Both had worked for Steve Fifield for about 15 years. Blum tellsGlobeSt.com that he just realized that now is a perfect time tobecome a company owner in commercial real estate. "I've got threekids, I was looking around, trying to see what I wanted to do, andthe fact is it's just an opportune time to start a new business."He formally left Fifield's employ in July, but stayed another fourmonths to help close up a few transactions.

What really solidified his venture, Blum says, was the help of achildhood friend and neighbor, prominent Chicago real estatedeveloper Michael Alter, who now runs the Alter Group firm that hisfather Bill Alter started a half century ago. "I consider Michaelto be one of the most honorable, straightforward people I know,"Blum. "He and I talked for a number of months, and we finalized adeal in January. Mike is providing the overhead, and in return getsa good return on his investment." Both live on White Oak Lane, theorigin for the new company name.

Saletta, who has extensive experience in big office leasesdowntown, says it took not finding tenants for some majorproperties over a two-year search during the economic downturn toconvince him to look for another option. "We had been verysuccessful at leasing up the USG Building, up to 98% and sold atthe top of the market in 2006, and the plan was to move forwardwith properties in the West Loop," Saletta tells GlobeSt.com.However, what firms were looking by then did not have that area ofdowntown in mind, he says. "In September, I sat down with Steve andshowed him we had exhausted our list of near-term expirations.Also, he was transitioning into more apartment acquisitions,"Saletta says. He decided to join Blum, and both are seeking out afew candidates to also bring on board.