Foster Plaza 10, Pittsburgh PA
BCD Travel
Objective Tenant Representation Services
Challenge
BCD Group is a market leader in the travel industry. The privately owned company was founded in 1975 and consists of BCD Travel (global corporate travel management), Travix (online travel), Park 'N Fly (off-airport parking), and joint ventures Parkmobile International (mobile parking applications) and AERTrade International (consolidating and fulfullment). BCD Group employs over 13,000 people and operates in 100+ countries with recent sales of $25.4 billion (U.S. dollars). BCD Travel needed to determine if renewing or relocating its Pittsburgh office presented the best leasing alternative and if expansion should occur in Pittsburgh or elsewhere.
Action
Carrie worked with the corporate real estate department to identify BCD Travel's corporate real estate needs. Immediately thereafter, she identified viable spaces and provided building and market insights that substantiated Pittsburgh as the best location for expansion. The focus quickly became expanding at the current location while keeping other options open. Several rounds of negotiations ensued and a number of hurdles were ultimately overcome that paved the way for a renewal and expansion at the preferred location.
Results
- Attractive renewal terms reflective of leveraging the market
- Turnkey tenant improvements by landlord
- Right of first refusal option
- Updated base year
- Renewal option
- Free rent
