Case Study: Successfully securing penthouse suite with exclusive access to rooftop deck

938 Penn Avenue, Pittsburgh PA

I can’t say enough kind words about working with Carrie Holstead. She is hands-down the best tenant representative I’ve ever worked with. She is determined, savvy and creative in her solutions. And, most of all, she’s a pleasure to be around. I’ve used Carrie exclusively for the past 10 years to handle three lease negotiations and each time she has exceeded my expectations.

Lindsay Zaltman, Managing Director & Partner Olson Zaltman Associates

Olson Zaltman Associates

Challenge

Olson Zaltman is a pioneer in the use of mind science to unlock the hidden power of the unconscious, helping marketers understand consumer beliefs, behaviors, and decision-making. Clients include Bank of America, Chevron, Microsoft, Harley Davidson, Pfizer, PNC, and Wells Fargo among others. About a year and a half prior to its expiration, they turned to Carrie to determine if renewing their office lease for a rare penthouse suite with exclusive access to a rooftop deck or relocating would provide the most attractive leasing alternative for the future. The new owner wanted to offer the rooftop deck as an amenity to all building tenants.

Action

Carrie completed a needs analysis and identified the program requirements. Afterwards, she completed a market survey of space availabilities in downtown Pittsburgh while conducting negotiations at the current building. Ultimately, after several rounds of negotiations resulted in a stalemate over the rental rate and private access to the rooftop deck, a face to face meeting took place in which attractive business terms for Olson Zaltman were negotiated at the current building well in advance of the expiration of the current lease, to maintain leverage.

Results

  • Carrie negotiated below market rent for rare penthouse space
  • Exclusive access to rooftop deck
  • Updated base year for operating and tax expenses
  • New carpet, paint, vinyl floor and minor construction
  • Add front door cameras to building with remote unlock
  • Ongoing right of 1st refusal on multiple floors
  • Renewal option
  • Olson Zaltman 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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