200 Airside Drive, Moon Township PA
Veolia Water Solutions & Technologies, North America
Objective Tenant Representation Services
Challenge
N.A. Water Systems, LLC, a Veolia Water Solutions & Technologies company (VWS), is a world leader in engineering and technological solutions in water treatment for industrial and municipal authorities. Some eighteen months prior to the expiration of its regional headquarters lease, they turned to Carrie to dispose of approximately 30,000 square feet of office space and identify the best, long term leasing solution in the Pittsburgh, Pennsylvania area for future needs of the regional headquarters.
Action
Carrie launched a comprehensive subleasing campaign to dispose of office space no longer required. At the same time, she leveraged the market and entered into negotiations at multiple buildings suitable for VWS. The sublease campaign was successful and resulted in a credit worthy company desiring VWS’ extra space. The landlord rejected this sublease in order to accommodate a growing tenant at his complex. The landlords’ prospect fell through and it was too late to salvage the rejected sublease. Ultimately, attractive business terms were achieved at the current building.
Results
- Cost savings of $1.65 million for Pittsburgh regional HQ
- Base rent reduction of $4.25/SF
- T.I. allowance of some $630,000
- Renewal option at fixed rate
- Ongoing right of first refusal
- Branding on exterior of building
- Long term protections in multi-million dollar leases
- Engaged Carrie to provide strategic corporate real estate solutions totaling some 125,000 SF
