Your IT department needs an overhaul. Take a look at my Premiere Pro BenchMark Blog and under the CPU tab you will see major differences between 18-cores and 4-cores.the i7-7700 is appreciable less than half the power when used with Premiere Pro. They might as well give you a 4-core laptop.
If they offered you a 8-core i7 then you probably should consider
As Bill stated, that i7-7700 is not powerful enough to handle this type of content. However, the Xeon E5-2697 v4 is overkill for this type of work, largely because the law of diminishing returns kicks in above 8 to 10 CPU cores (16 to 20 processing threads). As a result, the best PC for the job would have been one with an 8- to 10-core Intel i7/i9 or an AMD Ryzen 7-series CPU.
If your IT department's PC budget is so low that you'd have to settle for only a quad-core (or worse) CPU, your company might as well close up shop.
Thanks, guys. I really appreciate the advice.