Fit Story
Showing ConData Global a Better Fit
CLIENT PROFILE
- Global freight post audit company headquartered in Illinois
- Seeking a new office location that can meet changing needs
PERFECT FIT CRITERIA
- Centrally located for employees
- Building amenities to fit current needs and help recruit talent
- Adequate space to accommodate social distancing during COVID-19
- Suitable for future growth goals
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The Challenge
ConData, the leading freight and parcel audit recovery services provider, worked with a broker to negotiate a 10-year deal for a site that required significant construction and securitization. Then, when the pandemic hit, the client decided that its new office space – with its large common areas – no longer felt like the right fit. ConData decided to pause the deal until it had more visibility going forward, and they asked us to help them explore options
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The Solution
With our extensive private equity experience and understanding of investment timelines, we provided ConData with a second opinion based on the (then) current market, sublease availability, and future projections. Grasping the importance of a fast turnaround, we quickly put together a list of 21 potential properties that met all of the company’s requirements. Within a week ConData had toured the top two locations and found its perfect fit.
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The Outcome
We negotiated an aggressive sublease locked in at a 50% below-market rate, saving the company $1.2 million over the term. Total savings add up to close to $2 million, including $60,000 on securitization, $80,000 on five months of gross-free rent, and $500,000 for FF&E. The 11,200 square-foot Class A building (in Oak Brook) is the ideal location for ConData Global – newly retrofitted with modern finishes and amenities that will support ConData’s future recruitment plans.
“We negotiated a sublease locked in at 50% below-market rate, saving the company $1.2 million over the term.”