Chicago Public Schools Facility Consolidation and Real Estate Strategy
In an unprecedented pro bono collaboration, CBRE Group, Inc., the world’s leading commercial real estate firm, and Cannon Design, a full service architecture and design firm, partnered to conduct a strategic real estate analysis of Chicago Public Schools’ headquarters building at 125 S. Clark Street in downtown Chicago. In the project’s first phase, Cannon Design used their interior design experts to evaluate CPS’ “footprint” need for physical office space, including:
• How people work
• How many desks are needed
• How much space is needed
These experts then developed scenario assumptions for the future space needs of CPS.
In the project’s second phase, CBRE conducted a comprehensive real estate analysis in light of these scenario assumptions. This process involved:
• Reviewing current capital and operating expenses and determining the extent to which they align with market values
• Estimating the market pricing for selling or leasing CPS headquarters
• Reviewing potential relocation alternatives, both an on owned and leased basis
• Identifying potential opportunities for cost savings
This collaboration between CBRE and Cannon Design has the potential to save CPS up to $4 million per year.