Case Studies
CASE STUDIES
CASE STUDY HAWORTH MARKETING AND MEDIA
PROJECT OVERVIEW Haworth is an employee owned firm aimed at driving consumer behavior through marketing and media.
CHALLENGE Haworth had tremendous YoY growth and required additional headcount to service their expanded accounts. Given the 90%+ occupancy of the building, there were no contiguous growth availabilities on any of the four (4) floors on which they already had space. Given that they had double digit open positions to fill, timing was of the essence to find a solution.
CLIENT Haworth Marketing & Media
SQUARE FOOTAGE
SOLUTION
Cushman & Wakefield structured a contiguous expansion with the landlord by way of negotiating the relocation of two (2) adjacent tenants elsewhere in the building. This allowed Haworth to not only accommodate their rapidly increasing headcount but also reduced the number of floors they occupied by 50%. By reducing the number of floors occupied, we were able to reduce some of the redundancies built into their spaces and drastically lower their square footage per employee ratio.
35,000 SF
LOCATION
Minneapolis CBD, MN
CLIENT RESPONSE
SERVICES
“Cushman & Wakefield’s creativity and reasoned approach was extremely beneficial in our recent 35,000 square foot headquarters expansion / renewal. Their tenacity and logic enabled us to work around very challenging issues and finalize the transaction in a very compressed time frame. We continue to work with Cushman & Wakefield on numerous other deals.”
Tenant Representation Financial Analysis Workplace Strategy Lease Administration
Andrea Luhtanen President Haworth Marketing & Media
CASE STUDY PRIME DIGITAL ACADEMY
PROJECT OVERVIEW Prime Digital Academy is a subsidiary of the Nerdery, one of Minnesota’s largest and fastest growing software development companies. Prime Academy which graduates 50 entry level software developers every 16 weeks.
CLIENT Prime Digital Academy
CHALLENGE Prime was located in uninspiring suburban office space and wanted to be centrally located to boost recruitment and enrollment. Additionally, the City of Minneapolis Economic Development Authority was so impressed with Prime’s ability to supply tech talent, they offered to pay for scholarships to all women and minority students accepted to Prime, with the caveat that they have a Minneapolis address.
SQUARE FOOTAGE
15,000 SF
SOLUTION
Cushman & Wakefield was able to identify brand alignment with one of Minnesota’s largest tech coworking groups, COCO, wherein COCO and Prime could feed off each other’s presence and energy as adjacent neighbors in the Minneapolis Grain Exchange Building in Downtown Minneapolis. The deal included a turn-key solution, the first 12 months being gross free rent to allow for enrollment ramp up, and a long-term lease with flexibility to grow or terminate periodically.
LOCATION
Minneapolis CBD, MN
SERVICES
Tenant Representation Financial Analysis Workplace Strategy Lease Administration Incentives Consulting
CLIENT RESPONSE
Prime Digital Academy is currently expanding into other U.S. cities based on this flagship location’s performance.
CASE STUDY U.S. BANK
PROJECT OVERVIEW U.S. Bank is the 5th largest bank in the country with 73,000 employees and $462 billion in assets. Based in Minneapolis, they desired to develop a new corporate headquarters location for their Mortgage Banking division. CHALLENGE U.S. Bank’s growing Mortgage Banking division was under new leadership that wanted to 1.) consolidate their dispersed employees currently spread over 15 locations across the Twin Cities and 2.) they wanted to solve for a headquarter facility that would accommodate their rapid employee growth projections 3.) they wanted didn’t want to increase their annual “run-rate” inclusive of set up costs.
CLIENT U.S. Bank
SQUARE FOOTAGE
258,000 SF
SOLUTION
Cushman & Wakefield led a confidential multi-site facility selection process whereby over the course of 7 months we negotiated multiple offers to lease and purchase. Concurrently, with the transaction negotiations we toured multiple stakeholders through the facilities, conducted drive- time impact studies, analyzed employment trends, and conducted facility assessments which included costing TIA, FF&T and move costs. Ultimately, the competition for this landmark HQ consolidation led to a historic transaction for the Bank.
LOCATION
Southwest Metro, MN
SERVICES
Tenant Representation Financial Analysis Workplace Strategy Incentives Consulting
CLIENT RESPONSE
The resulting transaction surpassed their expectation in terms of quality of building, growth and economics. In December of 2017, the Minnesota Commercial Association of Realtors awarded the project with their Deal of the Year Award.
CASE STUDY UNITED WAY
PROJECT OVERVIEW United Way of Central Maryland is a $31M not-for-profit that helps fight poverty in central Maryland with programs encouraging self-sufficiency.
CHALLENGE Their Central Maryland headquarters was located in the Central Business District with relatively high rents, inefficient space and paid parking. Additionally, although the location was ideal for the Development Team with its close proximity to their donor base, it was not designed or located to easily host events.
CLIENT United Way of Central Maryland
SQUARE FOOTAGE
SOLUTION
Cushman & Wakefield compiled extensive data on locations with large, efficient floor plates, free parking and communal amenities for fundraising events held several times throughout the year. Although the location was less convenient for the Development Team, United Way implemented a “work from home and flexible hours policy” to allow those employees who are on the road to be more strategic with planning their days out of the office. Ultimately, we were able to negotiate a 10 Year Deal, saving them $2.75M dollars over the term that was redirected to programming for those in need.
30,000 SF
LOCATION
Baltimore, MD
CLIENT RESPONSE
SERVICES
“Trusted partners, great advocates and skilled negotiators just begin to describe Cushman & Wakefield. Their knowledge of the market and responsiveness to our needs, coupled with savvy economic analysis, helped drive terms that are now enabling us to better pursue our mission, driving more dollars into our work to empower families in need and less into operating costs.”
Tenant Representation Financial Analysis Workplace Strategy
Martina Martin SVP and Chief Operating Officer United Way of Central Maryland
CASE STUDY STANLEY BLACK & DECKER
PROJECT OVERVIEW Stanley Black & Decker is a Fortune 500 American manufacturer of industrial tools and household hardware and provider of security products and locks. Stanley Black & Decker was faced with immediate real estate needs based upon a restacking and repurposing of their corporate campus and their pending growth (need to hire 500 additional employees). CHALLENGE The geographic location that Stanley Black & Decker was interested in had a low vacancy and limited large vacancy options. Approximately 500 were needed to hire within 6–9 months. Furthermore, their employees needed different building types (flex, manufacturing, and multi-story office.) • Renegotiation of existing lease at Mylander Lane which provided $500,000 in tenant improvements in exchange for longer lease term. • Identification of underutilized space in Towson Commons which resulted in a 2 year 50,000 SF sublease to accommodate more immediate occupancy needs. • The identification of lease/purchase/build-to-suit sites in Baltimore County for a 70-90,000 SF office requirement. Stanley Black & Decker selected an under construction building at Crossroads in White Marsh. We were able to leverage submarkets against one another to achieve highly favorable economic terms, a very generous allowance, build-to-suit expansion, contraction and termination rights at Greenleigh at Crossroads. Total lease value of $24,000,000. SOLUTION Over the past 3 years, the local Cushman & Wakefield office has accomplished the following:
CLIENT Stanley Black & Decker
SQUARE FOOTAGE
50,000 SF
LOCATION
White Marsh, MD
SERVICES
Transaction Management Strategic Advisory
CLIENT RESPONSE
There was considerable corporate pressure to identify numerous options in different product types. Cushman & Wakefield was highly responsive and identified “off market” options and negotiated lease terms providing excellent results.
CASE STUDY NEXT CENTURY CORPORATION
PROJECT OVERVIEW Next Century Corporation is a dynamic, growth oriented government contractor, IT company within the intelligence community. Due to the nature of federal contracting, negotiating expansion and retraction options in leases are critical. Further, overhead costs can negatively impact the reimbursement charges to the end client and “technical acceptable, low cost” bids. CHALLENGE The timing of a three office consolidation, coupled with the costs to terminate and build new, efficient headquarters was unique for this middle market, private equity backed government contractor. Costs and timing were critical aspects and Cushman & Wakefield needed to run a detailed analysis for the Next Century Corporation executive team. In 2016–2017, Cushman & Wakefield assisted Next Century Corporation in a relocation and expansion in the Ft Meade area. In doing so, Next Century Corporation (with Cushman & Wakefield’s assistance) exercised a termination option, a Columbia lease and an expansion option in a Northern Virginia location. Next Century Corporation relocated their Columbia HQ to Annapolis Junction in a mission critical building in the National Business Park. Cushman & Wakefield advised on all aspects of the various leases and terminations, including but not limited to tracking the adjacent tenant’s renewal option, negotiating business points in the new lease, structure a specialized design and project management team for SCIF space and manage the construction budget during the proposal negotiations (before lease signature). The new HQ and mission critical facility totaled 60,000 square feet and value in excess of $10,000,000. SOLUTION
CLIENT Next Century Corporation
SQUARE FOOTAGE
60,000 SF
LOCATION
Annapolis, MD
SERVICES
Tenant Representation Financial Analysis Workplace Strategy Lease Administration
CLIENT RESPONSE
Positive feedback reinforced a long term relationship with Next Century. Cushman & Wakefield continues to act as their representative with ongoing assignments due to contract growth.
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