fortune-500-virginabeach-va-LRG
CLIENT Fortune 500 Company
LOCATION Virginia Beach, VA
SERVICES Brokerage
Lease Negotiations
Labor Analytic Research
Request for Proposals & Incentives
PROPERTY SIZE 12,123 SF Class “A” Office Space
FINANCIAL BREAKDOWN 48% Savings over a 65 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.

McKinney Advisory Group proactively adds to the Client’s earnings through brokerage negotiation as well as asset, project, and property management. McKinney is a trusted advisor to the Client, and looks for ways to create value in every dollar spent through its services including site location, lease and incentive negotiations, asset management, lease administration, CAM audits, legal administration, and financial reviews. By providing a comprehensive portfolio management service, McKinney helps the Client’s real estate become assets, adding to their bottom line.

 

CHALLENGE PRESENTED

The client was in need of expansion space and strategy, however they had approximately two years of term remaining on their current lease. Molina Healthcare, Virginia, needed more space in the short and long term however did not want to increase overhead through extensive tenant improvements.

 

SOLUTIONS

McKinney was able to negotiate an expansion at the Client’s current Class A building at a rental rate below comparable buildings in the area, as well as reduce the rent effective immediately for the existing space. Further, McKinney highlighted their value to the building and was able to negotiate a turnkey build-out of the expansion space at Landlord’s cost.

In addition, McKinney was able to successfully negotiate a right to terminate the lease after the 36th month of the Lease for any reason whatsoever. The Client was able to obtain the expansion space required within the necessary time frame with little out-of-pocket costs. McKinney negotiated approximately 48% savings over a 65 month term for The Client.