Elevance: Renewable Sciences Case Study — Unique Life Sciences Lab Research Facilities
Elevance – Renewable Sciences engaged CBIZ Gibraltar to source a new lab research facility for the life sciences group, which was starting a new bio-sciences company that produced high-performing specialty chemicals from plant oils.
In the beginning, the company needed a brand new, state-of-the- art wet chemistry lab space of approximately 15,000 SF in the East/West and I-55 Corridors.
CBIZ Gibraltar worked to secure a lab space for the group at 175 East Crossroads Parkway in Bolingbrook, Illinois and completed a full build-out on the space to accommodate Elevance’s needs at the time.
Within a few years, however, the group’s business escalated dramatically and it re-engaged Gibraltar on the new expansion assignment.
Going back to the market to identify the highest quality 75,000 SF of wet lab space available in the entire metropolitan area in Chicago, the Gibraltar team located a space at 2501 Davey Road in Woodridge, Illinois and aggressively targeted and sought out a new tenant for the group’s existing space.
Subleasing of Elevance’s existing space was accomplished quickly and successfully with a full recovery due to the high level build-out that was completed years earlier.
In addition, Gibraltar secured a building for the group with significant existing condition space at a below market rate with great concessions in Woodridge.
The life sciences group as been operating efficiently in the space for many years and has been able to scale and grow the business without further relocation or move requirements.