Hahn Loeser & Parks, LLP Case Study — A New Space for Long Term Success
Cleveland based law firm, Hanh Loeser & Parks, LLP engaged CBIZ Gibraltar in 2019 to assist the firm in expanding its presence in the Chicago market within the Central Business District.
Hanh Loeser & Parks previously occupied roughly 10,000 SF of space in Chicago and was looking for an office that would reflect the firm’s desired image and brand. The previous space was not a viable option and it did not meet the long term needs.
Hanh Loeser & Parks’ goals were also to enhance its office culture and promote a productive work environment that not only captured the latest law firm space planning trends, but would help attract and recruit talent, and support expansion overall within the Chicago market.
CBIZ Gibraltar conducted an extensive market search of building options and presented the law firm with several building alternatives for consideration. Upon review, under the Gibraltar team’s expertise and guidance, Hanh Loeser selected 200 West Madison Street as their building of choice.
Gibraltar was able to secure an above market tenant improvement package for the firm to design an upscale space that suited their needs. CBIZ Gibraltar also negotiated for a significant rent abatement package to assist with upfront costs.
Hanh Loeser & Parks’ lease for 14,500 SF of space at 200 West Madison Street also has expansion rights for the remainder of the floor. The 7,800 SF expansion option was an essential part of CBIZ Gibraltar’s negotiation as it allows the firm to plan for future growth given its desire to increase their Chicago presence.