Florida Department of Legal Affairs – Ft. Lauderdale, FL

Project Type

Tenant Representation

Scope of Services

Lease Renegotiation
Facility Downsizing

Project Size

42,027 SF

Team Members

Daniel H. Wagnon
Structure Commercial Real Estate, LLC
Caroline Fleischer
Cushman & Wakefield of Florida

Re-Negotiation And Downsize Of Regional Headquarters

Daniel H. Wagnon, who led the State of Florida Real Estate team, was engaged to provide strategic and brokerage services to determine viable relocation options for OAG. The goal was to create alternate options and leverage with current lessor as part of re-negotiation and downsize while giving the perception to the current Landlord we had alternative options which would incorporate less square footage; enabling the State to meet their budgetary requirements. The Tallahassee team worked in creating a prototype space plan; with the objective of significantly saving lease expenses through a more efficient layout design. We prepared, negotiated lease terms and completed all the compliance requirements for the lease.

RESULTS:

  • OAG utilizes over 51,002 RSF in their existing building while paying for only 42,027 USF
  • Rent savings of 17% below market vs. their current State Agency leasehold obligation. Ten-year savings of $2.6 Million.
  • Newly painted and carpeted suite
  • Brand new phone system and cabling valued at over $135,000 in upgraded equipment
  • Parking ratio of approximately 4.25 per 1,000 – 175 unreserved covered spaces