closerlook, a computer software and web designer group, wanted to change their business strategy and grow from a 4,000 square foot user with a core of 10 to 12 employees, to a large company with expanded capabilities of roughly 100 to 150 employees over a 5 to 7-year period. They needed to find a building that would provide them with building identity and an open office environment that would be warm, open and creative to allow for the free flow of ideas. Additionally, they work very long hours and wanted to make sure they were in a safe area in a building where they could control the HVAC 24 hours a day.
Working with the required criteria, Colliers International (“Colliers”) focused on loft buildings that has large blocks of space and owners who had significant ownership interest in the area. This was critical because we needed expansion flexibility plus the ability to potentially relocate to another building in the owner’s portfolio if they outgrew the space.
Results & Services
Colliers was able to structure a seven (7) years deal at 212 West Superior that provided the following benefits:
- An initial 13,190 square feet with an expansion option for 4,756 square feet between months 18 and 27 and another expansion option for 6,623 square feet between months 24 and 30 at the then escalated rates;
- A right of first offer on any space that becomes available in the building;
- A termination option at the end of year five; and
- A right to use one of two boards in the lobby for their sole use, as well as the right to put up banners on the outside of the building.
Since doing this deal closerlook has exercised both of their expansion options and exercised their right of first offer on two additional spaces, so now closerlook has 27,502 square feet. closerlook also just exercised their renewal option that was fixed at a rate that was $2.50 per square foot below the market rate for that building.