Ingredion Inc. (formerly Corn Products International) (”INGR”), one of the world's largest corn refiners, engaged Studley (now Savills Studley) to create a real estate strategy plan which identified a new headquarters. INGR’s priority was to elevate their image and exposure within the Chicago business community and maintain positive employee relations, while recognizing the firm’s financial goal to maintain its real estate occupancy costs at a higher-quality facility.
The former headquarters was located adjacent to its corn refining plant in the southwest suburbs of Chicago. The outdated, owned lab facility had been retrofitted to function as a headquarters. Due to its remote location, INGR was experiencing difficulty attracting new talent. In addition, the outdated facility exhibited inefficiencies in workplace design which caused the company to incur high maintenance costs. These inefficiencies translated into less than optimal productivity and higher than normal costs. Upon completion of the strategic plan, based on a thorough analysis of potential relocation options, Studley was contracted to implement the recommended relocation of the corporate headquarters to a more favorable location near Oak Brook, Illinois. Studley advisors supported each phase of the project.
Ingredion’s relocation of its world and North American headquarters to a centrally located suburb of Chicago significantly improved the firm’s recruiting efforts as well as its image as one of the world’s largest producers of corn refined products. The more central location continues to provide the firm exposure within the greater Chicago business community. In addition, Studley’s negotiations successfully achieved CPI’s objectives without increasing its real estate occupancy costs.
Five years after relocating into the facility, Ingredion retained Studley once again to create a renegotiation and expansion strategy as a result of continued business growth and a previously negotiated right to terminate their lease in 2009. Studley then identified a 10-percent contiguous expansion opportunity within 5 Westbrook Corporate Center at a significant cost reduction. The solution ensures CPI will continue to gain advantages from the building’s comprehensive amenities and maintain a prime location within the East-West Corridor, all within a reduced-cost leasing structure. In 2010, Studley’s services were again requested by INGR to expand their footprint in 5 Westbrook Corporate Center. Due to INGR’s acquisition of National Starch and the leverage it created for Studley’s negotiations, this expansion resulted in the lowest net effective rental rate secured by any tenant in the five buildings complex.
5 Westbrook Corporate Center,
Headquarter Relocation, Lease Expansion