Merger of two travel companies, AHI Travel and Gohagan & Company, integrating operations and company cultures.
Identified relocation and expansion alternatives and negotiated terms.
Negotiated expansion of existing space to incorporate entire floor.
Substantial rent concessions (early occupancy, abatement, improvement allowance) for both existing and expansion space.
Long term (10 year) lease with termination option.
Client desired to make alternations to the space configuration based on new trends in space use while also making significant cosmetic upgrades to modernize the space.
After exploring multiple relocation alternatives, it was decided that extending the lease and remaining in the current location was preferred.
A long-term lease extension was negotiated that included above market tenant improvement allowance to cover the layout changes & upgrades, above market abatement, reduction in rental rate, early termination rights and continuous future expansion rights.
Achieved a $15.00 per square foot gross rate in a $22.00 per square foot gross rate market.
Procured $250,000 worth of new furniture as a donation.
Through vendor relationships, all architecture fees, engineering fees and construction costs were also donated.
Generations College, recently rebranded from MacCormac College
Explored relocation alternatives in the Chicago Loop but ultimately decided to stay in place at 29 East Madison to extend their 23 year tenure in the building
Negotiatated substantial rental abatement period and significant improvement allowance with the ability to convert up to 100% of said allowance towards additional rental abatement
Lease extension also included renewal options and an early termination right with a below market termination fee