210 Sixth Avenue, Pittsburgh PA
The HDH Group, Inc.
Objective Tenant Representation Services
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 the current building went through a large expansion, including into HDH's space, resulting in the rental rate sky rocketing.
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. Carrie quickly negotiated aggressive business terms and protections before another party had an oportunity to secure the space.
Results
- $1,500,000 cost savings
- Tenant improvement allowance of some $457,000
- Right to lease parking spaces in building
- Right of first refusal option
- Extension option
- Long term protections in multi-million dollar HQ lease
- HDH has enlisted Carrie to provide corporate real estate solutions in multiple locations
