fortune-500_glen-allen_VA
CLIENT Fortune 500 Company
LOCATION Glen Allen, Virginia
SERVICES Tenant Representation
Lease Administration
Lease Negotiations
Landlord Interface
CAM Review
Work Space Optimization
PROPERTY SIZE 17,330 SF Class “B” Office Space

ACCOUNT OVERVIEW

Damian McKinney and a dedicated team have managed the real estate needs for its Client, now a Fortune 500 Company, for nearly 3 decades. Operating as an outsourced real estate department and strategic partner, McKinney Advisory Group has advised the company from its humble beginnings in a 5,000 square foot office to its current portfolio of owned and leased assets accounting for almost 3 million square feet.

Our team does not outsource or franchise the real estate requirements for our clients, but rather McKinney advisors tour all locations, nationwide, to find properties to meet the client’s needs. Combining a deep knowledge of our clients’ core business with the real estate knowledge of our local partners, we maintain a consistent selection process offering significant cost and time savings to clients. Focusing on the real estate portfolio as a whole, we work closely with client’s executive team to manage their short and long term growth plans consistent with the company’s vision.

 

CHALLENGE PRESENTED

The Client’s lease at their previous location was up for renewal however the location had no additional space to meet their expansion needs. Along with a radius restriction on relocation their move had to be completed within four months of project commencement. McKinney Advisory had a narrow search radius and a   limited window of time to find a facility that was able to accommodate current and future growth needs.

 

 

SOLUTIONS

McKinney Advisory conducted market surveys of the area and pre-selected locations before touring. They requested proposals from multiple options and created a bidding contest among finalists. As The Client was finalizing leases for relocation options, the current landlord elected to relocate an existing client to accommodate The Client’s growing needs. The McKinney team negotiated aggressive terms including three up front months of rent abatement and a lease rate below marketed rates. The landlord also provided an improvement allowance and assumed financial risk for code compliance issues. As part of tenant representation service the lease terms were reviewed carefully and re-negotiated from landlord favoring clauses into beneficial terms for the client. McKinney assisted with space plan   finalization and improvement allowance reimbursement. McKinney and The Client continue to work closely together to enhance The Client’s bottom line through McKinney Advisory Group’s services.