Medical Research Network US Headquarters Relocation
Vestian Secures New 17,000 Sq. Ft. Lease for Medical Research Network (MRN). The new, long-term lease agreement on behalf of MRN upgrades the Deerfield-based company to a Class-A building, more than tripling its current footprint. A 25% year-over-year employee headcount growth required MRN to evaluate and expand its short- and long-term real estate strategy to the new 17,000 SF suite.
MRN, a global leader in decentralized clinical trials, experienced 25% Y-o-Y employee growth requiring them to seek a new US headquarters. MRN enlisted Vestian to rethink their short- and long-term real estate strategy to align with business objectives throughout the pandemic. With Vestian’s help, MRN found they needed to more than triple their current footprint from 5,100SF to 17,087SF.
Vestian advisors always seek to maximize our clients’ leverage in the market. Understanding that MRN’s tenancy brought significant value to any landlord, we began with our strategic approach.
Vestian surveyed multiple direct and sublease options in the multiple submarkets of Northern suburbs in Chicago. We negotiated business terms that focused on driving strong concessions in a soft office market. In partnership with the client, we chose to move forward with Corporate 500, a premier North Suburban campus. This location was strategically selected for various reasons, both financial and experiential.
- The new HQ location takes advantage of Lake County real estate taxes, which are half of Cook County in Chicago
- Allows for growth within the floor, as well as within the campus as a whole
- Is a beautifully- and newly-built-out space. This allowed us to strike a deal at a discounted sublease rate and minimize capital expenditure for buildout
- Immediate access to the Lake Cook Metra Station (ideal for employee and visitor transportation)
- Includes a newly renovated fitness center, conferencing facilities, a deli, tenant lounges and outdoor patios
MRN’s new lease, not only upgrades the client to a Class-A space, but also saves the tenant 53% or $588,000 over the first two years of the lease. This was achieved by taking advantage of the sublease rental rate. Vestian also negotiated expansion rights for the remainder of the floor totaling 30,000SF.
- US Headquarters: Chicago, IL
- Services: Transactions Advisory, Site Selection, Strategy & Consulting
- Footprint expansion: Tripled from 5,100SF to 17,087SF with opportunity for further growth within new space
- Saved 53% or $588,000 on real estate costs in the first two years alone
- Negotiated a TI package of $513,000
- Upgrade to a Class A, fully built-out space
- Achieved discounted sublease rate and minimized capital expenditure for buildout
- Significant Lake County real estate tax advantage (half of cook county)