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Case Study

Chicago Midway Airport

Situation

  • Chicago Midway Airport is #2 airport servicing Chicago.
  • Airport announces plans to privatize, issues RFP to pre-selected candidate interests.
  • Airport Authority short lists to 5 finalists
  • Real Estate team led by John Carver selected by one of the finalists Babcock & Brown to provide on and off-airport advisory and brokerage services.

Initiatives

  • 20-year projection study performed to analyze probable income stream from over 21 separate tenancy’s at Chicago Midway.
  • Surrounding off-airport parcel analysis and owner outreach to determine near port real estate options for possible relocation of certain airport elements
  • Site utilization study to determine highest and best use for critical airport land holdings.
  • Advisory on areas of potential revenue enhancement through realignment of real estate controlled by Chicago Midway Airport.

Results

  • Critical and time sensitive underwriting support was given by Jones Lang LaSalle enabling client to prepare the most credible best and final offer.
  • More effective long range planning was possible through identification of near port land and properties which would allow for greater utilization of on-airport parcels.
  • Informed decisions were made with knowledge of real estate component as weighed alongside other operational elements of the airport.
  • Developed deeper experience in addressing the real estate dynamics relevant to airport privatization projects.
  • New and meaningful stakeholder relationships formed to leverage on future projects.

 

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