Leveraging the Market
- Midwest Institute for Clinical Research (MICR)
- 10,000 sq. ft.
Client Objectives
Midwest Institute for Clinical Research (MICR) had been headquartered at the same location for nearly 10 years and was dependent on remaining within a one block radius due to patient accessibility. Upon reviewing their lease, it became apparent that:
- their lease rate had escalated to a level that was substantially above market
- their pass through costs had not been reset since the execution of their original lease
- their landlord had failed to provide promised reserved parking and storage space
Cresa was tasked with identifying opportunities in the target market that would provide ready access to patients while providing new and improved space at a reduced rate.
Results
Cresa identified several buildings with significant vacancy and negotiated below market deals. This created leverage with MICR’s existing landlord and allowed the tenant to choose between remaining in place and relocating.
After weighing their options, MICR determined that relocating was in their best interest. They chose a location that allowed them to maintain easy access for their clients and staff and were able to:
- Capture an attractive market rate
- Modernize and expand their facility
- Consolidate their offsite file storage with their in house files
- Reduce their annual overhead
- Obtain 2,000 SF of contiguous storage space, at no charge for 10 years
- Secure reserved parking for patients and staff
- Acquire prominent building signage
With deepest sincerity, I would like to thank you both for your heroic efforts in locating and finalizing our 10 year lease for our new "home". From beginning to end, you provided us with the most comprehensive and professional service that one could hope for. You spent the time to understand our needs and to provide a variety of options tailored to our business. We realized those efforts were above and beyond the norm in your profession. However, that just demonstrates your extraordinary commitment to your clients.
Midwest Institute for Clinical Research
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