Case Study: Stretching the real estate dollars for a nonprofit organization

650 Smithfield Street, Pittsburgh, PA

We knew that Carrie was the best person for this important assignment after seeing her in action as a member of Leadership Pittsburgh. Her intimate knowledge of the Pittsburgh office market immediately opened the doors to the best real estate options for our organization. As importantly, her ability to guide us through the step-by-step lease analysis process, and negotiate the best possible business terms, was exceedingly valuable for us in making the right choice for a new headquarters.

Aradhna M. Oliphant, President & CEO Leadership Pittsburgh, Inc.

Leadership Pittsburgh, Inc.

Challenge

Leadership Pittsburgh, Inc. (LPI) is the foremost leadership identification, enrichment and networking organization in Southwestern Pennsylvania dedicated to developing a robust pipeline of diverse civic leaders to serve the region. The impact of the programs are felt in all areas of the community and serve as a benchmark across the country. About eighteen months prior to their lease expiration and after half of LPI’s current building was converted to a hotel and drove up prices for the remaining office space in the building, the CEO turned to Carrie to identify the best, long term leasing alternative for their downtown headquarters.

Action

Carrie completed a needs analysis, prepared a program to identify the construction required, and toured buildings in downtown Pittsburgh with the CEO. Proposals were obtained from the top buildings, a financial analysis and comparison of the proposals was provided to LPI, and Carrie leveraged the market to identify, negotiate and secure the most attractive, long term leasing solution for LPI, while updating the board of directors along the way and receiving their approval prior to lease signing.

Results

  • Carrie negotiated a cost reduction of some $4.25 / SF compared to a renewal
  • Attractive long term rate
  • Free rent
  • Right of refusal option on adjacent space
  • Turnkey tenant improvement allowance
  • Renewal option
  • Termination option
  • Leadership Pittsburgh 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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