THE CHALLENGE
When MedPro Waste Disposal moved offices several years ago, Bespoke’s team successfully helped negotiate the deal, then stayed in contact post deal, continuing to build a meaningful relationship with the company. This year, MedPro was ready to move again. They wanted an office with better amenities and building management that would help elevate their image and attract new talent. They also had a strict budget and needed to stay close to their current location, so options were limited. If they were going to move, the new office had to offer a high-end image, every building amenity and better management.
THE SOLUTION
Due to Bespoke’s intimate knowledge and relationship with MedPro over the years, the team already knew the client’s needs. When an attractive sublease in Naperville hit the market, Bespoke immediately made an aggressive offer and finalized a deal for the client. The pandemic has made subleases desirable for many companies, and it was important to be proactive and act quickly.
MedPro was busy running their growing business and did not have the bandwidth to be actively looking for real estate. They trusted Bespoke’s understanding of their business and space needs and were confident that Bespoke would take advantage of any strong opportunity that existed.
THE RESULTS
The Bespoke team negotiated a far below-market sublease rental rate that included months of free rent. MedPro moved from a Class B building to a Class A building with more space, while achieving a 25% reduction from their current rental rate.
The value goes well beyond the rental rate, as the new office was fully furnished and wired — a true plug-and-play space with appealing amenities for employees. They were able to take possession of the high-end buildout of their space, which included sit-stand workstations, a full kitchen and bar, a private rooftop deck, pool tables, and arcade games. The building also features a gym, a deli, and a conference room.
Bespoke took advantage of the uncertain market and negotiated a rental rate that is flat for the entire term, with zero escalations, and is 50% less than a direct deal with the building.
