650 Smithfield Street, Pittsburgh, PA
Leadership Pittsburgh, Inc.
Objective Tenant Representation Services
Challenge
Leadership Pittsburgh, Inc. (LPI) is the foremost leadership identification, enrichment and networking organization in Southwestern Pennsylvania dedicated to developing a robust pipeline of diverse civic leaders to serve the region. The impact of the programs are felt in all areas of the community and serve as a benchmark across the country. About eighteen months prior to their lease expiration and after half of LPI’s current building was converted to a hotel and drove up prices for the remaining office space in the building, the CEO turned to Carrie to identify the best, long term leasing alternative for their downtown headquarters.
Action
Carrie completed a needs analysis, prepared a program to identify the construction required, and toured buildings in downtown Pittsburgh with the CEO. Proposals were obtained from the top buildings, a financial analysis and comparison of the proposals was provided to LPI, and Carrie leveraged the market to identify, negotiate and secure the most attractive, long term leasing solution for LPI, while updating the board of directors along the way and receiving their approval prior to lease signing.
Results
- Free rent
- $4.25/SF cost savings vs renewal
- Turnkey tenant improvement allowance
- Expansion option
- Termination and renewal options
- Long term lease protections
- Engaged Carrie multiple times to provide strategic corporate real estate solutions
