Client:

  • Consulate General of France in Chicago
    205 North Michigan Avenue

Assignment:

  • Consolidation of six (6) French Government Services offices from multiple locations into one Class-A building.
  • Must maintain a Michigan Avenue address.
  • Lower overall rental costs to the Republic of France.
  • Minimize potential construction costs due to increased consular security needs.

Strategy:

  • Focus on the financial stability of the Republic of France.
  • Take advantage of high vacancy rates on North Michigan Avenue to leverage building owners against each other.

Benefits Achieved:

  • Created long-term lease with below market rates.
  • Negotiated Tenant Improvement Allowance that was 50% above-market rates.
  • Successfully consolidated all six French Government Services offices into one shared facility in a Class-A building on Michigan Avenue.
  • The French Government was able to increase total square footage to increase office efficiencies.
  • Total rent costs to the Republic of France were decreased by 14%.