Client:

  • Northeastern Illinois Planning Commission
    233 S. Wacker Dr.

Assignment:

  • Organization's functional needs changed from mostly offices to mix office and workstations while practicing "environmentally friendly" space issues
  • No Business Interruption irrespective of renegotiation or relocation
  • Achieve desired layout, increasing square footage while reducing overall occupancy costs
  • Construct lease flexibility to allow Tenant to align its facilities with possible merger that would double space requirements

Strategy:

  • Based on entity's budget and location parameters, examined all Class "A" and "B" building options with both direct and sublease opportunities
  • Determined minimum rent structure using proprietary financial information on short list of buildings
  • Created more efficient space plan allowing Tenant to reduce square footage
  • Manipulated fixed expansion options in soft market to provide flexibility if merger occurred

Benefits Achieved:

  • Reduced per square foot rent costs 16% while expanding square footage 20%
  • Obtained 18 months of gross rent
  • No out of pocket costs to tenant: obtained over $1M of furniture
  • Achieved most efficient layout with organization's changing functional needs; received Gold status for LEEDS (environmentally friendly "green" space)
  • Acquired maximum lease flexibility: NIPC is able to terminate the lease early and has the right on the remainder of the floor for possible merger