M+R Strategic Services
M+R Strategic Services leased 17,000 square feet in a Class B Building in CBD. They had several subtenants coexisting with their space, which was a detriment to M+R’s culture. M+R made an effort to relocate its headquarters and not renew its current lease.
Consideration & Analysis
There was uncertainty about where to relocate given various needs and prices. A new location that met both the operational and cost objectives had to be secured within very narrow constraints. David Scheinberg and Adam Schindler developed a Strategic Real Estate Plan that incorporated space efficiencies, future growth needs, parking, infrastructure requirements, human resources concerns (employee commute times, environment, etc.), and annual “all-in” costs into the solution. M+R also needed to enhance their corporate image in order to retain current staff and recruit new employees.
A detailed space programming exercise revealed that M+R Strategic Services could efficiently fit into 30% less space. After a thorough assessment of the market and supporting financial analysis on both cash and GAAP bases, several options were identified offering solutions in line with the strategic plan. M+R was able to secure the top floor of a Class A Building, two (2) blocks for its existing headquarter location. M+R was able to take advantage of current market conditions, enhance their image, build out new space and reduce their overall occupancy costs, with limited out of pocket expense.
The negotiations conducted by David Scheinberg and Adam Schindler on M+R Strategic Services behalf resulted in a very competitive market transaction that included rental abatement and allowances for improvements and furniture. The combination of economics and physical attributes allowed MRSS to meet all financial objectives, configure the space to best support its needs and allow for growth in close proximity to its workforce.