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Case Study

Creative lease renewals net a new 90,000 SF tenant and maintain six current tenants

​A national insurance company was looking for 90,000 square feet of office space in Indianapolis in an effort to consolidate multiple offices scattered throughout the country into one location. JLL identified Keystone at the Crossing as an ideal location, but the challenge was finding contiguous space in one of the park's properties. 9200 Keystone Crossing had the most available space with two full-floor, contiguous vacancies totaling 40,000 square feet. The building could accommodate the additional 50,000 square feet that the company required, but that space was filled by six current tenants. With these tenants' leases soon expiring, JLL strategically signed early renewals with five of them, relocating them into other buildings within Keystone at the Crossing. However, there was still one full-floor tenant left to relocate in order to make enough space available, and the landlord didn't have the rights to relocate this tenant. JLL was able to creatively negotiate special terms with this tenant, which allowed for a successful relocation to 8888 Keystone Crossing. With this final move, 90,000 square feet was now available at 9200 Keystone Crossing and the national insurance company was able to consolidate its offices into one location. Because the landlord was able to retain all the buildings former tenants, the park occupancy increased 14 percent during that year, bringing total occupancy to 87 percent.

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