Case Studies

 

Transaction Details

Client
Corn Products

Property
5 Westbrook Corporate Center
Westchester, IL

Transaction Size
81,000 square feet

Transaction Type
Lease Relocation

Headquarter Relocation Achieves Refinery's Objectives Without Increasing Occupancy Costs  

 

Client Situation

Studley (now Savills Studley) was engaged to conduct a real estate strategic plan for Corn Products International, one of the world's largest corn refiners, to identify a headquarters real estate solution that would address image and exposure within the Chicago business community and maintain positive employee relation.  The firm’s main goal was to maintain its real estate occupancy costs while moving into a higher-quality facility.

Consideration Analysis

The former Corn Products International headquarters was located adjacent to its corn refining plant in the southwest suburbs of Chicago.  The facility was an owned, but outdated, lab facility that had been retrofitted to function as a headquarters. Due to its remote location, Corn Products was experiencing difficulty recruiting.  In addition, the outdated facility exhibited inefficiencies in workplace design and caused Corn Products to incur high maintenance costs.  These inefficiencies translated into less than optimal productivity and higher than normal costs.  Upon completion of the strategic plan and a thorough analysis of potential relocation options, Studley was retained to implement the recommended relocation of the corporate headquarters to a more favorable location near Oak Brook, Illinois.  Studley advisors supported all phases of the project.

Result

Corn Products’ relocation of its world and North American headquarters to a centrally located suburb of Chicago significantly improved recruiting and improve its image as one of the world’s largest producers of corn refined products.  Also, the more central location serves to enhance the exposure of the firm within the greater Chicago business community.  Through Studley’s negotiations, Corn Products achieved these objectives without increasing its real estate occupancy costs.

 

Meet the Team

Joe Learner
Vice Chairman, Director

Joe joined the firm in 1989 and is now a member of Savills Studley’s board of directors and its seven-person executive committee. As a manager of the Chicago office since 1997, Joe provides leadership and strategic vision that has helped the office become one of the largest tenant representation practices in the Midwest. Prior to joining Savills Studley, Joe served as a real estate consultant at the former Arthur Andersen, developing strategies to optimize clients’ cash flow and GAAP accounting treatment.

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