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Case Study

Murchison & Cumming, LLP

Services
Strategic planning, occupancy analysis, building systems assessment, project management, tenant representation

Situation/Process

  • Jones Lang LaSalle was retained by Murchison in 2008 to negotiate a 10-year extension of its current, 2-floor lease at 801 South Grand Avenue Building in Los Angeles.
  • Negotiations commenced three (3) years in advance of the scheduled lease expiration, December 31, 2011, after a meeting with building management to discuss operating expenses.
  • As a result of the meeting, we recommended that our client initiate an audit of the building’s operating expenses. The audit revealed an inappropriate adjustment to the base year operating expenses, which translated into excess expense billings.
  • Once that audit was completed to our clients satisfaction, we engaged the current owner in renewal discussions.
  • By commencing the process early we transferred control of the negotiating schedule and process to our client’s side of the table. An impacted market and our control of the time clock allowed us to drive a very aggressive transaction.

Results

  • Concessions included: accelerating the free rent associated with the extended term to the current rent, two (2) years in advance of the lease expiration, and an immediate and significant reduction in parking charges, which included capped rates through the balance of the extended 10-year term.
  • Other transactions include:
    • 2010- Negotiation of 6-year lease extension and expansion of Las Vegas office.
    • 2010-Acquisition of a 5-year lease in San Francisco.
    • 2010- Negotiation of a 8-year lease extension of San Diego office.
    • 2010-Pending blend& extend of Orange County office.

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