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Case Study

JLL scours the city to secure the best location for Cliffs Natural Resources headquarters; results in $4 Million in negotiated savings

Services provided: Tenant Representation
Client: Cliffs Natural Resources, Cleveland, Ohio

After working with Jones Lang LaSalle (JLL) in 2008, Cliffs Natural Resources found itself seeking new office space only two years later, about two years prior to lease termination.

New leadership at Cliffs sought an updated image for the more than 160-year-old organization, enhanced communication among corporate divisions, and new office space that would ensure additional room for growth. With JLL, the company sought to consolidate its two downtown Cleveland locations to a single office.

Because of vast space needs exceeding 100,000 square feet, JLL professionals left no stone unturned to ensure all options—along with varying price points, amenities and benefits—were evaluated. This included existing spaces, renovations and build-to-suit. Benchmark pricing was documented though surveys of built-out spaces of existing, larger tenants throughout the Cleveland area.

In May 2011, Cliffs Natural Resources Inc. executed a direct lease and sublease for its new 188,662-square-foot headquarters at 200 Public Square, upgrading to a Class A facility from Class B, including many additional amenities. With support from JLL, the company realized $3,890,120 in negotiated savings.

Download the complete Cliffs Natural Resources story

About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet. Its investment management business, LaSalle Investment Management, has $47.0 billion of real estate assets under management. For further information, visit www.jll.com.

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