121 Champion Way, Canonsburg PA
Columbia Gas of Pennsylvania
Objective Tenant Representation Services
Challenge
Columbia Gas of Pennsylvania is an energy company engaged in all phases of the natural gas business. Some eighteen months prior to its lease expiration, they turned to Carrie to determine if renewing or relocating the headquarters would provide the best, long term corporate real estate solution. Columbia Gas preferred to stay in the large development known as Southpointe in which office space was leasing practically as fast as it was coming available due to its proximity to the Marcellus shale gas rush.
Action
Carrie worked with the president and corporate real estate department to identify Columbia Gas’ needs and tenant improvement requirements. Then she prepared a comprehensive survey of currently available and upcoming space availabilities, toured buildings with Columbia Gas, sent RFPs to several landlords, and leveraged the tight market to have landlords compete for Columbia Gas’ occupancy. Ultimately, late in the lease analysis process, she responded to the different needs of a new president and unreasonable demands of the current landlord to quickly finalize negotiations at an alternative building in Southpointe for a multi-million dollar office lease.
Results
- $440,000 cost savings at newer building
- Turnkey tenant improvements with above standard finishes
- Ongoing right of first refusal option at fixed rate
- Existing furniture free
- Building sign privilege
- Termination option
- Renewal option at 90% of fair market value
- Long term protections for multi-million dollar HQ lease
- Engaged Carrie to provide strategic corporate real estate solutions totaling 56,000 SF
