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Case Study

Reed Smith LLP - San Francisco, CA

Situation/Process

  • In 2008 Jones Lang LaSalle was tasked by Reed Smith to devise a strategy for consolidating the firm’s San Francisco, CA and Oakland, CA offices into one location in the Financial District of San Francisco.
  • Our team encouraged Reed Smith to examine the market years prior to the expiration of the existing leases in San Francisco and Oakland.
  • Jones Lang LaSalle and Reed Smith’s thorough examination of the market and understanding of the options available allowed Reed Smith to make a quick and informed decision when an “off-market” opportunity presented itself.

Results

  • With the dissolution of the law firm Thelen Reid, 150,00 s.f of newly built-out law firm space was suddenly available. Luckily, we were able to leverage a working relationship with the building’s landlord to get a record setting deal for Reed Smith.
  • Transaction highlights include:
    • 109,000 s.f. lease
    • 6 months free rent
    • $30.00 tenant improvement allowance
    • Exterior building signage
    • Expansion and contraction options
    • All existing conference room, associate and partner furniture conveyed
  • In addition, the rental obligation of Reed Smith represented a 25% discount to comparable transactions in the market. They completed their move to the new space without expending any of their own capital.

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