Challenge
After a successful conclusion to an earlier project which afforded Vorys, Sater, Seymour and Pease LLP financial and operational flexibility, the firm was able to focus on a working toward a long-term solution for their Cleveland office space. The client had occupied space in One Cleveland Center for over 20 years and making a long-term commitment to remain in the building would require living through a substantial construction project as the firm’s programmatic requirements had changed significantly over the years. However, choosing to relocate would involve a number of unknowns that needed to be vetted and quantified. The client engaged Allegro once again to guide them through the tenant representation process in order to make an informed decision that would be in the best interest of the firm.
Solution
Allegro initiated the comprehensive tenant representation process to provide Vorys, Sater, Seymour and Pease LLP with the quantitative and qualitative data required to make an informed decision. Allegro initiated architectural meetings in order to develop the programmatic requirements for the firm to operate efficiently not only at the outset of the new lease but also for years into the future, taking into account firm growth. Utilizing the space program, Allegro identified a short list of potential relocation options which accommodated all of the firm’s drivers. RFPs were issued and proposals were analyzed, including a deep dive into the economic impact on not only annual occupancy costs, but also on partner distributions across the firm. Space plans and construction estimates were developed to provide a base line for economic expectations and negotiation support. Finalists were selected based on each of the buildings’ ability to meet the quantitative and qualitative requirements. Allegro began deep negotiations with the finalist buildings and the existing building to determine what the final terms of each would be, providing the partnership group the opportunity to make a fully-informed decision. In the end, Allegro was able to uncover an opportunity in a Class A asset on Public Square that afforded the client all that they had set out to accomplish.
