Vestian Secures New HQ for Headline Solar in Bell Works Development
Chicago, Il, – April 26, 2022 - Vestian announced it has successfully secured a new 15,000 square foot Headquarters space for Headline Solar, the fastest-growing solar company in the Midwest. The Vestian team representing Headline includes Gregg Espach, Executive Managing Director; Patrick Kobilca, Director; and Bryant McKenzie, Associate.
The new HQ space upgrades Headline Solar from a Class-B to Class-A building within the brand-new $200M Bell Works redevelopment project. Bell Works is formerly the 1.65-million-square-foot, 150-acre, campus for AT&T/Ameritech in Hoffman Estates. The project will bring abundant office space, mixed-use retail space consisting of dining and shopping, large conference facilities, a 30,000 SF health club, Solarium, and coworking spaces. Bell Works is referred to as a “Metroburb,” combining workplaces, dining options, retail experiences and more. The location, and its amenities package, is ideal for Headline’s new HQ space and their growing employee base.
It was critical to Headline Solar that their new HQ allow them to scale up quickly, without compromising cost and limiting capital exposure. With that in mind, Vestian secured a lease for Headline Solar that increases their footprint substantially. It also provided favorable economics compared to market, limits capital exposure, and has several fixed expansion options that provide Headline Solar the flexibility to expand their presence at Bell Works as their workforce grows.
“Headline’s new US Headquarters takes advantage of an incredible opportunity of being one of the first tenants into a first-class redevelopment like Bell Works,” said Vestian Executive Managing Director, Gregg Espach. “We were able to leverage the market, scale occupancy, and achieve flexibility in a dynamic environment well-suited for a rapidly-growing company.”
“We identified three different relocation options and ultimately negotiated an ideal solution that checked all of the boxes,” stated Vestian Director, Patrick Kobilca. “Most notably, we strived to preserve capital and deliver a space that will support Headline’s aggressive growth plans.”
The 10-year lease includes considerable concessions including flexible terms, build-out allowances, the right to scale occupancy, and swing space to house employees while buildout is being completed, all significantly minimizing Headline’s capital expenditures. Vestian’s Project Management team is overseeing the build-out, ensuring Headline’s vision is expertly brought to life.
“With our workforce expected to grow in excess of 100% over the next three years, it was imperative that our new HQ accommodate our expansion needs, while also providing an exciting environment for our employees,” said Jared McKenzie, CEO of Headline Solar. “Despite a difficult market and a complex, ever-evolving negotiation, Vestian delivered incredible results.”
“Vestian drove an innovative, turnkey real estate solution that satisfied all of our needs and wants while delivering measurable savings and concessions,” continued McKenzie. “The caliber of the team and the deal is unmatched. We’re excited to hit the ground running in our new space.”
Headline Solar is set to move into their new space in late April.
Founded in 2009, Vestian is a full-service real estate firm focusing exclusively on occupiers. With offices in the U.S., Europe, India, and China, Vestian helps clients transform their real estate holdings into distinct competitive advantages.
Vestian serves leading organizations in a range of market sectors catering to IT, retail, hospitality and biotech companies including Bosch, Cargill, Chrysler, 3M, Puma, Mercedes-Benz, CSL Plasma, Texas Instruments, Union Pacific, Nike, Ericsson, Caterpillar and many others. More information can be found at www.vestian.com
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