What has been happening in Chicago?

Chicago Project Process (Pre-Design)

The relocation of Centro’s Chicago HQ has always been the main focus of this project with 3 out of the 4 main goals pertaining to this office.  The Chicago team had considered relocating a year prior but without the available time required to analyze and coordinate such a move the project was put on hold.  In August they had already started to revisit the option of moving and had a couple spaces in mind. 

Financial Analysis:  Before making any site visits, I sat down with Centro to define financial goals that would ultimately determine the success level of the project.  I then completed a comprehensive financial analysis of their current lease obligations in all three Chicago offices.  Using this analysis I was able to evaluate the financial benefit of a move based on a steady state projection (if current leases were renewed) and the projected rent for a new space, including relocation and buildout expenses.  I also built a financial model that was used in the lease negotiations to compare rental rate vs. concessions to ensure Centro was getting the best possible deal.

Site Selection:   Once financial goals were established, I developed criteria for Centro’s new space,  visited potential spaces and met with agents.  Centro had a couple spaces in mind and both were owned/managed by Urban Innovations, their current landlord, however, both were raw unfinished spaces and would require a complete buildout.  I met with Urban and received a proposal for each space.  I reviewed and submitted an analysis and recommendation to Centro on how to proceed.  Centro agreed with my recommendation for the 4^th floor at 222 W. Hubbard St. (right around the corner from their current location) and lease negotiations began.

Lease Negotiations:   Since Urban is Centro’s current landlord, they agreed to terminate all three of the leases upon moving into the news space.  With my involvement and a potential direct deal with Urban, Centro did not need to work with a broker.  We negotiated lease terms, went through an intense legal review and performed due diligence until an agreement was reached and a lease was executed.  All the while, I began gathering employee data and drafting a project program.