|LOCATION||Crystal Lake, IL|
|PROPERTY SIZE||5,200 SF Classroom Space|
|FINANCIAL BREAKDOWN||25% Reduction in Rents|
Regan Trittler began his relationship with Columbia College in 2010. Regan’s first priority was to help alleviate some of their real estate related stress and overhead. Specifically, the Columbia team needed a centralized process for dealing with real estate decisions while keeping their focus on providing a top level of education. Since the inception of the relationship, Regan has assisted Columbia College in standardization of process and forms, and provides lease administration services, construction management oversight, and negotiations for all of Columbia’s real estate requirements across the country.
Columbia College was occupying approximately 5,200 square feet of classroom space in Crystal Lake, Illinois. The lease rate was high and Columbia was looking to reduce overhead without having to incur additional build-out costs. Furthermore, the existing landlord was not immediately open to working with our client, the tenant for a more market appropriate lease rate.
The McKinney Advisory Team lead by Regan performed a market analysis of all suitable relocation options and identified cost saving opportunities for Columbia College.
Following a market search, McKinney located several viable alternate sites in the Crystal Lake, IL area. These options included reduced rental rates, substantial tenant improvement allowances, and Class “A” amenities.
McKinney leveraged the value Columbia College brings to a building to create competition in the market in their best interests. The ultimate result of this competition was the current landlord revising their offering to provide a substantial reduction in rents to our client. This agreement allowed Columbia College to remain in their current location and best serve their students and faculty. Creating competition in the market even when staying in the same location is a valuable tool when assisting our clients.