Client:

  • NATIONAL ABLE NETWORK
    A NON-PROFIT ORGANIZATION

    Operation Able
    180 North Wabash Street

Assignment:

  • Operation Able was paying 18.5% above “market” rent.
  • Tenant willing to relocate facilities in order to achieve rent reduction.
  • Create lease flexibility to allowing Tenant to align its facilities with changing business cycle.

Strategy:

  • Determine minimum rent structure using proprietary financial information on short list of buildings.
  • Research various tax-exempt buildings within the Chicago CBD to determine rent structure.
  • Create lease document that allowed for space flexibility that coincided with annual funding increase/decrease.

Benefits Achieved:

  • Reduced occupancy costs by 22.7%.
  • Used Steinco’s “Debt Service Analysis” to create over $150,000 in immediate savings to organization.
  • Created “non-profit” space reduction clause in lease document, allowing tenant to decrease square footage based on annual funding.