Description: Here is an opportunity to sublease a fully-furnished property in Chicago’s Loop. This space is a newly built loft-style office with exposed ceilings. There is a large collaborative kitchen area, 11 workstations, 3 large offices/breakout rooms, 2 small offices/phone rooms, and a lounge area.
The sublease is move-in-ready and available immediately. The least is set to expire on April 30th, 2025.
Cost: $23.50/sf MG
Location: 218 S Wabash, suite 280, Chicago, IL 60604
When negotiating a new lease or lease renewal for commercial office space, many business owners and operators believe they can use a trusted family lawyer, IP, tax, corporate or other non-real estate attorney to help mediate terms. While it may be tempting to choose a lawyer you’re familiar with over an expert in real estate, it’s critical to find legal counsel that specializes in real estate law to ensure the best outcome. Together with a skilled broker, a commercial real estate attorney will save clients money and mitigate the risks inherent in any transaction. Here are a few of the most common scenarios during lease negotiation that demonstrate the importance of going with a real estate lawyer.
Prioritizing the Essential Elements
Attorneys that specialize in real estate law know how to prioritize the numerous clauses in a lease and fight for their client on issues of crucial importance. A common trap for lawyers who are unfamiliar with commercial real estate are the provisions dealing with unforeseen incidents or disasters, such as how quickly a landlord is required to repair a space after a fire. While this may seem like an important item to negotiate, there are more urgent areas to focus on, such as hold over rate or relocation language. Attorneys familiar with the intricacies of real estate know that disasters, such as fires, are extremely rare in today’s commercial office buildings. Haggling back and forth for extended periods of time on issues that may never occur only costs a client more money.
Capitalizing on Opportunities
Real estate lawyers know how to take a potentially negative clause in a lease and turn it into a positive opportunity for their client. For example, landlords frequently wish to reserve the right to relocate an existing tenant after a lease has been signed in order to create room for an incoming tenant that requires a larger, contiguous space. Rather than sink a deal over this issue, a real estate attorney will negotiate the terms of the lease so that any relocation will be to a higher floor with better views, with the landlord covering the costs of the move and build-out of the new space.
Learning on the Fly
It’s no secret that legal counsel is costly and work is billable by the hour. Thus, clients shouldn’t want their attorneys to be learning on the job. Unfortunately, this is what often happens when you hire a lawyer that you have a personal relationship with but who has no real estate experience, as they will need to study the new terms. This can also reduce the effectiveness of the broker, whose deal-making prowess can be stifled by an inexperienced attorney. All in all, going with a real estate attorney can save you substantial money on legal fees.
The field of law is much like medicine, in that lawyers specialize in a specific area of expertise. You may trust a long-time general counsel who has helped out in other matters, but working with an attorney who’s well versed in real estate will help mitigate risk, save money and ensure the lease you sign is the best possible deal. Lease negotiations can be complex and contentious, and you’ll want an expert on your side to secure a successful transaction.
Local business leaders gathered at the Executives Breakfast and Luncheon to network with other entrepreneurs and examine a number of topics that are currently affecting their businesses.
During the Executives Breakfast, guests discussed what they were doing to get in front of potential new clients. Here are some of the many responses:
Michael Grace, CEO, Vetted Placements: Networking is key. Go to the nice bars and nice restaurants and meet people. Think outside the box. Don’t hesitate to do cold emails and cold calling. When that doesn’t work, send the overnight FedEx, because people think it’s important.
Gary Breden, Business Performance Advisor, Insperity: Identify who the ideal client is, and then identify who can put you in front of those people. Going to events, developing affiliate programs and channel partners are all important. Build partnerships.
At the Executives Luncheon, participants were posed the question, “What employee-management issues have you struggled with in the past year, and how did you overcome it?” Here are a few of the responses:
Michael Nowak, CFO, ABN Amro: It’s a challenge to inherit a team that was not previously managed. Try to give them opportunities without taking a step backward.
Joseph Antunovich, FAIA, Founder & President, Antunovich Associates : We have a hard time with the lack of loyalty. My advice is to be loyal, be nice and be hardworking. People are our most valuable asset.
Thank you to all who attended!
If you’re a business owner with 20+ employees who is interested in attending future TAG events, please email Bill Himmelstein at Bill@TagCommercialBroker.com.
TAG Executives Breakfast Guest List:
Sponsored by Gary Breden, Business Performance Advisor, Insperity
Mason Awtry, President, Rightsize Facility
Kyle Deming, Founder, Wojo Design
Bob Domenz, CEO, Avenue Marketing Strategy & Activation
Atish Doshi, President & Founder, Black Sheep
Charles Falls, President, Demi & Cooper Advertising
Matt Gibbs, Co-Founder, UPshow
Michael Grace, CEO, Vetted Placements
Andy Hulett, Partner, EmPower HR
Jim Kales, CEO, Aspire
Larry Kaul, CEO, Kaul Sales Partners
Richard Kincaid, Founder & Managing Principal, Sage Greenlife
Julie Kolodziej, Managing Partner, Matlin Law Group
Kevin Krumm, CEO, Objective Paradigm
Rich Lenkov, Managing Partner, Bryce Downey & Lenkov
Stan Logan, Chairman, Quality Back Office
Neal McNamara, Co-Founder, Virtas Partners
Chris Miller, Managing Partner, Kelley Kronenberg
Dave Norris, COO, RedRidge Finance Group
Domenic Rinaldi, Managing Partner, Sun Acquisitions
Josh Strauss, CEO, Pekin Singer Strauss
TAG Executives Luncheon Guest List:
Joseph M. Antunovich, FAIA, Founder & President, Antunovich Associates
Jeff Asperger, Partner, Meltzer Purtill & Stelle LLC
Barbara Best, Founding Partner, Capital Strategies Investment Group
Adam DeGroot, President, DeGroot Logistics
Laura Dribin, CEO & Founder, Peritius Consulting
Morrie Elstein, VP, Cendrowski Corporate Advisors
Christopher Gandy, Founder & President, Midwest Legacy Group
Larry Marin, VP, Near North National Title
Ruth Minnick, Global Business Development Director, Unispace
Michael Nowak, CFO, ABN Amro
Mike Perich, Sewing Supplies Division CEO, Bernina International
Jonathan Rothstein, Senior VP, MB Financial Bank
Tim Schumm, President & Founder, Lucas James Talent Partner
Steve Whittington, Founder & CEO, LifeWorking Enterprises
Kate Winston, Agency Lead – Strategy & Growth, EnvisionIt