Newmark announces a 42,696-square-foot office lease at the Reserve at Deer Park in the northern suburbs of Illinois. Newmark Managing Director Matthew Frazee, Senior Managing Director Paul Buckingham and Managing Director Brian Reaney represented the tenant, Logical Position (LP), in the lease negotiations for the company’s new Illinois office. Building ownership was represented by JLL. Newmark Director Stanford Scriven leverages Newmark’s nationwide platform to help Logical Position, as they expand into new markets. Building ownership was represented by JLL.
LP, an award-winning digital marketing agency, has experienced rapid and dramatic growth nationwide. The firm was looking to expand and relocate its Illinois branch to an office space which aligned with the vibrancy of its business and supported its ongoing recruitment of top talent. Newmark’s Frazee and Scriven were able to negotiate improved building amenities and extremely aggressive deal terms including a phased occupancy schedule, which will help to defer near-term costs while the client continues to add significant headcount in the years to come.
“This was a very successful outcome for our client from a cultural perspective and in the deal terms we were able to achieve,” said Frazee. “The Deer Park location continues to facilitate Logical Position’s aggressive employee growth projections and provides significant cost savings owed particularly to favorable landlord concessions.”
LP says the deal will create jobs and support local companies in expanding their reach: “This move will allow us to help more businesses grow through our digital marketing services as well as creating job opportunities for local residents,” said Chris Vale, vice president of SEO and website development and Chicago general manager at LP. “We have a lot to be thankful for and are looking forward to many more years of growth here.”
The Reserve at Deer Park is located on Lake Cook Road, north of Chicago. The 85,392-square-foot, six floor office property features large floorplates and abundant parking. Situated on a 58-acre natural setting with walking paths and ponds, the property also offers tenants a café, fitness center and a conference/training center.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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