THE CHALLENGE
Smith Blake Hill (SBH) LLC, a trial law firm defending healthcare clients, product manufacturers, and companies with complex commercial litigation, retained Bespoke to find its first office space in Chicago’s Central Business District as it was imperative to be located close to the courthouse. The ideal location had to offer flexibility to accommodate the company’s projected rapid growth and necessary professional atmosphere. With real estate serving as a down payment on culture, image directly impacted the company’s ability to recruit and retain top talent, while maintaining a tight budget necessary for a start-up.
THE SOLUTION
Bespoke consulted with SBH to understand current needs and future goals. Because of the constraints of quick timing and potential space modifications, we identified several buildings that had new spec suites or existing spaces with higher-end conditions in place. We focused on near plug-and-play opportunities within blocks of the court house.
With various properties lined up, Bespoke was able to provide SBH with multiple options to choose from, each matching the company’s space needs. In the end, the optimal solution was a property on Clark Street that blended together a high-image office space with the flexibility to grow, right across the street from the court house—all at the best price available to a new and emerging law firm.
THE RESULTS
In addition to helping SBH find their first office space in Chicago’s Central Business District, Bespoke negotiated a below-market rental rate in an extremely tight marketplace. The deal included a concession package featuring changes to a pre-built spec space, coupled with a seven-month rental abatement package and a $5 per square footage moving allowance. These concessions offset all soft costs including new furniture, fixtures, and equipment from vendors provided through Bespoke’s strategic partnerships.
THE DEAL INCLUDED A CONCESSION PACKAGE FEATURING CHANGES TO A PRE-BUILT SPEC SPACE, COUPLED WITH A SEVEN-MONTH RENTAL ABATEMENT PACKAGE AND A $5 PSF MOVING ALLOWANCE.
The new office contained 4,500 square feet of raw expansion space, which was pre-negotiated by Bespoke, for maximum flexibility to accommodate the company’s anticipated growth. In nine short months after the lease was signed, SBH began its expansion and now occupies the entire floor.
THE DEAL INCLUDED A CONCESSION PACKAGE FEATURING CHANGES TO A PRE-BUILT SPEC SPACE, COUPLED WITH A SEVEN-MONTH RENTAL ABATEMENT PACKAGE AND A $5 PSF MOVING ALLOWANCE.