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Healthcare Giant enlists Studley to Negotiate a Long-Term Renewal and Expansion at 800 Biermann Court, Mount Prospect, IL.
Chicago, IL. (PRWEB) February 27, 2014
CVS Caremark renewed and expanded its long-term lease at 800 Biermann Court in Mount Prospect, IL, in late December. The company will now occupy 123,115 square feet, a 21,000 square foot expansion.
John Goodman, Executive Vice President and Branch Manager and John Conerty, Senior Managing Director of global commercial real estate services firm Studley in Chicago, represented CVS Caremark and negotiated the transaction along with John Gledhill of CBRE, who represented the landlord, Principal Financial.
According to Conerty, The 102,105 square feet had been converted by CVS Caremark into office space, with 500 car parking. A division of CVS Caremark that was occupying a portion of the 102,105 square feet was rapidly expanding and needed an additional 21,000 square feet of office space and 350 additional parking stalls. This brought the total size requirement to 123,115 square feet and total parking requirement to 850 parking stalls.
In order to accommodate CVS Caremark, the landlord agreed to provide the company with an additional 21,000 square feet, demolish approximately 68,000 square feet of the existing vacant warehouse portion of the building and expand the parking lot to accommodate an additional 350 parking stalls. Goodman adds, In turn, CVS Caremark agreed to renew and expand its footprint in Mount Prospect for the long term. He says that the CVS Caremark expansion is on task to be completed by October of 2014.
Studley is the leading global commercial real estate services firm specializing in tenant representation. Founded in 1954, Studley pioneered the conflict-free business model of representing only tenants in their commercial real estate transactions. With over 60 offices worldwide, Studley offers expert advisory services, including brokerage, project management, corporate services and strategic portfolio solutions. Studleys unique approach examines every clients business to fully understand corporate objectives and optimize real estate assets. For more information, please visit http://www.studley.com and follow us on Twitter @StudleyInc and LinkedIn.
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