The Colliers team provided tenant representation services including an extensive review of the market and in-depth financial analysis.
Valspar Corporation hired Colliers International’s Chicago office (Colliers) to provide strategic planning and tenant representation services for a new regional and division headquarters office in the Chicago market. New leadership at Valspar was interested in relocating from outdated office space connected to its warehouse and distribution center in Wheeling for the growing $1 billion Architectural Division management and staff.
The challenge was identify a cost effective alternative without initial budget approval that would improve productivity, recruiting, accessibility, image and profitability. The opportunity existed to take advantage of marketing conditions to upgrade quality at compressed rental rates for total corporate cultural and branding makeover.
Colliers consulting services began with strategic planning meetings to identify the program requirements, demographic analysis, image needs, signage and branding benefits and cost budgeting before surveying and touring the market. Then Colliers introduced Valspar to the right architect to assist with design and space programming.
The competing properties narrowed to two highly comparable buildings that created ideal leverage for Valspar’s requirements.
Colliers advised Valspar in one of the only, and probably the largest, new space requirements with 100% positive absorption in the market. The lease negotiations for the premiere office space in the O’Hare market achieved critical building top sign rights and an attractive rent and concession package for space that was already nicely furnished. Valspar Architectural’s new divisional headquarters space featured more benefits that originally hoped with commanding views of the market, two exterior building signs, and below market terms on space that was already nicely equipped so Valspar could focus on designing the most striking space in the suburban markets in recent years.