MARQUETTE FINANCIAL COMPANIES
TENANT REPRESENTATION – 50,000 SF RENEWAL/CONTRACTION
Marquette Financial’s lease was nearing expiration and the firm wanted to downsize its leased premises. The Minneapolis Office Group was engaged to help the tenant redefine its space requirement and represent the tenant in lease negotiations.
- Conduct extensive analysis to gain a strategic understanding of Marquette Financial’s various business units and how space was being utilized.
- Develop an optimal solution for all business units based on analysis.
- Consult with architectural and construction firms to determine the feasibility of downsizing and reconfiguring space while retaining significant customized improvements throughout the space.
- Canvas the Minneapolis CBD office market in search of viable space alternatives.
- Develop a cost-effective plan to downsize/reconfigure the Marquette Financial’s existing premises and assist in negotiations with the existing landlord.
- The client’s leased premises were downsized from 65,000 sf to 50,000 sf.
- To allow future flexibility for the various business units, 43,000 sf was renewed for a ten-year term and the remaining 7,000 sf was renewed for a five-year term with an option for an additional five-year renewal.
- In addition to cost savings, we also negotiated a reduction in the client’s lease rate. A healthy tenant improvement allowance and free rent were also included in the renewal transaction.