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Case Study

Miles & Stockbridge, P.C.

 

Situation/Process

  • Miles & Stockbridge occupied 121,016 r.s.f. at 10 Light Street in downtown Baltimore, where the firm had been located for nearly 80 years. Jones Lang LaSalle was retained to help devise a long-term occupancy strategy for the firm.
  • For approximately two years, we assisted Miles & Stockbridge in evaluating the market and negotiating different relocation opportunities.
  • After extensive negotiations with the firm’s current landlord we can to the conclusion that the existing landlord could not offer the firm a long term lease or guaranty that any significant improvements to the base building systems would be made.
  • Miles & Stockbridge elected to relocate to 107,366 s.f. of office space plus up to 13,000 s.f. of below grade space for administrative functions at 100 Light Street, a 35-story city skyscraper that is undergoing an over $40 million renovation.

Results

  • We were able to negotiate a long-term lease with flexible occupancy dates without additional rental costs, as well as contraction and expansion rights to allow for future change within the firm.
  • Additionally, the firm was not required to pay a security deposit. Our team also secured substantial improvement dollars, guaranteed by the parent REIT entity, to cover the build out and relocation costs for the firm.
  • The new space is a vital element of the firm’s efficiency and sustainability program.

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