Fit Story
Expanding a Student Housing Company’s Home Base
CLIENT PROFILE
- Industry leader in higher education student housing
- Headquartered in Chicago
PERFECT FIT CRITERIA
- Room to grow
- Professional image
The Challenge
The fast growing Scion Group retained us to review its current lease position 36 months early. The firm wanted to explore spaces that would offer flexibility to accommodate its rapid growth and project a more professional image.
The Solution
We identified several viable geographic sub-markets throughout Chicago. Then we retained an architect to analyze the layout of different properties to illustrate how the space efficiency and overall design aesthetic would match Scion’s requirements. The options we unearthed created a competitive bid process that we could leverage on Scion’s behalf. In the end, the best fit was a Michigan Avenue property offering sophisticated space with flexibility to grow – all at an attractive price.
The Outcome
The new office expanded Scion’s footprint by 3,000 square feet with maximum flexibility for the firm’s anticipated growth – including an additional 6,000 square feet since its relocation. Addressing Scion’s need to increase employee recruiting and retention, the premium space offered top-of-the-market views along with superior building amenities, such as a fitness center, conferencing facility, and more. Scion is now able to host company-wide training sessions and entertain potential property investors on-site.
“We negotiated a below-market rental rate in a tight marketplace where vacancies are 9%.”
Bonnie Gordon
Executive Director, Susan G. Komen