150 S. Wacker Drive | Chicago, IL (pictured)
The project team has provided full-service tenant representation to Charles Schwab including strategic planning and financial analysis.
Colliers International’s David Burden has been a trusted advisor to Charles Schwab & Co. since 1999, assisting with market positioning, office and retail market analysis, and a strategic new regional headquarters.
Charles Schwab’s recent growth, stemming from its acquisition of a number of smaller companies, led to a requirement for more space with flexibility for continued growth opportunities as well as downside contraction protection clauses. The expansion space needed to be coterminous with its existing office lease and ground floor retail space at its flagship location on Wacker Drive in Chicago, IL. It was highly challenging to locate a large contiguous block of office space in the tight West Loop market where Charles Schwab could consolidate the acquired companies and grow organically while also maintaining the ground floor visibility of the retail signage located on all four sides of the building in a highly trafficked location passed by thousands of Metra train commuters daily.
The team’s approach to this assignment focused on creating leverage within the building and beginning the negotiation process to achieve an early rent reduction, tenant improvement allowances and abatement.
The Colliers team successfully negotiated a lease renewal and expansion for a total of 105,000 Square Feet. The negotiations included a flexible commencement schedule for the 67,000 SF of expansion premises. Negotiations also included, a long term extension of the 32,000 SF existing office premises, and the 5,711 SF retail space on the first floor. Leverage produced favorable results at a reduced rental rate and coterminous expiration dates for office and retail. Additional concessions included naming rights to the building, increased signs on the ground floor and in the lobby, a generous free rent period, an above market tenant improvement allowance to help Schwab improve all the spaces, as well as long term flexibility for growth, contraction and early termination.
Corporate identity for Schwab was outstanding following the negotiation of the plaza’s naming rights, which will now be known as The Schwab Centre at 150 S. Wacker Drive. A testament to customer satisfaction, David has been Schwab’s exclusive tenant advisor around Chicago for nearly 15 years.