Neal Nealis, DDS – 737 N. Michigan
Neal D. Nealis, DDS desired to relocate its general dentistry practice, which had always been located in Streeterville, to a higher caliber building in the same part of the city. Because of the dearth of existing dental suites that were being marketed, all of the alternatives entailed a full build-out, whose per square foot cost was expected to be high. A dental suite is one of the most expensive kinds of space to build out.
MAP Real Estate, Inc, which had been referred to Dr. Nealis by one of his patients, researched the market to identify multiple suitable spaces in Class A buildings in the Streeterville/North Michigan Ave. submarket. MAP brought in one of its longtime business collaborators, as is common practice with MAP projects, to provide a full range of space planning, design, and architecture services, enabling a detailed analysis of the best alternatives in terms of space-utilization and construction cost.
This afforded Dr. Nealis the ability to make an apples to apples comparison of the best alternatives. Then, by conducting simultaneous negotiations with those alternatives, MAP maximized Nealis’s negotiating leverage, while providing the doctor with a strong defensive position, because the new space had to be completed and occupied before the current lease expired.
Dr. Nealis relocated his dental practice to 737 N. Michigan Ave. close to the former location. The space, with views overlooking the historic Water Tower and North Lake Shore Drive,was built out to the doctor’s custom specifications. The long term lease enabled negotiation of favorable economics and a concession package that included, in addition to a very significant free rent value, turnkey construction, solely at the landlord’s expense.
I couldn’t ask for a better broker than Michael!
Neal Nealis / DDS