Case Study: Perfect new headquarters location despite eleventh hour twist

121 Champion Way, Canonsburg PA

Carrie took the time to listen to us and clearly understood the business objectives that we wanted to achieve with our office relocation. A Letter of Intent was quickly drafted -- during a holiday week -- and the terms of the business lease with one of the building owners were thoughtfully negotiated by Carrie. In the end, Carrie's tenacity brought critical negotiations to a successful conclusion in less than 48 hours. I was both pleased and impressed.

Carol Fox, President Columbia Gas of Pennsylvania

Columbia Gas of Pennsylvania

Challenge

Columbia Gas of Pennsylvania is an energy company engaged in all phases of the natural gas business. Some eighteen months prior to its lease expiration, they turned to Carrie to determine if renewing or relocating the headquarters would provide the best, long term corporate real estate solution. Columbia Gas preferred to stay in the large development known as Southpointe in which office space was leasing practically as fast as it was coming available due to its proximity to the Marcellus shale gas rush.

Action

Carrie worked with the president and corporate real estate department to identify Columbia Gas’ needs and tenant improvement requirements. Then she prepared a comprehensive survey of currently available and upcoming space availabilities, toured buildings with Columbia Gas, sent RFPs to several landlords, and leveraged the tight market to have landlords compete for Columbia Gas’ occupancy. Ultimately, late in the lease analysis process, she responded to the different needs of a new president and unreasonable demands of the current landlord to quickly finalize negotiations at an alternative building in Southpointe for a multi-million dollar office lease.

Results

  • Carrie negotiated a $440,000 cost savings
  • Newer Southpointe building than previous location
  • Turnkey tenant improvements with above standard finishes
  • Ongoing right of first refusal option at fixed rate
  • Renewal option at 90% of fair market value
  • Termination option
  • Existing furniture free
  • Long term protections in multi-million dollar HQ lease
  • Columbia Gas has enlisted Carrie multiple times

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For more information, contact Carrie S. Holstead at

+1 (412) 255- 3737
carrie@carrieholstead.com

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