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Case Study

National Resources Defense Council (NRDC)

 
Situation/Process
NRDC engaged Jones Lang LaSalle to develop a strategic real estate plan for its Washington and New York offices. Both offices were expanding and the organization needed to address the space needs in both locations.
Jones Lang LaSalle performed a credit and debt capacity analysis for NRDC to determine the organization’s capacity for borrowing as well as an indication of the competitiv terms it could achieve. Lease versus buy options in several locations in both cities were analyzed to determine which option would best meet NRDC’s goals.
 
The organization determined that it would continue to lease space in Washington and acquire three floors in its condo office building on West 20th Street. In New York. However, NRDC was not in a position to occupy all three floors immediately and wished to preserve the option to lease floors to other organizations. As a result, any debt financing needed to include a taxable and tax-exempt component.
 
Our team competed NRDC’s financing with five banks to acquire the New York office space and selected one. The initial financing was an all-taxable financing to allow NRDC to move quickly to acquire the space.
 
Approximately six months later, a tax-exempt financing was issued through the New York City Economic Development Corporation to finance that portion of the building to be occupied by NRDC.
 
Results
We represented NRDC on the execution of a lease for NRDC’s space in Washington and the acquisition of condo office space in New York at below market rates. Through its competing of the financing, we were able to achieve extremely attractive terms for both the taxable and tax-exempt financings for the space acquisition in New York. Our team also advised on the execution of interest rate swaps for both financings to mitigate interest rate risk.
 
Jones Lang LaSalle leased space on one of the floors in the New York office to another organization when it was determined that NRDC would not immediately need all the space.

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