A regional professional services firm with a location in Nashville, TN had a lease expiration coming up within 18 months. This location employed over two hundred employees and was a critical center of operations for the company. The existing building met the company’s needs, but the space was outdated and functionally inefficient. Market rents in this submarket where trending upwards and moving to a new building would have increased the clients rent by at least 12-15 %. The preference of the client was to extend the lease in the existing building.
An additional challenge was how best to minimize disruption to the employees and operations during the reconstruction of the premises if the decision were to renew in the current premises.