In October 2007, Colliers International and The PrivateBank and Trust Company (PrivateBank) began putting together a real estate plan that would allow PrivateBank to meet its goal of becoming the premier middle market commercial bank in Chicago. As part of this plan, the intent was to grow from 194 employees in October 2007 to 382 employees by the end of 2009 and 561 employees by the end of 2012.
The Colliers team immediately set out to find a short-term plug-n-play option that could accommodate an additional 100 people within six months, while simultaneously acquiring enough space to accommodate PrivateBank’s growth plans through 2009 with the ability to expand into contiguous space. Paramount in the search was building an identity in not only the building they were in but in the Downtown Chicago footprint. After reviewing the market for all existing alternatives and all new buildings under construction, we narrowed our focus down to three alternatives, a new building at 401 South Wacker, expanding within their existing building at 70 West Madison, and an existing building at 120 South LaSalle occupied by Chase Bank.
The result was the selection of 120 South LaSalle because of its architectural significance in Chicago’s Central Loop Banking District, its two-story Grand Banking Hall, potential to build PrivateBank’s brand, and phenomenal economic package.
Within 10 weeks of starting the search PrivateBank was able to occupy 28,605 square feet of space under a one-year license agreement and then focused their efforts on negotiating a 15-year lease that started with them taking
105,499 square feet and allowed them the flexibility to grow by an additional 95,450 square feet at any time they elected within the first two years of the lease and to a total of 358,510 square feet over the first six (6) years of the lease. Additionally, they were given signage rights over the entrance, on bronze plaques on both sides of the entrance, and on two plaques on each corner of the building at the corner of LaSalle and Monroe (the heart of the Central Loop Banking District).
In 2015, we leveraged our expansion / termination options to grow to 236,008 square feet and completely restructured PrivateBank’s expansion options moving forward.