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Case Study

Morris Nichols Arsht & Tunnell LLP

Situation/Process

  • Jones Lang LaSalle was retained by MNAT to devise a long term occupancy plan for addressing the firm’s lease expiration for 74,000 s.f. at 1201 N. Market Street in Wilmington, DE.
  • MNAT was located in one of the few trophy office buildings in the Wilmington, DE CBD. A creative plan was needed to leverage the limited available options in the Wilmington, DE CBD.
  • MNAT was experiencing near term growth and needed to acquire expansion space prior to the firm’s changing practice dynamics.

Results

  • After 2.5 years of evaluating the market analyzing the firm’s efficiencies and the costs/benefits of relocation vs. a lease restructure the firm elected to restructure and expand it lease to 82,000 s.f. at 1201 N. Market Street three years prior to the firm’s lease expiration.
  • We utilized a shadow opportunity in the market to create leverage with its existing landlord and achieved final terms at 1201 N. Market Street that were $16,000,000 cheaper than the landlord’s initial proposal.
  • Jones Lang LaSalle negotiated a reduction in the firm’s existing obligation of 18% during the remaining three years of lease term.
  • In addition to the up front savings, the 15 year lease structure at below market rates allows the MNAT to manage its short and long term real estate expenses while remaining in one of the city’s trophy buildings.

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