Chicago Lawyers’ Committee for Civil Rights – 100 N. LaSalle
Nonprofit Client Gains $14,320 and Space Improvements in Lease Renewal
Chicago Lawyers’ Committee for Civil Rights’ (CLC) lease at 100 N. LaSalle had about 14 months remaining before its expiration. That meant negotiating a new lease at another building was a practical possibility, without first needing to sublease its space or burdening the new lease with the remaining lease liability. But the prospect of not having to move made a renewal the preferred outcome, all else being equal. The need to reconfigure a significant part of the current space while CLC remained in occupancy was made less problematic because the desired improvements to the existing layout were primarily at both far ends of the floor that it occupied. CLC desired another long-term lease to replace the current one that MAP had also negotiated.
MAP solicited from the incumbent landlord terms for a possible renewal that included turnkey construction at the landlord’s sole expense, among other elements of the concession package. At the same time, to provide CLC with both context of market economics and viable alternatives to renewing, MAP identified alternative spaces at other buildings, appropriate because of their location within the Central Loop and whose economics would be competitive with a renewal. MAP negotiated lease terms with several of the most interesting alternatives to the same level of detail as the renewal option, thus maximizing CLC’s negotiating leverage to achieve the optimal renewal.
CLC renewed its lease for 6,205 square feet for just over 9 years. The concession package included turnkey construction to redecorate throughout the premises, and reconfiguring 25% of the layout to accommodate additional staff, increase capacity for files, storage, conference, and training uses.
Michael did a great job representing us! Our renewal lease, including turnkey construction and economics that were more favorable than we could have gotten for space of the same caliber anywhere on LaSalle, enabled us to accommodate more staff and avoid moving. This was our second project with MAP Real Estate. Both times, in addition to a top class real estate result, we received a significant contribution from Investing In Communities – $6,560 and $7,760! I give my strongest recommendation of MAP Real Estate and Michael Pink.
Jay Readey, E.D., Chicago Lawyers’ Committee For Civil Rights Under Law
Investing In Communities total funding for CLCCRUL: $14,320