One of the Midwest’s largest independent advertising agencies was located on three floors in a downtown Cleveland location which no longer met the needs of its employees. The firm engaged Allegro to find a new headquarters location.
As a creative agency, the client needed a very unique 25,000 sf location and was interested in exploring all available buildings including warehouses, studio buildings, traditional office buildings, retail spaces, and other options which required a creative reuse of space. Allegro scoured the market through field research, databases, and broker communications and identified a list of over one hundred locations within the client’s search area. The alternative sites were initially filtered by geography, size, image, and cost. The sites were further filtered by criteria which were important to the client’s partners and employees, specifically “wow” factors. Allegro conducted over 20 client tours and sent requests for proposals to more than ten options. These options were further filtered through comprehensive financial analyses and initial construction estimates and space plans. Allegro conducted leveraged negotiations with the final sites.
The client executed a lease for a building which was not yet available on the market. The historic building is a former department store which was being redeveloped into a mixed use development with retail amenities and 250 luxury apartments. Unique elements of the space include a 73 foot atrium, retail street presence, large skylights, and an urban green space. The client has outstanding and unexpected visibility through its occupancy of ground floor retail space in a key area of revitalization in downtown Cleveland. The client was able to remain committed to the city’s core and to contribute to this critical revitalization of Cleveland’s Central Business District.