In 2010, Urban Partnership Bank (UPB) was on a mission to find the right space for their new nonprofit-focused financial center in downtown Chicago. Numerous qualified real estate brokers competed to represent the bank, but one, Michael Pink, stood out due to his unique offer. Pink, of MAP Real Estate, is a member of a socially responsible real estate nonprofit, Investing in Communities®. IIC helps socially-conscious companies and individuals find the right match with a socially-responsible real estate agent. IIC members like Pink pledge to donate at least 10 percent of IIC-related commissions to the nonprofit that a client selects.
As an FDIC-insured community development bank serving Chicago's urban neighborhoods, UPB makes investing in communities its priority. So, it’s no surprise that the bank recognized a great opportunity in working with an IIC member. UPB would be able to increase its social impact, generate local goodwill and connect with its customer base – at no expense to the bank.
Pink is a seasoned tenant-rep with extensive experience in the Chicago office market. In addition, his generous offer to pledge 15 percent of his commission, through IIC, to UPB’s preferred nonprofit resonated with the bank. It was a unique opportunity for UPB to partner with an organization that shares many of the same values, including the goal to build stronger, healthier communities.
By simply having a standard real estate transaction, UPB was able to support charities at no expense to itself. Once the deal closed, Pink received his commission from the building owner and remitted his 15 percent pledge to IIC. IIC then earmarked 91.25 percent of that pledge, or $42,000, for distribution. Rather than select just one or several nonprofits to benefit from its transaction, UPB decided to give all IIC partners a chance to receive funding through a random drawing at the grand opening of the bank’s new downtown branch. The two organizations decided to split the $42,000 into 15 cash prizes, including one grand prize of $10,000.
The event was a success and gave UPB another opportunity to demonstrate its commitment to the nonprofit community. At the same time, the event garnered attention from local media, providing more exposure of the bank to its target audiences. IIC, UPB, Pink and numerous nonprofits came out as winners.
Working with an IIC member was a smart and fulfilling choice for UPB. Because of this partnership, the bank was able to leverage a corporate real estate need to support the greater good.
IIC works with any brokered real estate transaction: office, retail and industrial leases; and residential purchase and sale transactions. The client is empowered to choose among multiple experienced agents to handle transactions throughout North America, for the benefit of charities of the client’s choice.