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Darwin Realty & Development Corporation
Tenant Representation
Walsroder Packaging, LLC
Willowbrook, IL
43,681 SF
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Challenge
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- Walsroder Packaging, LLC was acquired by a private group out of Austria. One of their business units was sold which resulted in a reduction in the amount of space needed.
Walsroder Packaging's new space requirement was 30,000 - 35,000 SF.
Walsroder Packaging had exhausted negotiations with their current Landlord, and they were unable to come up with renewal terms that made sense.
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Action Steps
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- Walsroder Packaging chose Darwin Realty as their Exclusive Agent to negotiate with their current Landlord and to search for alternative sites.
Darwin created a competitive environment for Walsroder Packaging, their current Landlord and alternative Landlords.
Darwin educated Walsroder Packaging regarding current market lease rates, annual escalations, and Landlord concessions.
- Walsroder Packaging received five (5) proposals from competing Landlords.
Darwin assisted Waslroder Packaging in the analysis of all proposals.
Walsroder Packaging gave their current Landlord a proposal stipulating the terms under which they were willing to remain in their current facility.
Walsroder Packaging was able to reduce their current net rent by approximately $2.50 per sq. ft. and they were able to obtain four (4) months of free net rent. This equated to a total savings of approximately $500,000 ovr the 4 year lease renewal term.
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Results
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- Walsroder Packaging received five (5) proposals from competing Landlords.
Darwin assisted Waslroder Packaging in the analysis of all proposals.
Walsroder Packaging gave their current Landlord a proposal stipulating the terms under which they were willing to remain in their current facility.
Walsroder Packaging was able to reduce their current net rent by approximately $2.50 per sq. ft. and they were able to obtain four (4) months of free net rent. This equated to a total savings of approximately $500,000 ovr the 4 year lease renewal term.
- Walsroder Packaging received five (5) proposals from competing Landlords.
Darwin assisted Waslroder Packaging in the analysis of all proposals.
Walsroder Packaging gave their current Landlord a proposal stipulating the terms under which they were willing to remain in their current facility.
Walsroder Packaging was able to reduce their current net rent by approximately $2.50 per sq. ft. and they were able to obtain four (4) months of free net rent. This equated to a total savings of approximately $500,000 ovr the 4 year lease renewal term.
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