WEDNESDAY, DECEMBER 02, 2009

Transwestern negotiates 15-year lease for Adler School

by Illinois Real Estate Journal Reports
Chicago

Transwestern has represented the Adler School of Professional Psychology in lease negotiations for its new Chicago campus. The 15-year lease includes 100,796 square feet, consisting of the entire 15th and 16th floors and approximately 2,500 square feet of ground floor space at One North Dearborn Street. The Adler School's new lease will commence on January 1, 2011.

Beginning in 2006, Transwestern developed a long-term real estate strategy that supported the School's new mission statement, growth initiatives and overall operational needs, paving the way for the development of a world-class campus for the Adler School.

Transwestern collaborated with the School's executive leadership team, faculty, students, alumni, and Trustees in order to develop a vision of what the Adler School's new Chicago campus should entail.

With a plan in place, Transwestern was able to help select and negotiate a long-term solution to accommodate the School's growing operational needs. Transwestern played a key role in interviewing, negotiating and selecting the project management, architectural and construction teams for the project. OWP/P Cannon Design is the architect and Leopardo Companies, Inc. is the contractor for the interior build-out. ConopCo was selected as the project manager.

The Adler School's Chicago campus will more than double in size with the move to One North Dearborn Street, which will allow for linear growth and the addition of exciting new graduate and post-graduate programs. One North Dearborn Street is an 884,000 square foot building located in the Central Loop submarket of Chicago's Central Business District. The building offers Chicago skyline views and easy access to commuter train stations, rapid transit stations and major expressways.

"Our primary objective was to identify a solution that would ultimately allow the Adler School the ability to own its real estate. Given the substantial growth they have experienced, the overall deal structure puts the School in a synthetic ownership position during the initial years of the lease term while still providing the School with an opportunity to purchase its space on a predetermined future date," said Scott Becker of Transwestern. "


Phil Utigard and Scott Becker of Transwestern represented the Adler School in the new lease. Kevin Purcell and Gary Denenberg of MB Real Estate represented ownership of One North Dearborn Street.

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