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Case Study

Omnicare Corporate Headquarters Consolidation

32% occupancy cost savings at newly designed headquarters

Services provided: Tenant Representation
Client: Omnicare, Cincinnati, Ohio

In early 2011, Omnicare, Inc., a Fortune 400 company, began considering changes to its corporate headquarters to realign its corporate culture in a new working environment.

The nation's leading provider of long term care pharmacy was considering consolidation of its three locations in the Greater Cincinnati area into one unified headquarters, with the ultimate goal of re-aligning the corporate culture and improving employee productivity and satisfaction.

Jones Lang LaSalle reviewed location options across Ohio and Kentucky, including suburban and central business district (CBD) possibilities, build-to-suit lease and existing space options, as well as blend-and-extend opportunities. Omnicare also engaged Ernst & Young to provide incentive and tax evaluation relating to the ultimate real estate decision.

With this knowledge and its professional expertise, JLL negotiated a compelling package of economic and non-economic incentives at a new, custom-designed space at 201 East Fourth Street. Omnicare signed an 11-year lease in late 2011 netting a 32% occupancy cost savings, receiving prominent signage along the Cincinnati skyline, and reaping benefits in employee communication and productivity.

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