Concordis Real Estate Alliance Closes Deal For IFPA
7 Nov, 2005, Chicago, IL
Prudential Plaza lease demonstrates success of minority-owned business initiative
Cushman & Wakefield of Illinois, Inc. and its Concordis Real Estate alliance partner Concordis Frontier Commercial, negotiating on behalf of the Illinois FAIR Plan Assosiation, have completed a 10-year lease at the historic One Prudential Plaza office tower. The non-profit property insurance association will take occupancy of its new quarters in January, 2006.
C&W Associate Director Jeff Mulder and Concordis Frontier Commercial founder Ivan Boone represented IFPA in the 9,423-square-foot transaction. Mr. Boone is president of Concordis Real Estate, the first national consortium of minority- and women-owned real estate firms.
One Prudential Plaza owner Shorenstein Properties was self-represented in the negotiations, which will move IFPA from its current office on the building's 13th floor to freshly built-out space on the 41-story skyskraper's 10th floor.
Mr. Mulder and Mr. Boone negotiated a deal that will provide IFPA with newly customized space, a reduction in rent for the balance of the existing lease and favorable terms for the new lease, which commences in 2009.
The most significant achievement of the transaction, however, is that it has and will continue to further IFPA's diversity goals. By working through Concordis, IFPA has been able to draw upon the alliance's knowledge base of minority- and women-owned businesses to achieve all of its business needs.
That process is ongoing, as IFPA continues to call upon the cumulative expertise of Cushman & Wakefield and Concordis Frontier Commercial, thereby opening doors for other diversity-based firms whose expertise will dovetail with IFPA's ever-expanding requirements. The positive effects for Chicago's minority and women business owners will be exponential and potentially limitless in scope.
Both Mr. Mulder and Mr. Boone credited the Concordis partnership with allowing them to efficiently carve out a deal that might have been infinitely more difficult, if not impossible to do individually.
"The key to successfully completing this deal was in utilizing the combined knowledge and services of Cushman & Wakefield and Concordis Frontier Commercial," Mr. Mulder said. "The synergy that occurred through blending our mutual resources allowed us to fulfill our client's mission," Mr. Boone added.
The IFPA is a not-for-profit property insurance association supported by nearly 500 Illinois insurance companies. It was formed in 1968 to provide basic and affordable property insurance to applicants in urban areas in Illinois who are unable to purchase coverage through the standard insurance market for reasons beyond their control. FAIR is an acronym for Fair Access to Insurance Requirements.
Designed by Naess and Murphy, the 1.2-million-square-foot One Prudential Plaza was built in 1955 and was then the world's tallest building at 912 feet. Between 1989 and 1990, the Chicago-based architectural firm, Loebl, Schlossman and Hackl re-developed the 3.3 acre site. The plan included a new 64-story office tower, Two Prudential Plaza, an adjacent public plaza, and a new five-level underground parking garage. It also included the complete renovation and modernization of One Prudential Plaza. While the towers are architecturally distinct from a distance, Prudential Plaza is a cohesive office complex sharing a common lobby and mezzanine with matching architectural features.
Cushman & Wakefield is the world's largest privately held real estate services firm. Founded in 1917, the firm has 173 offices in 48 countries around the globe, and 11,000+ talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. We also provide valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please call 1-800-376-3133.