A publicly-traded insurance company made a management change to foster a dynamic and energetic culture in their Denver office. After years of flat or declining revenue growth and unacceptable turnover due to low employee morale, the new leadership knew that a transformation of the culture would require a multi-faceted approach.
The Situation
The client, an insurance company, enlisted the help of expert tenant representative, CCIM-designated broker, Lowrey Burnett, to help relocate the Denver operations to a new facility that featured great amenities and advanced technology. The leadership team believed this move would play a key role in facilitating a positive, cultural shift. The client was committed to effectively making a major shift which included very specific requirements for their new space.
The Challenges
The client had tightly defined criteria for both their lease space and the commercial office property itself. This included high-quality restaurants either nearby or onsite, an exercise facility, daycare, lactation room for the working mothers, and onsite security personnel. Additionally, they wanted the property to be located near the highway system and feature floor-to-ceiling exterior windows with views of the Colorado Rocky Mountains, as well as LEED certification for energy efficiency in a Class A suburban office building. Last, but certainly not least, the cultural change forced urgency into the situation. The client wanted to complete this relocation several months prior to the lease expiration in the current space without having to pay rent for two office locations.
Burnett was up for the challenges he faced with this transaction and began a comprehensive search.
The Result
Burnett identified an office complex that perfectly aligned with the client’s criteria. He negotiated a 7-year lease with expansion options to accommodate future employee growth. Additionally, Burnett negotiated a rental abatement period so the client could avoid paying double rent. As a result of these changes, employee satisfaction and employee retention improved, and the company continues to see higher revenues, higher employee satisfaction and improved operational efficiency following the relocation of the Denver operations.
The Stats
CCIM-designated tenant representative, Lowrey Burnett, identified, negotiated, and secured a 7-year lease on behalf of a client looking for highly-specific property features located within a tight geographic region. The current lease was vacated over 6 months early, but the client avoided paying double rent with the rental-abatement period Burnett negotiated into the new lease.
If employee morale and revenue are suffering as a result of your current location, contact Lowrey Burnett to find a space that satisfies the needs of your company.
