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Case Study

Bank seeks lease renegotiation to cut costs, eliminate excess space

Teamwork among brokers secures a win-win-win deal

Services provided: Tenant Representation | Occupancy Planning
Client: National City Bank, Pittsburgh PA

National City Bank partnered with Jones Lang LaSalle to review its current real estate portfolio. During occupancy planning, a value-added service offered to all JLL clients, the team discovered several of excess space within National City Bank’s Pittsburgh Headquarters.

The excess space at 20 Stanwix totaled 54,722 square feet. At an average rent of $19.20 per square foot, this was costing National City an additional $1,050,874 per year, or $9,457,865 over the 9 years of remaining term. To help National City save in occupancy costs, JLL set out to find a new tenant for the space, and aid in negotiations to:

  • Find and secure a new tenant for National City’s excess space
  • Assist in lease negotiations between National City’s landlord and a new tenant
  • Renegotiate lease, terminating occupancy of excess space for National City

By engaging multiple JLL brokers with various areas of expertise, and working closely with the potential new tenant’s broker as well as National City’s landlord, JLL was able to help National City dispose of the excess property within six weeks, closing a deal that would result in about $800,000 in savings per year over the next nine years.

Download the complete National City Bank 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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