Medical Research Network US Headquarters Relocation
Introduction
Medical Research Network (MRN), a leader in decentralized clinical trials, experienced substantial growth with a 25% increase in employee headcount year-over-year. This growth necessitated a reevaluation of their real estate strategy, leading them to engage Vestian for assistance in securing a new US headquarters.
Challenge
MRN needed to expand their office space from 5,100 SF to 17,087 SF to accommodate their growing team. They faced the challenge of finding and securing a space that not only met their expanded needs but also aligned with their business objectives during the ongoing pandemic while providing financial benefits.
Solution
Vestian employed a strategic approach, leveraging MRN's attractive tenancy to negotiate favorable terms in the soft office market. After surveying multiple potential sites in Chicago's Northern suburbs, our team selected Corporate 500, a premier North Suburban campus. This location offered lower real estate taxes in Lake County, room for future growth, and a beautifully built-out space at a discounted sublease rate, minimizing capital expenditure for buildout. The site also provided convenient transportation access and additional amenities such as a renovated fitness center, conferencing facilities, and outdoor spaces. Through this partnership, MRN upgraded to a Class-A office space while saving 53% ($588,000) on real estate costs in the first two years of their lease. We also secured expansion rights for the remainder of the floor, offering the possibility of even further growth to support MRN's continued success.
