Lindsay, Pickett & Postel, LLC (LPP) was occupying two separate offices in the same building. Seeking to consolidate to a single, high-class, high-rise space with east-facing views and abundant natural light, the client needed to sublease its existing spaces. Watch the video below to hear Managing Partner Christopher J. Pickett discuss working with the Azulay Team at Bradford Allen’s Tenant Representation Practice.
- Lindsay, Pickett & Postel, a Chicago-based law firm, occupied separate spaces on two different floors within the same building, and their goal was to consolidate into a single office space while relocating to a higher-class property.
- LPP had been told there were limited options and they should wait for their lease to expire.
- Lack of quality law firm space available—BA’s original strategy was to capitalize on the soft market caused by the pandemic and uncover a recently built-out law firm space that was no longer needed. We quickly realized there was very little quality existing law firm space available under 10,000 square feet.
- Aligning multiple transactions at the same time—Managing multiple timelines and interests with two subtenants and relocating to a new building required some creative thinking and disciplined project management.
- BA proactively marketed LPP’s office spaces for sublease and secured subtenants for both of the client’s spaces while simultaneously negotiating terms for a new office in a higher-class property that met the client’s specifications.
- At the 11th hour, the new landlord backed out of the transaction. Our brokers quickly pivoted and leveraged information from another completed BA transaction in a nearby building to provide our client with an off-market opportunity which met their exact specifications.
- Over several months, BA educated the client on transactions being completed in the market and presented alternative strategies that could still help the firm accomplish their qualitative, operational, and financial goals established at the onset of the assignment.
- BA created marketing material outlining the specifications LPP was looking for, uncovering several unlisted office spaces that potentially met their specifications. Before discussing any office space with them, BA previewed every space in-person to ensure they met LPP’s requirements, saving them time by only touring spaces which fit their exact needs.
- With the sublease transactions finalized and a new space identified for LPP’s next office, BA negotiated temporary, fully furnished office space for our client to use free of charge in their new building through 2022 in order to meet the timing requirements of the subtenants and allow for the construction of the new premises.
“At every step of the way, both Justin and Nathan were there with level-headed, worthwhile advice and guidance. They were able to see this deal through and make sure we closed on each one of these transactions.”
– Christopher J. Pickett
Managing Partner, LPP LLC
- BA—during the Covid-19 pandemic—located a space that fit LPP’s specifications while navigating uncontrollable deal hurdles, leading to a timely solution for all parties involved.
- Additionally, BA’s brokerage team achieved a healthy rental recovery for LPP while subleasing their original office space, substantially reducing their outstanding rental obligation and making the relocation financially feasible.
- Sticking to a proven strategy and process is paramount to successfully completing any transaction. This is especially true when dealing with multiple timelines and objectives.
- In the end, LPP moved from a mid-rise, Class B office building with two separate suites to a single-office, Class A high-rise space with brand-new furniture and finishes along with superior amenities as they look forward to welcoming their full firm back to the office.
Transform your own office space
As expert tenant representatives, we focus our strategy on the business objectives of our clients. Each service we provide is measured by how well it achieves or enhances client goals. Bradford Allen clients gain the knowledge necessary to quantify their real estate requirements, determine the positives and negatives of available options, and analyze the financial implications involved. To achieve similarly impactful results for your business, consider contacting our experienced brokers today.
Since joining Bradford Allen in November of 2011, Justin has been dedicated to addressing the specific needs of his clients. As a managing director with the firm, he specializes in representing office tenants and helping businesses to realize their qualitative, operational, and financial real estate goals. Justin’s advisory approach ensures his clients are aware of the multitude of opportunities available to them in the downtown Chicago office market.
Justin has represented organizations across various industries, each with a different level of real estate experience. This diversity has enabled him to formulate a well-rounded understanding of Chicago’s dynamic commercial market. A few of his most-successful transactions include: assisting local micro-brewery, Baderbrau, in locating a building for their new brewery and tap room; locating a single-floor office large enough to relocate Walton Isaacson’s growing Chicago office in the vacancy-challenged River North submarket; and subleasing the existing office for the e-Discovery company, Mindcrest, while simultaneously relocating them to a new space triple the size of the previous office.
By applying his diverse domestic and international business experience, Justin is able to help clients quickly identify potential issues and formulate effective strategies. He is committed to developing solutions for complex real estate requirements through his creativity, cost-saving strategic planning, and his ability to anticipate a client’s operational needs.
Hailing from just outside St. Louis, Justin is an avid St. Louis Cardinals fan (and doesn’t hold it against his wife that she roots for the Cubs). Justin loves traveling, exploring new cities, and staying active with CrossFit, soccer, and biking.
Licensed Real Estate Broker in the State of Illinois
Small Business Advisory Council
Member Engagement Committee, Union League Club of Chicago
NATHAN J. MEISNER
Nathan joined Bradford Allen in 2019, primarily focusing on helping companies find office space to fit their needs by assisting in all facets of the leasing process. His responsibilities include finding office requirements and negotiating new leases, renewals, and extensions. Nathan also maintains current market knowledge and relationships with owners, which helps him create the best options for his clients.
Prior to Bradford Allen, Nathan began his commercial real estate career with summer internships at Cushman & Wakefield and Zeller Realty Group. A graduate of Ohio University in real estate and financial management, Nathan became an office tenant rep broker at Monarch Realty, before joining Miller Chicago Real Estate.
A Cincinnati native, Nathan is the middle child of six siblings and a longtime fan of all Cincinnati sports – Bengals, Reds, and FC Cincinnati. He now lives in Wicker Park and spends his free time watching or playing sports, fishing, camping, hiking, and finding new spots to dine and drink in the city.