I am the Managing Partner of a mid-size engineering firm located on Michigan Avenue. We had conducted an extensive search for brokers, but after a long process, we hired Bill Himmelstein of Tenant Advisory Group, LLC, mainly based upon his past efforts in helping us gain new clients.
After a long process of touring properties in the Loop, we finally settled on terms with our existing building on Michigan Avenue. Bill was able to reduce our rental rate from its current $17.75 Net down to $13.25 Net, a reduction of over 25%. That rate reduction alone represents a savings of almost $500,000 over the course of our new lease. In addition, Bill was able to negotiate a free rent period of 18 months! That will save us an additional $390,000! Lastly, Bill was able to secure a tenant improvement allowance of $50 psf, or $500,000 to completely tear down and redo our space so that it is brand new with improved finishes. The allowance will not only cover the costs of our construction, but should have enough left over to buy our firm new furniture!
Throughout the process, Bill was responsive, professional, and extremely helpful. Often times we would call him in the morning to have an afternoon meeting or to tour a property. He always came through by meeting our demands and accommodating us on such short notice. His expert lease negotiations and great contacts of attorneys, contractors, and architects allowed us to trust him completely. I would describe Bill as the consummate professional. Always available to cater to our needs, answer our questions, or help in any way that we needed. He worked hard and at the end of the day, has negotiated a very favorable lease agreement on our behalf.
TAGS