Vestian Secures New 17,000 Sq. Ft. Lease for Medical Research Network
Chicago, IL, – July 8th, 2021 – Vestian, a global commercial real estate firm, announced it has successfully negotiated a long-term lease for the new U.S. headquarters of Medical Research Network (“MRN”), a global provider of decentralized clinical trials.
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, with global headquarters in the U.K., will be moving it’s US headquarters to the Corporate 500 corporate office complex, a premier North Chicago suburban complex with immediate access to the Lake Cook metro station, and state-of-the-art amenities including a newly renovated fitness center, conference facilities, deli, tenant lounges and outdoor patios. The successful negotiation of the seven-year lease takes advantage of a newly built out modern space, minimizing MRN’s capital expenditures.
“We surveyed direct and sublease options in multiple sub-markets in the northern suburbs of Chicago,” said Vestian’s Director Patrick Kobilca, who negotiated the lease on behalf of MRN. “MRN’s newly upgraded office space comes built out, and takes advantage of significant Lake County real estate tax savings, which proves to be an ideal solution for MRN’s changing real estate needs.”
“MRN have been growing in the US at a phenomenal rate and Vestian worked with us for over two years, through pre-pandemic and pandemic environments, helping us identify and secure a new corporate office that will foster a safe and healthy environment while accommodating our rapid business growth,” said Todd McGrath, Vice President - Global Head Project Management at MRN, “Vestian’s collaborative approach and ability to successfully complete this transaction in a difficult environment provided us with measurable savings, and considerable concessions in a soft commercial real estate market while helping us match our new branding and feel from our newly expanded UK headquarters.”
“As the commercial real estate market continues to evolve, we have found that successful companies are reevaluating their current footprint, and developing a new plan for real estate,” added Kobilca. “Rethinking, reshaping and restructuring their real estate needs will lead to a more productive and economically viable business.”
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 offers cohesive portfolio strategy and management, transaction advisory, corporate finance, project services, workplace integration, data management, facilities management, and audit & recovery.
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, Ryder, 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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Contact: Stuart Goldstein, RG Narrative