MAP Real ESTATE
Client Success Stories
John R. Waters & Company – 225 W. Washington
Secures ideal space and directs $6,000 for community
Challenge
John R. Waters & Company’s (JRW) lease at 123 N. Wacker Dr. was expiring in about 18 months and its managing principal wanted to consider alternatives, including renewal, in-place, and relocation to another West Loop building of equally high caliber. The firm had been located in the West Loop for more than 25 years.
Action
MAP conducted market research to identify the best alternatives at B+, A-, and A class buildings in the West Loop. JRW elected to use for this project the services of the same architecture firm that MAP had recommended for JRW’s other lease transactions. The best alternatives included second generation spaces whose existing conditions, left from a previous tenant, were useful for satisfying JRW’s ideal layout requirements, as well as raw spaces.
Result
JRW was able to relocate to new offices that were built to its specifications at the landlord’s sole expense. A variety of factors resulted in economics that were compellingly favorable, including a construction cost made lower by reuse of significant parts of the existing layout, as well as a concession package that included a very significant free rent value. The new West Loop address, 225 W. Washington St., remains proximate to the commuter train stations for the convenience of staff and clientele.
Testimonial
My firm has relied on the superb services of MAP Real Estate for over 20 years. Michael’s level of service & professionalism are remarkable. With each lease, his advocacy has saved us enormously, both in terms of economics and time. MAP has my strongest recommendation!
James Murphy, Managing Partner, John R. Waters & Company
John R. Waters directed the Investing In Communities $6,864 distribution from this lease to support IIC’s community-building work.
