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Case Study

With Price and Location on the Line, a Telecommunications Firm Connects

A global telecommunications giant had to make an urgent call. It had two leases set to expire in a tight, expensive real estate market. Site I was a 180,000-square-foot regional headquarters building that handled every call routed through the southeast United States, though one downside was insufficient parking. Site II was a 70,000-square-foot space that the landlord wanted to renew at a lease rate of $23 per square foot in a $21-per-square-foot market. After carefully reviewing the market, our team recommended that the client renew its lease at the more critical Site I building and find an alternative to Site II.

At Site I, we negotiated an extraordinary concession to gain adequate employee parking: The building owner agreed to close his profitable restaurant occupying part of the site and replace it with surface parking—at his expense. We then needed to find an alternative 70,000-square-foot space that could replace the overpriced Site II without adding to employee commute time.

After conducting employee surveys and a comprehensive zip code analysis to pinpoint the search area, we identified satisfactory space within a mile of Site II and on the same mass transit line. In the same tight local market conditions that prompted Site I inflated prices, our team took advantage of its long-standing relationship with the property owner. We helped secure a below-market lease rate of $17 per square foot, a savings of $6 per square foot over the new Site II lease cost.

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