The Tenant
LEAP Innovations, is a national non-profit organization that connects innovation and education to transform how students learn. LEAP has received grants from some of the most prestigious foundations in the world and rapidly grew to become the largest tenant in the popular 1817 tech incubator.
The Need
EnTrust was engaged by LEAP to develop and execute a strategy to accommodate its rapid growth and unique space programming needs, while maintaining a high-profile presence in the incubator. LEAP was outgrowing its incubator space and needed to establish a HQ identity. In addition to office use, the space solution would need to accommodate LEAP’s professional development sessions which host over 100 educators on a regular basis.
LEAP was seeking a solution that would reduce rent cost on a per square foot basis and balance the stewardship of being a responsible non-profit while identifying a space that reflected LEAP’s culture as a tech-oriented leader through modern, creative and collaborative design.
The Process
EnTrust organized a project team including architects, construction managers and general contractors to usher LEAP through the leasing process. Based on the developed space program, EnTrust evaluated 50 locations and toured 20 spaces in the Chicago CBD with LEAP and ultimately narrowed down to 3 locations. EnTrust scrutinized the various lease proposals and construction estimates into a comprehensive analysis that compared the out-of-pocket costs, the landlord & tenant responsibilities, and timing associated with each option in order to choose the option that best achieved LEAP’s needs and objectives.
The Solution
Ultimately, EnTrust identified an attractive sublease of award winning space in The Mart that featured amazing views of Chicago from all sides and included FF&E and cabling. This space solution minimized disruption of existing programming by allowing LEAP to continue its development sessions at the 1871 incubator while expanding their HQ identity to a creative plug & play space on a full-floor in The Mart’s tower. EnTrust locked-in a long-term lease at a 27% reduction in rent on a per square foot basis compared to the incubator space and further negotiated a gross free rent abatement period.