Woodstock Institute – 67 E. Madison
Woodstock Institute desired to reduce its rental expense and was prepared to reduce the size of its space, but had several years remaining on its lease. Woodstock occupied part of the 17th floor, the balance of which was occupied by two other nonprofits. All three of these organizations desired to change the status quo of their respective leases and all three of them retained the services of MAP Real Estate, Inc. to represent them in negotiations to achieve that objective. Woodstock held the key to a solution because, if it were able to vacate its space, the other two organizations could occupy the entire 17th floor. However, for that to be possible, it was required for all three transactions to be negotiated and consummated simultaneously.
MAP structured a provisional termination agreement with the incumbent landlord, 29 E. Madison St., that would allow Woodstock to exit from its lease liability 26 months early and do so without payment of a termination fee. MAP identified suitable alternative spaces in the East Loop, where Woodstock preferred to remain. After completing space-planning at the best alternatives, MAP solicited from those buildings a proposal, specifying a concession package that would enable Woodstock to relocate at no expense.
Woodstock moved into space in 67 E. Madison, a building that is across the street from its old location. The new space was built to Woodstock’s custom specifications. The old lease was terminated years early, at no cost to Woodstock. The new long term lease has a rental rate that is less than the previous lease and the new space is also smaller. As a result, the overall savings significantly exceeded Woodstock’s expectations.
I first worked with Michael more than 15 years ago, when he represented the Shriver Center. I sought him out to do the same great work for Woodstock Institute. First, Michael negotiated our renewal lease. This time, we wanted to reconfigure and make a slight downsize, years before our lease expired. Michael gave us the negotiating leverage to exit, at no cost, from our remaining lease. We were able to move out of our older space and save more money than we expected in a long term lease for newly built-out space across the street. Investing In Communities funding is a wonderful added benefit of working with MAP.
Dory Rand, President, Woodstock Institute
Investing In Communities funding to Woodstock Institute from this lease: $2,591
Investing In Communities total funding to Woodstock Institute: $4,830