Part 2: A School’s Mission to Procure Real Estate That Motivates & Inspires Students
In our blog series, Life of the Deal, Bespoke takes you through a project from start to finish, highlighting key components such as challenges we face, and how we work with our strategic partners to provide customized real estate solutions to clients. At Bespoke, we make it possible for business leaders to access executive commercial real estate resources that deliver the best deal today and is customizable to fit your goals for the future.
In part one, we highlighted how Bespoke secured the right space for NewHope to provide an environment that would foster motivated and inspired students. In part two, we’re showcasing how Bespoke delivered strategic and customized real estate solutions and negotiated in excess of $1M to cover all tenant improvement costs. This strategy was key in ensuring the school stayed within its tight budget; being a federally-funded institution, the academy needed to keep its occupancy costs at a minimum.
When we partnered with the school to assist in finding a prime location that facilitates its mission in providing an environment that fosters constant learning, we knew we were up for a challenge. NHA needed a safe, therapeutic, and educational atmosphere where students can develop skills to become effective learners, gain personal insight, and acquire coping strategies.
From the onset, the Village of Arlington Heights, where the school is located, was in full support of providing the required zoning variance necessary to achieve a safer environment. Bespoke also negotiated with the landlord of the new space to cover all tenant improvement costs, which was in excess of $1M to convert traditional office space to therapy-specific school use.
Ultimately, we identified a superior property that provided a safer and more efficient and education-focused environment compared to NHA’s former industrial conversion space. Bespoke also retained Latimer LeVay Fyock LLC to provide all the necessary notice mailing addresses at no expense to NHA. We were honored to play a role in finding NewHope a space that accommodates the academy’s current and future needs.