Case Study: Huge cost reduction for regional headquarters renewal lease

400 Southpointe Blvd, Canonsburg PA

When EOG Resources needed to identify and negotiate its most attractive renewal or relocation alternative for its regional headquarters office in Pittsburgh, they turned to Carrie Holstead for help and reduced their costs by 20 percent. EOG additionally turned to Carrie for subsequent expansion needs. A recommendation about her work is available upon request.

Gary Smith, Vice President & General Manager EOG Resources

EOG Resources

Challenge

EOG Resources is one of the largest independent (non-integrated) crude oil and natural gas companies in the United States with proved reserves in the United States, Trinidad, the United Kingdom and China. They are listed on the A year prior to its lease expiration, they turned to Carrie to determine if renewing or relocating the regional headquarters office would provide the best, long term corporate real estate solution. EOG Resources preferred to stay in the large, multi-use development known as Southpointe.

Action

Carrie worked with the general manager and corporate real estate department to identify Columbia Gas’ needs and tenant improvement requirements. Then she prepared a comprehensive market survey of available space, toured buildings with EOG, leveraged the market in order for landlords to compete for EOG’s occupancy, and following multiple rounds of negotiations, achieved attractive renewal terms at the current building in Southpointe.

Results

  • Carrie negotiated a $3.00/SF reduction on the renewal rate
  • Turnkey tenant improvements to EOG’s specifications
  • Updated base year for operating & tax expenses
  • Right of first refusal on any available space on adjacent floors
  • Renewal option at fixed rate w/ T.I. allowance & new base yr
  • Sign privilege on building
  • Resolved existing property management issues
  • Long term protections in multi-million dollar office lease
  • EOG 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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