Case Study: Maintaining leverage while competing for headquarters space

210 Sixth Avenue, Pittsburgh PA

Carrie Holstead took total responsibility for the project and was very pro-active throughout the entire process. Her keen understanding of the corporate real estate market meant we had great access to the available space around Pittsburgh. We toured nine or ten locations in two days, and Carrie did a great job with the RFP from our top choices. Then she became even more pro-active during negotiations of the lease and its terms. She was very successful and got everything we wanted.

Brian Hondru, Chairman The HDH Group, Inc.

The HDH Group, Inc.

Challenge

The HDH Group, Inc. (HDH) is an employee owned professional services firm offering a proactive consultative approach to risk management, employee benefits, surety and insurance brokerage. In just over twenty five years, the company grew to Western Pennsylvania’s largest privately-held insurance brokerage firm. It is a partner in Assurex Global, the largest privately held insurance group in the world with over 500 offices in 80 countries. Approximately eighteen months prior to the expiration of its headquarters lease, they turned to Carrie to identify the most attractive office leasing alternative when the anchor tenant at their building desired to expand into their space and building rental rates sky rocketed.

Action

Carrie identified the needs and construction requirements of HDH and after surveying the market, touring buildings, and leveraging the requirement, identified the space that met all of HDH’s needs. It was last remaining space available at 210 Sixth Avenue and another party was interested. We identified the aggressive business terms of a lease that were acceptable to HDH, leveraged our discussions by presenting the terms to the landlord in the form of a signed Letter Of Intent and quickly secured a lease.

Results

  • Carrie negotiated a $1,500,000 cost savings
  • Quickly secured space when two parties desired it
  • Tenant improvement allowance of some $457,000
  • Right to lease 5 parking spaces in building
  • Right of first refusal option
  • Extension option
  • Long term protections in multi-million dollar HQ lease
  • HDH 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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