EPSILON

TENANT REPRESENTATION – 30,000 SF NEW LEASE

Epsilon is a leading agency marketing and data technology company headquartered in Boston, MA. Their Minneapolis office was born out of an acquisition of Catapult Agency and other small local firms. Epsilon’s goal was to align their space in Minneapolis to their standard in other markets. One key driver was to occupy space in a high quality building with a professional owner and operator.

CHALLENGES:
  • Their existing location was in the Lumber Exchange Building; they grew over several expansions creating non-contiguous and non-efficient space.
  • Their goal was to stay in a creative, brick and timber style building to accommodate their creative culture.
  • A criteria demand was limiting the building selection to an ownership group that had a national reputation of maintaining a property in best of class style. Property owners that had an average to below average reputation were excluded.
  • Their initial requirement was 20,000 square feet and during the process it increased to 30,000 square feet.
  • At the time of the search, the creative/renovated building market had limited space options in the 20,000-30,000 square foot range.
  • We began the search in May 2014 and it was necessary to finalize a deal, conduct a full build-out and move by March 1, 2015.

 

SOLUTIONS:
  • To address their first requirement of a Class A operator, we removed specific properties from the tour list. This created a limited group of buildings and the requirement was kept confidential so avoid giving Landlords a point of negotiation.
  • Due to limited creative/renovated space, our short list consisted of only traditional office towers. The local people were concerned that they would have employee turnover because the space was too corporate. We toured them through examples of creative space located in traditional office buildings.
  • After establishing a short list of four buildings, the requirement grew from 20,000 to 30,000 square feet which challenged our timing. Cooperation among the architect, client and brokerage allowed for a smooth change of course.
  • We successfully negotiated and signed a lease on December 29, 2014 and Epsilon moved in prior to March 1, 2015.