fortune-500_midvale-ut-LRG
CLIENT Fortune 500 Company
LOCATION Midvale, UT
SERVICES Brokerage
Lease Negotiations
Request for Proposals
Lease Administration
PROPERTY SIZE 48,838 SF Class “B” Office Space
FINANCIAL BREAKDOWN Leased at 20% Savings over 60 Months

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 previous location was in a building which made growth difficult as well as expensive. The company and staff needed a new location within the same market with a limited options available of properties that met the economic and size requirements of the company. McKinney needed to research all possible options with the appropriate size, location, and ease of access for the existing staff. The move needed to occur relatively quickly yet not disrupt business on a day-to-day level.

 

SOLUTIONS

McKinney Advisory Group went to Salt Lake City to pre-tour and study the area. After pre-touring, McKinney took the client to suitable options in and around the market. Ultimately, McKinney was able to narrow the search to two competitive options. McKinney’s long-term relationship with The Client and knowledge of the past issues with the current building helped McKinney negotiate on behalf of the client’s needs. McKinney was able to secure a build-out of the space including a gym on the first floor and an ice machine for The Client’s employees maintained by Landlord. McKinney successfully negotiated (i) a rental rate 10% below the market rates, (ii) 5 months of rental abatement and (iii) right to expand with same terms and conditions which The Client ultimately exercised after closing.