How Having a Tenant Representative Saved Companies
Like Yours Time and Money

9,000 SF Orlando, Florida
This company was engaged by the shareholders to relocate from downtown Orlando to a location that would be more efficient and easier for clients to access.

Approach

• Provided transportation, demographic, and competitive employer studies for geographic locations
• Created a detailed survey of five submarkets
• Orchestrated competition with multiple qualified landlords

Results

• Negotiated a long term lease on the northside of Orlando Florida
• Were able to reduce the square feet by 2,000 SF to become more efficient in the space
• Delivered savings in the lease in excess of $1,200,000

Business Issue
Fraxedas Mediation Firm had a lease expiring in Maitland Center at the beginning of 2009.  Despite several proposals from their landlord, they were not convinced that it reflected the current market. 

Coughlin Commercial was awarded the assignment based on their knowledge of the market.

Approach

• Developed a detailed survey of the market for Jay Fraxedas to look over
• Selected five buildings in the market for a tour
• At the conclusion of the tour, request for proposals were sent out to three potential buildings spaces.
• After reviewing the proposals, two buildings were selected for a test fit at the landlord’s expense.

Results

• Received a significantly lower lease rate in a far superior building
• New location is more efficient
• Location allows flexibility of the firm's space for future growth

28,000 SF Corporate Headquarters – Jacksonville, FL

Arizona Chemical's existing ten year lease was expiring in Jacksonville's  premier suburban office park, Deerwood North.   Coughlin Commercial was engaged to evaluate all options from Savannah, GA to Orange Park, FL for a new North American headquarters location.

APPROACH

• Evaluated transportation patterns and routes for the existing workforce for different geographical options in South Georgia & Northeast Florida.
• Evaluated economic incentives on a multi-state and local basis
• Orchestrated competition between qualified developers to address aggressive financial criteria and timing constraints

RESULTS

• Successfully negotiated a long-term renewal in the existing facility, generating savings of over $1,200,000
• Arizona was able to relocate to a different floor with a totally new office buildout at no cost to the company
• Significant flexibility in the new lease was achieved, allowing Arizona Chemical to plan future expansions and contractions

17,500 SF Expansion of Corporate Headquarters – Central Florida Research Park

Carley opted to evaluate options for expansion that would enable them to consolidate corporate operations with minimal workforce disruption and position the company for new future growth.  Expansion was required to meet new contract growth.

APPROACH

• Evaluated transportation patterns and routes for the existing workforce for different geographical options in Central Florida
• Evaluated economic incentives on a state and local basis
• Orchestrated competition between qualified developers to address aggressive financial criteria and timing constraints

RESULTS

• Successfully secured a long term lease for 17,500 square feet expansion at the Central Florida Research Park
• Successfully assisted Carley Corporation in securing the maximum economic benefits for training and tax abatements
• The expansion incorporated second generation space with new furniture and fixtures in place (plug and play facilities)
• Achieved savings of over $750,000 in lease cost, $200,000 in furniture and $100,000 in construction cost

Corporate Headquarters – FL

Stenotype Institute initially engaged Coughlin Commercial to help renegotiate its two leases in both Jacksonville and Orlando.  They occupied approximately 30,000 SF in each location and needed help to determine if they should stay or relocate, given some of the inefficiency associated with the current space.

APPROACH

• Identified all existing options in both markets and developed a program to determine the most efficient spaces for their use
• At clients request, the search was narrowed to the existing location and those providing interstate frontage with signage and a 10/1,000 parking ratio
• The goal was to reduce overall square footage and lease costs
• Organized competition between existing location and two others that we developed pricing and programming

RESULTS

• Stenotype was able to shave nearly 35% of their overall lease costs in Orlando and resign with the new rate 10 months early
• Stenotype was able to find 7,000 SF in Jacksonville and relocated to a new facility with building signage and visibility from I-95
• Stenotype successfully relocated to their new facility in March 2008
• Stenotype has engaged Coughlin Commercial to assist locating new campuses in Atlanta, Tampa, and Miami

14,519 SF Corporate Headquarters – Orlando, FL

Corsair implemented a plan to investigate several sites almost doubling size of their previous facility in order to accommodate the new workforce needed to fulfill current contract obligations.

Corsair engaged Coughlin Commercial for brokerage and project management services to ensure their success with this project.  Corsair ultimately narrowed the search to two buildings and had to decide which made the most sense, weighing the economics, as well as the efficiency, of both.

APPROACH

• Identified all options that could accommodate 40-60 employees within the Quadrangle/Research Park area for a 2-3 year term
• Narrowed search to subleases because of availability of furniture, phone and equipment within these spaces at no additional cost
• Organized competition between two neighboring spaces to achieve the lowest rates and highest concessions possible

RESULTS

• Once the sublease terms were negotiated ensuring all FF&E was included, Corsair elected to take the larger of the two spaces because they received double the square footage for  a marginal incremental cost which allowed room for future growth
• Corsair was able to occupy the space within 45 days and meet their contract deadlines with the US Government which mandated their timelines
• Corsair transitioned into the space smoothly and will engage Coughlin Commercial to find space at the end of the sublease term

10,115 SF Orlando, FL

FTI has been a client of Coughlin Commercial  for almost 15 years.  FTI’s 2nd lease was going to expire in the following 12 months.  Given current market conditions we advised FTI to begin their lease review immediately.

APPROACH

• Researched all available Class A spaces from downtown to South Orlando
• After review of eight different options FTI narrowed the search to a space in their current building and Promenade at Universal
• Organized competitive process so that the current landlord had enough incentive to reduce rate and provide significant concessions (free rent and tenant improvement allowance) because FTI was willing to move if they did not comply with options available in the market.

RESULTS

• Relocation to a new building at a significantly reduced rental rate
• Full interior build out customized for FTI at no cost
• Long term flexible lease