Urban Partnership Bank – 55 E. Jackson
Challenge
Urban Partnership Bank had recently been formed by an investor group that had purchased much of the assets of ShoreBank, whose offices had historically been located in a headquarters building on Chicago’s South Side. UPB desired to open both its first retail branch and a new corporate headquarters closer to the downtown area.
Action
The Chief Executive Officer of UPB had been introduced to MAP by senior executives who had also been at ShoreBank. MAP conducted market research to identify the best alternatives. Spaces, including one in the office tower on the campus of Illinois Institute of Technology and others in the downtown central business district were considered. Working with UPB’s facilities team, with whom MAP had also worked when it represented ShoreBank in multiple projects, space plans were developed for both the office and retail functions.
Result
For reasons that included transportation logistics, UPB decided that a location within the central business district was best, ultimately choosing 55 E. Jackson, in the lobby of which it would be possible to open the retail branch. MAP negotiated a 10 year, 10 month lease for the full 4th floor, 23,160 square feet, as well as 2,159 square feet of retail space in the lobby. The concession package included a landlord contribution of $1,123,260 for buildout, as well as a $450,660 rent abatement. MAP also negotiated an option allowing UPB to terminate its lease for either or both the office and retail space at the end of the 8th year.
Testimonial
It was an easy decision for UPB to work with Michael Pink and IIC because we are driven by virtually the same mission as Investing In Communities—strengthening Chicago’s nonprofits to help deliver services that build better lives and vibrant neighborhoods. We’re excited to be able to help bolster nonprofits at the same time we are opening our new nonprofit financial center and first micro-branch to better serve our customers and to strengthen Chicago’s urban communities.
Kristine Rull / Director of Mission-Based Banking, Urban Partnership Bank
This 10 year office lease for 25,000sf generated, at no expense to the bank, $42,000 of charitable funding, distributed by Investing In Communities.