Himmelstein profile: tagcommercialbroker.com/team/diana-himmelstein
6. Tina Kearney profile: tagcommercialbroker.com/team/tina-kearney
7. Sandy Macaluso profile: tagcommercialbroker.com/team/sandy-macaluso
8. Samantha McKinney profile: tagcommercialbroker.com/team/samantha-mckinney
9. Melissa Honaker profile: tagcommercialbroker.com/team/melissa-honaker
10. Thea Larena profile: tagcommercialbroker.com/team/thea-larena
11. Our Services: tagcommercialbroker.com/our-services
12. Leasing: tagcommercialbroker.com/our-services/leasing
13. New Leases: tagcommercialbroker.com/our-services/leasing/new-leases
14. Renewals: tagcommercialbroker.com/our-services/leasing/renewals
15. Renegotiations: tagcommercialbroker.com/our-services/leasing/renegotiations
16. Expansions: tagcommercialbroker.com/our-services/leasing/expansions
17. Acquisition and Sales: tagcommercialbroker.com/our-services/acquisition-sales
18. Buying Commercial Real Estate: tagcommercialbroker.com/our-services/acquisition-sales/buy-commercial-real-estate
19. Selling Commercial Real Estate: tagcommercialbroker.com/our-services/acquisition-sales/sell-commercial-real-estate
20. Sale Leaseback: tagcommercialbroker.com/our-services/sale-leaseback
21. Strategic Advisory: tagcommercialbroker.com/our-services/strategic-advisory
22. Sectors: tagcommercialbroker.com/sectors
23. Office Spaces: tagcommercialbroker.com/sectors/office-spaces
24. Clinical Spaces: tagcommercialbroker.com/sectors/clinical-spaces
25. Industrial Spaces: tagcommercialbroker.com/sectors/industrial-spaces
26. AI and Tech Companies: tagcommercialbroker.com/sectors/ai-tech-companies
27. Property Listings: tagcommercialbroker.com/property-listings
28. Square Footage Calculator: tagcommercialbroker.com/square-footage-calculator
29. Our Amazing Partners: tagcommercialbroker.com/our-amazing-partners
30. Resources: tagcommercialbroker.com/resources
31. Testimonials: tagcommercialbroker.com/testimonials
32. Contact: tagcommercialbroker.com/contact
33. Illinois IDFPR professional license records, State of Illinois open data portal: data.illinois.gov, Professional Licensing
34. Titan 100 Chicago, 2025 honorees: chicago.thetitan100.com/honorees-2025
35. Illinois Real Estate Journal, 2026 Illinois awards: rejournals.com/realestateawards/reawards2026-il