EMBANET to Relocate Headquarters from Schaumurg to Elk Grove Village
Company Upgrades Space in Soft Suburban Real Estate Market
Chicago, IL (September 1, 2010)
Embanet, the leading provider of online learning services to schools, colleges and universities, will be moving its U.S. corporate headquarters from Schaumburg, IL, to Elk Grove Village, having just signed an 18,600-square-foot sublease with Citigroup for part of the fifth floor at 50 Northwest Point.
The company, which was previously located in 11,000 square feet at 1000 Woodfield Road, has taken advantage of the depressed northwest suburban office market to upgrade from a Class B building to a Class A building. “The current real estate market presents tenants with opportunities not available when the economy and real estate markets are robust,” shared Studley’s Terry Mostrom, who along with Jon Azulay represented Embanet in the sublet. “Although Embanet’s impetus for going into market for space was based upon their lease expiration and a need for more space, many companies can take advantage of the current opportunities to upgrade space and/or lower occupancy costs, even with lease expirations that appear somewhat distant.”
“This move makes sense for Embanet,” explained Patrick Donoghue, Embanet’s CFO. “The space is turn-key with a high-end build-out so we have virtually no out-of-pocket costs. In addition, we have first right of refusal for the remainder of the fifth floor, which will nicely support our projected growth.”
Gregg Raus of Jones Lang LaSalle represented the sublandlord, Citibank.
Studley is the only global tenant advisory firm with a pure tenant representation delivery platform. Founded in 1954, Studley pioneered this conflict-free business model. Today, with 19 offices nationwide and an international presence through its London office and AOS Studley throughout Europe, Studley provides strategic real estate consulting services to top-tier corporations, law firms, nonprofits, government agencies and institutions of higher education. Information about Studley is available at www.studley.com.