- The Need
- Renegotiate lease for Hirschler Fleischer's 50,000 SF law firm and expand within present building or relocate, preferably in downtown Richmond, to a location which could accommodate future growth.
- The Approach
- Develop strategy well in advance of lease expiration to allow sufficient time for process.
Consider all opportunities in the downtown area becoming available in the targeted time frame.
Engage space planner to evaluate the client's needs.
Consider client was price sensitive.
- The Results
- Took client to the market and created leverage among building owners to facilitate a very competitive situation that worked to the client's advantage.
A below market deal was negotiated for 67,000 square feet, affording the client a lease rate below that for its last year of occupancy in existing building, in brand new space, built out turn key.
Client enjoys a new downtown location providing a fresh, updated image for the firm. Space is physically unique among law firms in Richmond and is functional and affordable.