The Adler School Doubles Size With 101,000-SF Lease

The 15-year lease, which begins on January 1, gives the school space on the 15th and 16th floors, as well as 2,500 square feet on the ground level at One North Dearborn St.

Transwestern brokered the deal for the Adler School. The company has been working with school officials since 2006 to plan long-term real estate strategies for the growth of the campus.

"Our primary objective was to identify a solution that would ultimately allow the Adler School the ability to own its real estate. Given the substantial growth they have experienced, the overall deal structure puts the School in a synthetic ownership position during the initial years of the lease term while still providing the School with an opportunity to purchase its space on a predetermined future date," says Transwestern's Scott Becker.

"The building will continue to support the Adler School's growth plans as they will have the ability to expand seamlessly over the lease term due to ongoing expansion options."

In addition to working on a long-term real estate plan, Transwestern helped identify the Dearborn location and assisted in securing the architect and interior build-out contractor. OWP/P Cannon Design was brought on as the architect. Leopardo Cos. Inc. will be the contractor for the interior build-out. ConopCo is the project manager.

"The stunning design blends modern technology with the warmth that is a trademark of the Adler School," says Transwestern's Phil Utigard. "We are honored to serve the School as our client and fulfill its needs in this complex transaction, which required sophisticated landlord and tenant financing, the relocation of existing tenants, and the negotiation of both lease and purchase documentation."

Utigard and Becker represent the Adler School while Kevin Purcell and Gary Denenberg of MB Real Estate represented the building's owner.