400 Southpointe Blvd, Canonsburg PA
EOG Resources
Objective Tenant Representation Services
Challenge
EOG Resources is one of the largest independent (non-integrated) crude oil and natural gas companies in the United States with proved reserves in the United States, Trinidad, the United Kingdom and China. They are listed on the A year prior to its lease expiration, they turned to Carrie to determine if renewing or relocating the regional headquarters office would provide the best, long term corporate real estate solution. EOG Resources preferred to stay in the large, multi-use development known as Southpointe.
Action
Carrie worked with the general manager and corporate real estate department to identify Columbia Gas’ needs and tenant improvement requirements. Then she prepared a comprehensive market survey of available space, toured buildings with EOG, leveraged the market in order for landlords to compete for EOG’s occupancy, and following multiple rounds of negotiations, achieved attractive renewal terms at the current building in Southpointe.
Results
- $3.00/SF reduction for renewal lease
- Turnkey tenant improvements
- Updated base year for operating & tax expenses
- Right of first refusal on any available space on adjacent floors
- Long term protections in multi-million dollar regional HQ lease
- Sign privilege on building
- Resolved existing property management issues
- Renewal option at fixed rate w/ T.I. allowance & new base yr
- Engaged Carrie a second time to assess strategic corporate real estate solutions for at least tripling in size
