Citizens Utility Board – 309 W. Washington Street
Challenge
Citizens Utility Board wanted to reconfigure its space, in order to optimize operations. CUB’s landlord was unable to offer suitable alternative space. However, it was possible to consider reconfiguring the existing layout or relocate to another building. If it relocated, CUB required that a new lease be economical and located in the central business district. That agenda significantly limited the range of suitable buildings.
Action
Spaces in multiple buildings within the central business district target area were evaluated, resulting in a short-list of qualified alternatives. Detailed space plans were developed for each of these spaces. And, proposals were solicited for each. At the same time, plans were drawn up for renovating its current space as part of a possible renewal in-place. Simultaneous negotiations were conducted, maximizing CUB’s negotiating leverage. That process also provided CUB with a strong defensive position, protecting it from the possibility of its lease expiring and causing holdover penalties.
Result
By leveraging multiple alternatives which satisfied CUB’s requirements and desires, MAP was able to prevail in negotiations with the incumbent landlord, obviating the need for CUB to move. CUB entered into a 10 year renewal lease of 6,361 square feet that included fully redecorating the premises and roughly 50% of the layout being reconfigured to maximize workflow, staff comfort and interaction. The concession package included ten months of gross free rent, a current base year for tax & operating pass throughs, and a turnkey build-out that was sequenced, in order to minimize staff disruption.
Testimonial
For more than 25 years, MAP Real Estate has been our broker for Chicago office space. In our latest project, Michael developed a short list of excellent alternatives at competing buildings and negotiated each one to a fine level of detail. Once again, he enabled us to make a fully informed decision and maximized our negotiating leverage. We were able to renew our lease, avoid the hassle of a move, and stage our remodel to minimize inconvenience to our operations, while getting what feels like brand new space. Another great result! And, because of MAP’s commitment to the community, we received $7,206 in unrestricted IIC funding. Thank you, MAP!
David Kolata, Executive Director, Citizens Utility Board