Client:

  • Schain Burney Ross & Citron
    222 North LaSalle Street, Chicago, Illinois

Assignment:

  • Reduce rent costs while increasing total square footage.
  • 2 years remaining on lease.
  • Accommodate future growth today.
  • No partner liability.
  • Investigate all Class "B" buildings in the downtown Chicago CBD.

Strategy:

  • Study the CBD market for all firms relocating within the next 1-2 years.
  • Take advantage of Tenant favored market while vacancy rate continues to slide.
  • Implement Industry Law Firm Standards for more efficient floor plan.
  • Negotiate with other Class "B" buildings to create leverage with Tishman Speyer (Landlord of 222 N. LaSalle) to make a forward commitment on rental rates.

Benefits Achieved:

  • Remaining as a tenant in its current premises.
  • No guarantee of lease.
  • Termination right after the 10th lease year.
  • Concession package reduced rent by 17.5% and increased space by 40%.
  • No out of pocket expense to tenant.
  • Obtained 2 years of free rent on option space today.