The Colliers International team assisted creative services company Optimus Inc. with a specialized market search and relocation to Chicago’s iconic Wrigley Building.
Optimus is a Chicago-based creative services company with a prestigious client list including The Chicago Blackhawks, Coca-Cola, and Ford. The firm was named to Crain’s Chicago Business’ Best Places to Work list in 2013.
For ten years Optimus owned a 40,000-square-foot Streeterville building that it was outgrowing. Optimus wanted to take advantage of the healthy sale market to maximize proceeds and create competition among landlords for its tenancy. However, it was critical that Optimus didn’t enter a rent plus mortgage scenario.
Optimus sought a blank canvass to refresh its image and brand while maintaining its culture, but needed to maintain a presence in the North Michigan Avenue submarket near its clients. Additionally, a significant tenant improvement allowance was required to combat the high costs associated with build out of a creative floor. Colliers International was hired to assist with all stages of the sale and relocation.
The Colliers team began with a thorough analysis of the downtown office market, including both on- and off-market as well as existing or redevelopment opportunities. There were very few alternatives in a historical property offering the desired “wow” factor. The Colliers team approached well-capitalized owners that could benefit from this type of use.
Colliers successfully created a competitive situation among landlords, allowing the team to negotiate a new 40,000-square-foot lease at the iconic Wrigley Building, one of Chicago’s oldest and most recognized properties. The vintage charm and historical significance of the property, combined with its modern technological transformation, created a special opportunity.
Optimus benefited from an extended free rent period giving time to sell its existing building; an above-standard tenant improvement allowance to offset capital expenditures; and a below-market rate on a long-term lease. Optimus will be occupying the 11th and 12th floors in the North tower. The highly customized offices will feature open space and a newly built spiral staircase joining the floors. The Colliers team is already under contract to sell Optimus’ old building to a residential developer for $10 million, $4 million above appraised value.