Progeny Inc, a Buffalo Grove based dental equipment maker, had a lease expiration approaching and needed to solve their short term space needs while planning for long term business expansion. Working directly with the landlord before retaining Colliers' services, Progeny had received a three-year lease proposal at an over-market rate. Challenges included:
- Evaluate purchase versus lease options
- Solve short-term needs while allowing for long-term flexibility
- Currently paying above-market lease rate
After understanding Progeny's business needs, Colliers was able to implement a real estate strategy that maintained Progeny's long term flexibility while lowering their current occupancy costs. Through inside knowledge of the Lake County market, Colliers was able to perform a detailed market survey of all available buildings for sale and lease. Business did not currently merit expansion, but Progeny needed the flexibility to expand after two years.
The Colliers Team was able to utilize a Request for Proposal (RFP) process among competing properties to identify the most aggressive landlord in the market. They utilized that market information to drive the most competitive deal with Progeny's existing landlord. After negotiating among competing landlords, Progeny received a two year renewal from their current landlord at a 15% saving.