Insurance Firm’s Focus is Location and Expansion

Challenge:  With more than 125 years in business as one of Illinois’ largest insurance agencies, R.W. Troxell needed a new, downtown Chicago office that provided a central location, was close to public transportation and had the professional look to match their corporate culture.  In addition, due to expected growth they wanted the ability to be able to grow without being locked in a long lease.

Action:  R.W. Troxell engaged Office Space Chicago to identify locations in Chicago’s central loop that fit their requirement.  OSC began by identifying buildings that had space in their size and price range that had opportunities for future growth.   Understanding that the timing of their growth was difficult to predict, Office Space Chicago not only looked for spaces with vacancies next door but inquired about spaces where a neighboring tenant’s lease would be expiring in the next couple of years.  After narrowing the long list of properties to a short list that fit the bill, OSC organized a tour of these buildings.  A clear favorite was established, however,Office Space Chicago leveraged two competing buildings in order to get a below market lease rate and concessions.  OSC was able to negotiate a shorter term lease that allowed for flexibility for his client.  After a subsequent renewal, R.W. Troxell needed more space.  With the lease of their neighboring tenant expiring, an expansion was negotiated.

Results: 

• Office Space Chicago negotiated a rental rate $2.00 per square foot below the average for the building.
• R.W. Troxell was able to seamlessly expand on their floor and now leases the full floor.
• The building is close to the “el” trains as well as the commuter train stations.
• R.W. Troxell has engaged Office Space Chicago on three separate occasions to handle their subsequent renewals and expansions.