Assignment
PREP was hired to assist Perkins Coie in assessing their real estate situation in Bellevue, Washington. 18 months were remaining on their current lease and within that time frame Perkins needed to determine and implement their real estate plan for the next 10 to 20 years.
Objective
Perkins Coie required a more efficiently laid out space, with growth for the future, a quality property representative of the services they provide, all for the lowest reasonable occupancy cost.
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Results
Five different properties were considered after reviewing several different market places. A short list was then established where we proceeded to evaluate layout efficiencies, tenant improvement budgets, relocation costs and an overall financial cost benefit analysis. At the conclusion of the assignment, a new property was located where we were able to meet our objectives, substantially reduce Perkins current financial obligations and secure a facility for the next 20 years. The resultant deal provided for a 50% reduction in proposed rates to final terms and conditions, including abundant low cost parking, generous tenant improvement allowance and favorable growth and consolidation programs.
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