In 2006, Optiver US LLC (Optiver), one of the world’s premier electronic trading institutions with over 500 employees worldwide, enlisted HDREP to be its exclusive broker to work on its upcoming US Headquarters requirement in Chicago. Given the current trading environment and the fact that reliability and trade speed meant everything to Optiver, HDREP knew it had to focus on buildings that offered sufficient infrastructure in terms of connectivity and power.
HDREP organized the most capable team of Information Technology, Construction, and Engineering consultants to work with Optiver’s internal technology staff to identify the exact infrastructure parameters that Optiver demanded. HDREP, with its team of consultants, developed a proprietary questionnaire that was sent to various buildings in downtown Chicago in order to develop a shortlist of buildings that could provide the infrastructure necessary to accommodate Optiver’s requirement.
After a very thorough review of office buildings in Chicago’s East, West, and Central Loop submarkets, HDREP determined that only five buildings in these areas were capable of accommodating Optiver’s massive electrical, cooling and data requirements. One of the shortlisted properties was One Prudential Plaza in Chicago’s East Loop, a property that doesn’t typically attract a financial services firm due to its distance from the financial exchange buildings. After intense negotiation, HDREP not only was able to achieve a very economical deal at One Prudential Plaza, but was able to get the landlord to commit to providing a substantial amount of base building infrastructure, as well as the ability to appropriately back up and cool Optiver’s data and trading rooms.
Optiver occupied their new facility in the second quarter of 2008, and the infrastructure requirements that were included in the lease negotiation have proven to be a valuable tool in allowing Optiver to increase its competitive edge.
HDREP recently finished a negotiation for approximately 14,000 square feet of contiguous expansion space at One Prudential Plaza for occupancy in 2013. Due to current and upcoming vacancy in the building, HDREP was able to secure a below-market economics without providing an extension of lease term.